[GRAPHIC OF FLAGS OMITTED]
GABELLI GOLD FUND, INC.
THIRD QUARTER REPORT - SEPTEMBER 30, 2000
[PHOTO OF CAESAR BRYAN OMITTED]
CAESAR BRYAN
TO OUR SHAREHOLDERS,
The small rise in the price of gold that occurred during the second
quarter was eliminated in the third quarter. By the end of September, the price
had declined by about $15 per ounce to $274 per ounce. This weakness mirrored
the strength of the U.S. dollar. At the end of June, the dollar was at about
1.05 Euros, and rallied to 1.17 Euros by September 22, 2000. The Euro then
recovered following central bank intervention, but has since fallen to new lows.
The gold price in Euros performed quite well. However, other commodities such as
oil and copper actually appreciated in dollar terms during the quarter.
INVESTMENT PERFORMANCE
For the third quarter ended September 30, 2000, The Gabelli Gold Fund's
(the "Fund") net asset value declined 4.36%. The Philadelphia Gold & Silver
("XAU") Index of large North American gold companies and the Lipper Gold Fund
Average declined 13.03% and 6.86%, respectively, over the same period. The XAU
Index is an unmanaged indicator of stock market and investment performance,
while the Lipper Average reflects the average performance of mutual funds
classified in this particular category. The Fund declined 25.22% over the
trailing-twelve month period. The XAU Index and Lipper Gold Fund Average
declined 36.41% and 28.71%, respectively, over the same twelve-month period.
For the five-year period ended September 30, 2000, the Fund's return
declined 16.14% annually versus average annual declines of 15.56% and 15.52% for
the XAU Index and Lipper Gold Fund Average, respectively. Since inception on
July 11, 1994 through September 30, 2000, the Fund had a cumulative decline of
49.10%, which equates to an average annual decline of 10.27%.
OUR INVESTMENT OBJECTIVE
The Fund's objective is to obtain long-term capital appreciation by
investing in equity securities of foreign and domestic issuers principally
engaged in gold and gold-related activities.
<PAGE>
INVESTMENT RESULTS (a)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Quarter
---------------------------------------------
1st 2nd 3rd 4th Year
--- --- --- --- ----
<S> <C> <C> <C> <C> <C>
2000: Net Asset Value .................... $5.19 $5.27 $5.04 -- --
Total Return ....................... ((16.7)% 1.5% (4.4)% -- --
--------------------------------------------------------------------------------------------------------------
1999: Net Asset Value .................... $5.45 $5.39 $6.74 $6.23 $6.23
Total Return ....................... (3.7)% (1.1)% 25.1% (7.6)% 10.1%
--------------------------------------------------------------------------------------------------------------
1998: Net Asset Value .................... $6.63 $5.68 $6.17 $5.66 $5.66
Total Return ....................... 12.9% (14.3)% 8.6% (8.3)% (3.6)%
--------------------------------------------------------------------------------------------------------------
1997: Net Asset Value .................... $11.83 $9.79 $9.17 $5.87 $5.87
Total Return ....................... (4.0)% (17.2)% (6.3)% (35.4)% (51.9)%
--------------------------------------------------------------------------------------------------------------
1996: Net Asset Value .................... $14.00 $13.40 $13.46 $12.32 $12.32
Total Return ....................... 22.7% (4.3)% 0.4% (8.5)% 8.0%
--------------------------------------------------------------------------------------------------------------
1995: Net Asset Value .................... $11.00 $11.96 $12.27 $11.41 $11.41
Total Return ....................... (0.6)% 8.7% 2.6% (7.0)% 3.1%
--------------------------------------------------------------------------------------------------------------
1994: Net Asset Value .................... -- -- $12.37 $11.07 $11.07
Total Return ....................... -- -- 23.7%(b) (10.5)% 10.7%(b)
--------------------------------------------------------------------------------------------------------------
</TABLE>
---------------------------------------------------
Average Annual Returns - September 30, 2000 (a)
-----------------------------------------------
1 Year ........................... (25.22)%
5 Year ........................... (16.14)%
Life of Fund (b) ................. (10.27)%
---------------------------------------------------
Dividend History
-------------------------------------------------------
Payment (ex) Date Rate Per Share Reinvestment Price
----------------- -------------- ------------------
December 29, 1997 $0.058 $5.86
(a) Total returns and average annual returns reflect changes in share price and
reinvestment of dividends and are net of expenses. The net asset value of the
Fund is reduced on the ex-dividend (payment) date by the amount of the dividend
paid. Of course, returns represent past performance and do not guarantee future
results. 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. (b) From commencement of investment operations on July 11, 1994.
