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, 2016, the net asset value (“NAV”) per Class AAA Share of the GAMCO International Growth Fund, Inc. increased 1.6% compared with a decrease of 4.4% for the Morgan Stanley Capital International (“MSCI”) Europe, Australasia, and the Far East (“EAFE”) Index. See below for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2016.


Average Annual Returns through June 30, 2016 (a) (Unaudited)											Since Inception (6/30/95)
	Six Months		1 Year		5 Year		10 Year		15 Year		Since Inception (6/30/95)
Class AAA (GIGRX)		1.62%		(7.64)%		1.26%		2.55%		4.30%	6.07%
MSCI EAFE Index		(4.42)		(10.16)		1.68		1.58		4.32	4.38
Lipper International Large-Cap Growth Fund Classification		(2.90)		(8.98)		1.66		2.73		4.87	6.48
Lipper International Multi-Cap Growth Fund Classification		(2.36)		(7.75)		2.03		2.21		4.64	5.44
Class A (GAIGX)		1.63		(7.64)		1.29		2.59		4.43	6.16
With sales charge (b)		(4.21)		(12.95)		0.09		1.98		4.01	5.86
Class C (GCIGX)		1.28		(8.32)		0.52		1.79		3.47	5.44
With contingent deferred sales charge (c)		0.28		(9.23)		0.52		1.79		3.47	5.44
Class I (GIIGX)		2.22		(6.56)		1.87		2.95		4.58	6.26
In the current prospectuses dated April 29, 2016, the gross expense ratios for Class AAA, A, C, and I Shares are 2.12%, 2.12%, 2.87%, and 1.87%, respectively, and the net expense ratios in the current prospectuses for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the “Adviser”) are 2.12%, 2.12%, 2.87%, and 1.01%, respectively. See page 8 for the expense ratios for the six months ended June 30, 2016. 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. Returns for Class I Shares would have been lower had the Adviser not reimbursed certain expenses. 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. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares on July 25, 2001, December 17, 2000, and January 11, 2008, respectively. 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 MSCI EAFE Index is an unmanaged indicator of international stock market performance, while the Lipper International Large-Cap Growth Fund Classification and the Lipper International Multi-Cap Growth Fund Classification reflect the average performance of mutual funds classified in these particular categories. 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.

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 01/01/16	Ending Account Value 06/30/16	Annualized Expense Ratio		Expenses Paid During Period*
*GAMCO International Growth Fund, Inc.*
Actual Fund Return
Class AAA	$1,000.00	$1,016.20		2.10%		$10.53
Class A	$1,000.00	$1,016.30		2.10%		$10.53
Class C	$1,000.00	$1,012.80		2.85%		$14.26
Class I	$1,000.00	$1,022.20		1.00%		$ 5.03
Hypothetical 5% Return
Class AAA	$1,000.00	$1,014.42		2.10%		$10.52
Class A	$1,000.00	$1,014.42		2.10%		$10.52
Class C	$1,000.00	$1,010.69		2.85%		$14.25
Class I	$1,000.00	$1,019.89		1.00%		$ 5.02

*	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 (182 days), then divided by 366.

The following table presents portfolio holdings as a percent of net assets as of June 30, 2016:

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 website at www.sec.gov.


				Market
Shares		Cost		Value
	COMMON STOCKS — 98.3%
	CONSUMER STAPLES - FOOD, BEVERAGE, AND TOBACCO — 20.6%
11,000	Associated British Foods plc	$	379,623	$	400,824
9,500	British American Tobacco plc		282,256		615,879
5,500	Danone SA		361,209		384,906
27,200	Diageo plc		342,387		759,854
5,000	FamilyMart Co. Ltd		224,448		304,706
6,000	Heineken NV		319,278		550,333
19,300	Japan Tobacco Inc.		560,667		777,832
7,000	Kameda Seika Co. Ltd.		281,216		400,239
11,800	Nestlé SA		627,943		914,244
4,000	Pernod Ricard SA		223,454		442,867

			3,602,481		5,551,684


	CONSUMER DISCRETIONARY — 17.5%
8,100	Accor SA		247,273		310,362
30,000	Atresmedia Corp. de Medios de Comunicacion SA		422,733		293,233
3,000	Christian Dior SE		222,942		480,577
11,000	Compagnie Financiere Richemont SA		265,190		643,882
1,300	Fast Retailing Co. Ltd.		284,299		349,025
1,050	Hermes International		368,632		391,419
6,000	Honda Motor Co. Ltd.		237,884		150,512
80,000	ITV plc		312,645		191,815
8,000	Liberty Global plc, Cl. C†		254,145		229,200
998	Liberty Global plc LiLAC, Cl. C†		37,976		32,430
4,300	Naspers Ltd., Cl. N		440,295		656,589
9,000	ProSiebenSat.1 Media SE		453,992		393,680
28,000	Rakuten Inc.		330,425		303,893
10,000	Sony Corp.		259,801		294,620