Note: 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.
--------------------------------------------------------------------------------
OUR APPROACH
We look at a number of company specifics in order to determine which gold
stocks are relatively undervalued. Our primary focus is on capitalization per
ounce of production and, more importantly, on capitalization per ounce of
recoverable reserves. This determines how much gold actually backs every dollar
invested in a gold company. We appreciate that every mining company must replace
the gold that it mines, and we place a heavy emphasis on the quality of
management and their ability to create shareholder wealth. We invest globally
with an emphasis on gold-producing companies.
2
<PAGE>
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
HOLDINGS BY GEOGRAPHIC REGION - 9/30/2000
NORTH AMERICA 53.6%
SOUTH AFRICA 38.3%
ASIA/PACIFIC RIM 6.9%
EUROPE 1.2%
GLOBAL ALLOCATION
The accompanying chart presents the Fund's holdings by geographic region
as of September 30, 2000. The geographic allocation will change based on current
global market conditions. Countries and/or regions represented in the chart and
below may or may not be included in the Fund's future portfolio.
COMMENTARY
How much lower can the gold price go? In the fall of last year, with gold
trading at just over $250 per ounce, the European Central Banks issued a
statement clarifying their intentions with regard to future sales and lending.
We believe that these banks will take further measures, such as reducing their
lending activities, if the gold price falls to those levels again. Also, as
stated earlier, gold's weakness mirrors the dollar's strength. So how much
higher can the dollar move? Obviously, we are not qualified to call the end of
the dollar bull market. Since 1974, there have been two major dollar bull
markets: during the time between 1980 and 1985, the dollar rose about 90%
against the Deutschemark; and in the current dollar bull market that began in
1995, the dollar has risen about 70% against the Deutschemark. The first dollar
bull market lasted less than four years, and the current dollar bull market is
about to have its fifth anniversary. With the U.S. economy beginning to slow and
the trade deficit at very high levels, the conditions are in place for the
dollar to begin to decline. Such a decline should benefit gold.
Although gold has been reasonably stable over the past year, the gold
stocks continue to be de-rated by the market. They are now trading at
historically low valuations in terms of cash flow multiples and market
capitalization per ounce of reserves and per ounce of production. Gold equities
are an extremely depressed group that could explode in a better gold price
environment.
The Fund's holdings in unhedged gold producers performed worst during the
quarter. These stocks include Goldfields, Newmont, and Homestake, which all lost
more than twenty percent of their value. Fundamentally, there is nothing wrong
with these companies. The best performances, once again, came from our holdings
in the Platinum sector, namely Anglo American Platinum, Impala Platinum, and
Northam, which all rose strongly during the quarter reflecting higher platinum
prices. We made only two changes to the portfolio. Pangea Goldfields was
acquired by Barrick Resources for cash, and we reinvested the proceeds in
another exploration company called Brancote Holdings. Of course, our emphasis
remains on the larger unhedged producers that will benefit most from a higher
gold price.
LET'S TALK STOCKS
The following are stock specifics on selected holdings of our Fund.
Favorable earnings prospects do not necessarily translate into higher stock
prices, but they do express a positive trend which we believe will develop over
time. The share prices of the following holdings are stated in U.S. dollar
equivalent terms as of September 30, 2000.
3
<PAGE>
ANGLO AMERICAN PLATINUM CORP. LTD. (RPHA - $38.53 - FRANKFURT STOCK EXCHANGE) is
the largest producer of platinum group metals in the world. All its mines are
located in South Africa, where the country controls vast platinum reserves. The
company is currently benefiting from the high platinum price and is using its
cash flow to expand production. Anglo American is majority owned by the Anglo
American Group. In August, Anglo sold a 17.5% stake in Northam Platinum to
Mvelaphanda Holdings Ltd. for an undisclosed price.
GOLDCORP INC. (GA.TO - $6.78 - TORONTO STOCK EXCHANGE; GG - $6.75 - NYSE) is a
mid-sized Canadian gold producer with two producing gold mines and two
industrial mineral operations. The company's most significant asset is the Red
Lake Mine, which is part of a major gold camp in Canada. Exploration drilling
has revealed previously unknown high-grade ore zones, which will add
significantly to the mine's reserves. These new discoveries will result in
increased production at significantly lower costs. Goldcorp is undervalued
relative to other mid-sized producers and we expect management to add
significantly to shareholder value. On August 10, Goldcorp announced it would
merge with its controlling shareholder, CSA Management Inc., to simplify the
corporate structure and raise shareholder value.
GOLD FIELDS LTD. (GFLJ.J - $3.0625 - JOHANNESBURG STOCK EXCHANGE) is South
Africa's second largest gold producer and was created by the amalgamation of a
number of South African mines. The company controls the vast gold mines of Kloof
and Driefontein, as well as smaller mines in South Africa. Outside South Africa,
Gold Fields is bringing a mine to production in Ghana and is continually seeking
other opportunities. The company is largely unhedged and debt free. The South
African government recently blocked a proposed merger with Franco-Nevada Mining
Corp. (FN - $2.99 - Toronto Stock Exchange).
HARMONY GOLD MINING LTD. (HARJ.J - $5.08 - JOHANNESBURG STOCK EXCHANGE; HGMCY -
$5.125 - NASDAQ) is a medium sized gold company producing over two million
ounces of gold annually. The company has developed a core competency in mining
low-grade ore very efficiently. Harmony Gold has applied these skills to other
poorly managed mines with great success. Because the company is unhedged, any
increase in the gold price will likely have a very positive impact on profits.
IMPALA PLATINUM HOLDINGS LTD. (IMPAY - $43.23 - NASDAQ) mines and markets
platinum and other platinum group metals such as palladium, rhodium and nickel.
Impala is the second largest producer of palladium and platinum in the world, as
well as one of the lowest-cost producers. The company is realizing the benefits
of a production drive coupled with a cost reduction plan. Impala also continues
to improve its balance sheet and build its cash balance in order to fund new
projects.
NEWMONT MINING CORP. (NEM - $17.00 - NYSE) is North America's largest gold
producer, at upwards of four million ounces annually. The company has utilized
cash flow from its very successful Nevada operations to expand overseas. Newmont
has a 51% interest in Minera Yanacocha (Latin America's largest gold mine), a
50% interest in a joint venture in Uzbekistan, and an interest in Indonesia's
first heap-leaching operation. Newmont is only modestly hedged, and therefore, a
rise in gold prices would leverage earnings significantly.
PLACER DOME INC. (PDG - $9.44 - NYSE) is one of the world's lowest cost gold
producers. Placer Dome has fifteen operational mines in Australia, Chile, Papua
New Guinea, South Africa and the United States. The company's focus on large,
low-cost mines continues to drive efficient production. Placer
4
<PAGE>
Dome has developed a joint venture with Western Areas Limited to develop the
largest undeveloped ore-body in the Witwatersrand region of South Africa, and
has agreed to merge with Getchell Gold to develop and operate two mines in
Nevada.
MINIMUM INITIAL INVESTMENT - $1,000
The Fund's minimum initial investment for regular accounts is $1,000.
There are no subsequent investment minimums. No initial minimum is required for
those establishing an Automatic Investment Plan. Additionally, the Fund and
other Gabelli Funds are available through the no-transaction fee programs at
many major brokerage firms.
WWW.GABELLI.COM
Please visit us on the Internet. Our homepage at http://www.gabelli.com
contains information about Gabelli Asset Management Inc., the Gabelli Mutual
Funds, IRAs, 401(k)s, quarterly reports, closing prices and other current news.
You can send us e-mail at [email protected].
IN CONCLUSION
The Fund's daily net asset value is available in the financial press and
each evening after 6:00 PM (Eastern Time) by calling 1-800-GABELLI
(1-800-422-3554). The Fund's Nasdaq symbol is GOLDX. Please call us during the
business day for further information.
Sincerely,
/S/ SIGNATURE
CAESAR BRYAN
President and Portfolio Manager
October 16, 2000
---------------------------------------------------------------
TOP TEN HOLDINGS
SEPTEMBER 30, 2000
------------------
Harmony Gold Mining Co. Ltd. Northam Platinum Ltd.
Goldcorp Inc. Placer Dome Inc.
Impala Platinum Holdings Ltd. Gold Fields Ltd.
Anglo American Platinum Corp. Ltd. Agnico-Eagle Mines Ltd.
Newmont Mining Corp. Meridian Gold Inc.
---------------------------------------------------------------
NOTE: The views expressed in this report reflect those of the portfolio manager
only through the end of the period stated in this report. The manager's views
are subject to change at any time based on market and other conditions.
5
<PAGE>
GABELLI GOLD FUND, INC.
PORTFOLIO OF INVESTMENTS -- SEPTEMBER 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ -----
COMMON STOCKS -- 95.8%
METALS AND MINING -- 95.8%
AUSTRALIA -- 6.7%
570,000 Lihir Gold Ltd.+ ............................. $ 188,300
75,000 Newcrest Mining Ltd. ......................... 159,625
570,000 Normandy Mining Ltd. ......................... 307,763
103,000 Ranger Minerals NL+ .......................... 95,943
-----------
751,631
-----------
IRELAND -- 0.3%
214,771 Glencar Explorations plc+ .................... 35,723
-----------
NORTH AMERICA -- 51.3%
13,000 Agnico-Eagle Mines Ltd. ...................... 76,032
81,000 Agnico-Eagle Mines Ltd., ADR ................. 470,812
35,000 Barrick Gold Corp. ........................... 533,750
75,000 Battle Mountain Gold Co. ..................... 131,250
22,189 Franco-Nevada Mining Corp. ................... 218,258
15,000 Freeport-McMoRan Copper
& Gold Inc., Cl. B+ ........................ 132,188
112,900 GoldCorp Inc., Cl. A+ ........................ 765,358
10,000 GoldCorp Inc., Cl. A, ADR+ ................... 67,500
94,200 Guyanor Resources SA, Cl. B+ ................. 28,173
80,000 Homestake Mining Co. ......................... 415,000
244,700 IAM Gold+ .................................... 406,578
80,000 Meridian Gold Inc.+ .......................... 545,000
168,800 Moydow Mines International Inc.+ ............. 112,187
41,700 Newmont Mining Corp. ......................... 708,900
65,000 Placer Dome Inc. ............................. 613,438
20,025 Stillwater Mining Co.+ ....................... 542,077
22,437 Vanteck Technology Corp., Cl. A+ ............. 21,622
-----------
5,788,123
-----------
SOUTH AFRICA -- 36.7%
20,000 Anglo American Platinum Corp. Ltd. ........... 770,527
8,529 Anglogold Ltd. ............................... 316,544
8,400 Anglogold Ltd., ADR .......................... 154,350
21,658 Ashanti Goldfields Ltd. ...................... 2,166
46,000 Gold Fields Ltd. ............................. 140,875
MARKET
SHARES VALUE
------ -----
147,249 Gold Fields Ltd., ADR ........................ $ 466,970
116,326 Harmony Gold Mining Co. Ltd. ................. 591,213
55,000 Harmony Gold Mining Co. Ltd., ADR ............ 281,875
18,000 Impala Platinum Holdings Ltd., ADR ........... 778,226
367,750 Northam Platinum Ltd.+ ....................... 641,688
-----------
4,144,434
-----------
UNITED KINGDOM -- 0.8%
50,000 Brancote Holdings plc ........................ 94,254
-----------
TOTAL COMMON STOCKS .......................... 10,814,165
-----------
WARRANTS -- 0.1%
NORTH AMERICA -- 0.1%
50,000 Golden Star Resources Ltd.+ .................. 9,969
-----------
SOUTH AMERICA -- 0.0%
23,630 Durban Roodepoort Deep Ltd., Ser. B+ ......... 2,454
-----------
TOTAL WARRANTS ............................... 12,423
-----------
TOTAL INVESTMENTS -- 95.9%
(Cost $12,558,203) ......................... 10,826,588
OTHER ASSETS AND
LIABILITIES (NET) -- 4.1% .................. 458,218
-----------
NET ASSETS -- 100.0%
(2,237,952 shares outstanding) ............. $11,284,806
===========
------------------------
+ Non-income producing security.
ADR - American Depositary Receipt.
% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
-------------------------- ------ ------------
North America ............. 53.6% $ 5,798,092
Europe .................... 1.2% 129,977
South Africa .............. 38.3% 4,146,888
Asia/Pacific Rim .......... 6.9% 751,631
------ -----------
100.0% $10,826,588
====== ===========
6
<PAGE>
--------------------------------------------------------------------------------
GABELLI FAMILY OF FUNDS
--------------------------------------------------------------------------------
GABELLI ASSET FUND ________________________
Seeks to invest primarily in a diversified portfolio of common stocks selling at
significant discounts to their private market value. The Fund's primary
objective is growth of capital. (NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI GROWTH FUND _______________________
Seeks to invest primarily in large cap stocks believed to have favorable, yet
undervalued, prospects for earnings growth. The Fund's primary objective is
capital appreciation. (NO-LOAD)
PORTFOLIO MANAGER: HOWARD F. WARD, CFA
GABELLI WESTWOOD EQUITY FUND _____________
Seeks to invest primarily in the common stock of seasoned companies believed to
have proven records and above average historical earnings growth. The Fund's
primary objective is capital appreciation. (NO-LOAD)
PORTFOLIO MANAGER: SUSAN M. BYRNE
GABELLI SMALL CAP GROWTH FUND ____________
Seeks to invest primarily in common stock of smaller companies (market
capitalizations less than $500 million) believed to have rapid revenue and
earnings growth potential. The Fund's primary objective is capital appreciation.
(NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI BLUE CHIP VALUE FUND ______________
Seeks long-term growth of capital through investment primarily in the common
stocks of well-established, high quality companies that have market
capitalizations of greater than $5 billion.
(NO-LOAD) PORTFOLIO MANAGER: BARBARA MARCIN, CFA
GABELLI WESTWOOD SMALLCAP EQUITY FUND ___________
Seeks to invest primarily in smaller capitalization equity securities - market
caps of $1 billion or less. The Fund's primary objective is long-term capital
appreciation. (NO-LOAD)
PORTFOLIO MANAGER: LYNDA CALKIN, CFA
GABELLI WESTWOOD INTERMEDIATE BOND FUND __________
Seeks to invest in a diversified portfolio of bonds with various maturities. The
Fund's primary objective is total return. (NO-LOAD)
PORTFOLIO MANAGER: PATRICIA FRAZE
GABELLI EQUITY INCOME FUND ________________
Seeks to invest primarily in equity securities with above market average yields.
The Fund pays quarterly dividends and seeks a high level of total return with an
emphasis on income. (NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI WESTWOOD BALANCED FUND __________
Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The
Fund's primary objective is both capital appreciation and current income.
(NO-LOAD)
PORTFOLIO MANAGERS: SUSAN M. BYRNE & PATRICIA FRAZE
GABELLI WESTWOOD MIGHTY MITES[SERVICE MARK} FUND _____
Seeks to invest in micro-cap companies that have market capitalizations of $300
million or less. The Fund's primary objective is long-term capital appreciation.
(NO-LOAD)
TEAM MANAGED: MARIO J. GABELLI, CFA,
MARC J. GABELLI, LAURA K. LINEHAN AND
WALTER K. WALSH
GABELLI VALUE FUND ________________________
Seeks to invest in securities of companies believed to be undervalued. The
Fund's primary objective is long-term capital appreciation.
MAX. SALES CHARGE: 51/2%
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI UTILITIES FUND ______________________
Seeks to provide a high level of total return through a combination of capital
appreciation and current income. (NO-LOAD)
PORTFOLIO MANAGER: TIMOTHY O'BRIEN, CFA
GABELLI ABC FUND _________________________
Seeks to invest in securities with attractive opportunities for appreciation or
investment income. The Fund's primary objective is total return in various
market conditions without excessive risk of capital loss. (NO-LOAD)
PORTFOLIO MANAGER: MARIO J. GABELLI, CFA
GABELLI MATHERS FUND _____________________
Seeks long-term capital appreciation in various market conditions without
excessive risk of capital loss. (NO-LOAD)
PORTFOLIO MANAGER: HENRY VAN DER EB, CFA
GABELLI U.S. TREASURY MONEY MARKET FUND ____________
Seeks to invest exclusively in short-term U.S. Treasury securities. The Fund's
primary objective is to provide high current income consistent with the
preservation of principal and liquidity.
(NO-LOAD) PORTFOLIO MANAGER: JUDITH A. RANERI
GABELLI CASH MANAGEMENT SHARES OF
THE TREASURER'S FUND ______________________
Three money market portfolios designed to generate superior returns without
compromising portfolio safety. U.S. Treasury Money Market seeks to invest in
U.S. Treasury bills, notes and bonds. Tax Exempt Money Market seeks to invest in
municipal securities. Domestic Prime Money Market seeks to invest in prime
quality, domestic money market instruments. (NO-LOAD)
PORTFOLIO MANAGER: JUDITH A. RANERI
AN INVESTMENT IN THE ABOVE MONEY MARKET FUNDS IS NEITHER INSURED NOR GUARANTEED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENT AGENCY. ALTHOUGH
THE FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT
IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUNDS.
GLOBAL SERIES
GABELLI GLOBAL TELECOMMUNICATIONS FUND
Seeks to invest in telecommunications companies throughout the world -
targeting undervalued companies with strong earnings and cash flow dynamics.
The Fund's primary objective is capital appreciation. (NO-LOAD)
TEAM MANAGED: MARIO J. GABELLI, CFA,
MARC J. GABELLI AND IVAN ARTEAGA, CFA
GABELLI GLOBAL CONVERTIBLE SECURITIES FUND
Seeks to invest principally in bonds and preferred stocks which are
convertible into common stock of foreign and domestic companies. The Fund's
primary objective is total return through a combination of current income and
capital appreciation. (NO-LOAD) PORTFOLIO MANAGER: HART WOODSON
GABELLI GLOBAL GROWTH FUND
Seeks capital appreciation through a disciplined investment program focusing
on the globalization and interactivity of the world's marketplace. The Fund
invests in companies at the forefront of accelerated growth. The Fund's
primary objective is capital appreciation. (NO-LOAD)
PORTFOLIO MANAGER: MARC J. GABELLI
GABELLI GLOBAL OPPORTUNITY FUND
Seeks to invest in common stock of companies which have rapid growth in
revenues and earnings and potential for above average capital appreciation or
are undervalued. The Fund's primary objective is capital appreciation.
(NO-LOAD)
PORTFOLIO MANAGERS: MARC J. GABELLI
AND CAESAR BRYAN
GABELLI GOLD FUND _________________________
Seeks to invest in a global portfolio of equity securities of gold mining and
related companies. The Fund's objective is long-term capital appreciation.
Investment in gold stocks is considered speculative and is affected by a
variety of world-wide economic, financial and political factors. (NO-LOAD)
PORTFOLIO MANAGER: CAESAR BRYAN
GABELLI INTERNATIONAL GROWTH FUND __________
Seeks to invest in the equity securities of foreign issuers with long-term
capital appreciation potential. The Fund offers investors global
diversification. (NO-LOAD)
PORTFOLIO MANAGER: CAESAR BRYAN
THE SIX FUNDS ABOVE INVEST IN FOREIGN SECURITIES WHICH INVOLVES RISKS NOT
ORDINARILY ASSOCIATED WITH INVESTMENTS IN DOMESTIC ISSUES, INCLUDING CURRENCY
FLUCTUATION, ECONOMIC AND POLITICAL RISKS. THE FUNDS LISTED ABOVE ARE
DISTRIBUTED BY GABELLI & COMPANY, INC.
--------------------------------------------------------------------------------
TO RECEIVE A PROSPECTUS, CALL 1-800-GABELLI (422-3554). THE
PROSPECTUS GIVES A MORE COMPLETE DESCRIPTION OF THE FUND,
INCLUDING FEES AND EXPENSES. READ THE PROSPECTUS CAREFULLY
BEFORE YOU INVEST OR SEND MONEY.
VISIT OUR WEBSITE AT:
www.gabelli.com
OR, CALL:
1-800-GABELLI
1-800-422-3554 [BULLET] 914-921-5100 [BULLET] FAX: 914-921-5118
[BULLET] [email protected]
ONE CORPORATE CENTER, RYE, NEW YORK 10580
<PAGE>
GABELLI GOLD FUND, INC.
One Corporate Center
Rye, New York 10580-1434
1-800-GABELLI
[1-800-422-3554]
FAX: 1-914-921-5118
HTTP://WWW.GABELLI.COM
E-MAIL: [email protected]
(Net Asset Value may be obtained daily by calling
1-800-GABELLI after 6:00 P.M.)
BOARD OF DIRECTORS
Mario J. Gabelli, CFA Werner J. Roeder, MD
CHAIRMAN AND CHIEF MEDICAL DIRECTOR
INVESTMENT OFFICER LAWRENCE HOSPITAL
GABELLI ASSET MANAGEMENT INC.
E. Val Cerutti Anthonie C. van Ekris
CHIEF EXECUTIVE OFFICER MANAGING DIRECTOR
CERUTTI CONSULTANTS, INC. BALMAC INTERNATIONAL, INC.
Anthony J. Colavita Daniel E. Zucchi
ATTORNEY-AT-LAW PRESIDENT
ANTHONY J. COLAVITA, P.C. DANIEL E. ZUCCHI ASSOCIATES
Karl Otto Pohl
FORMER PRESIDENT
DEUTSCHE BUNDESBANK
OFFICERS AND PORTFOLIO MANAGERS
Caesar Bryan Bruce N. Alpert
PRESIDENT AND VICE PRESIDENT
PORTFOLIO MANAGER AND TREASURER
James E. McKee
SECRETARY
DISTRIBUTOR
Gabelli & Company, Inc.
CUSTODIAN, TRANSFER AGENT AND DIVIDEND AGENT
State Street Bank and Trust Company
LEGAL COUNSEL
Willkie Farr & Gallagher
--------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of
Gabelli Gold Fund, Inc. It is not authorized for distribution to prospective
investors unless preceded or accompanied by an effective prospectus.
--------------------------------------------------------------------------------
GAB008Q300SR
[PHOTO OF MARIO GABELLI OMITTED]
GABELLI
GOLD
FUND,
INC.
THIRD QUARTER REPORT
SEPTEMBER 30, 2000