			4,138,232		4,721,237


	HEALTH CARE — 16.8%
7,500	AstraZeneca plc		528,797		448,379
3,900	Bayer AG		311,245		391,698
1,000	Essilor International SA		124,121		131,430
18,000	GlaxoSmithKline plc		371,292		386,552
10,300	Novartis AG		544,558		850,147
9,500	Novo Nordisk A/S, Cl. B		380,633		511,603
4,300	Roche Holding AG, Genusschein		624,158		1,134,683
2,750	Shire plc		232,551		169,958
28,400	Smith & Nephew plc		310,219		482,268

			3,427,574		4,506,718


	INDUSTRIALS — 10.8%
3,700	FANUC Corp.		424,192		601,891
14,700	Jardine Matheson Holdings Ltd.		606,129		859,417
16,000	Komatsu Ltd.		384,879		277,947
8,300	Park24 Co. Ltd.		151,671		285,225
3,000	SMC Corp.		452,353		738,079


				Market
Shares		Cost		Value
7,000	Travis Perkins plc	$	218,087	$	138,110

			2,237,311		2,900,669


	MATERIALS — 9.0%
9,850	Agnico Eagle Mines Ltd.		474,751		526,974
3,400	Air Liquide SA		414,273		354,219
7,000	Chr. Hansen Holding A/S		265,088		459,727
4,000	Randgold Resources Ltd., ADR		288,918		448,160
13,925	Rio Tinto plc		478,307		432,604
500	Syngenta AG		159,399		191,924

			2,080,736		2,413,608


	INFORMATION TECHNOLOGY — 8.0%
1,600	Keyence Corp.		326,939		1,091,726
3,500	Murata Manufacturing Co. Ltd.		377,212		392,401
40,000	The Sage Group plc		341,798		345,744
75,000	Yahoo! Japan Corp.		288,764		332,577

			1,334,713		2,162,448


	CONSUMER STAPLES - HOUSEHOLD AND PERSONAL PRODUCTS — 7.5%
4,300	Henkel AG & Co. KGaA		393,001		465,124
2,500	L’Oreal SA		268,794		478,636
15,000	Shiseido Co. Ltd.		263,632		390,866
20,000	Unicharm Corp.		339,747		449,352
5,000	Unilever NV		229,896		232,549

			1,495,070		2,016,527


	FINANCIALS — 6.0%
300,000	China Galaxy Securities Co. Ltd., Cl. H		280,966		270,738
35,000	China Pacific Insurance Group Co. Ltd., Cl. H		131,606		118,620
13,000	CK Hutchison Holdings Ltd.		115,219		143,006
19,000	Kinnevik AB, Cl. B		441,518		454,188
17,000	Prudential plc		397,433		288,474
10,500	Schroders plc		269,971		331,809

			1,636,713		1,606,835


	TELECOMMUNICATION SERVICES — 1.1%
5,000	SoftBank Corp.		350,602		282,760


	ENERGY — 1.0%
3,500	Schlumberger Ltd.		287,619		276,780


	TOTAL COMMON STOCKS		20,591,051		26,439,266


Principal				Market
Amount		Cost		Value
	U.S. GOVERNMENT OBLIGATIONS — 0.4%
$110,000	U.S. Treasury Bills, 0.22%††, 07/21/2016	$	109,987	$	109,987


	TOTAL INVESTMENTS — 98.7%	$	20,701,038		26,549,253


	Other Assets and Liabilities (Net) — 1.3%				354,843

	NET ASSETS — 100.0%			$	26,904,096

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt


	%of Market			Market
Geographic Diversification	Value			Value
Europe		60.9	%		$	16,163,491
Japan		27.9				7,423,651
Latin America		4.8				1,279,203
South Africa		2.5				656,589
Canada		2.0				526,974
Asia/Pacific		1.5				389,358
United States		0.4				109,987

		100.0	%		$	26,549,253

Statement of Assets and Liabilities

June 30, 2016 (Unaudited)


Assets:
Investments, at value (cost $20,701,038)	$	26,549,253
Foreign currency, at value (cost $13,033)		13,047
Receivable for investments sold		320,670
Receivable for Fund shares sold		25,694
Receivable from Adviser		5,714
Dividends receivable		150,439
Prepaid expenses		23,357
Receivable for custody fees reimbursement		328,171

Total Assets		27,416,345

Liabilities:
Payable to custodian		8,339
Payable for Fund shares redeemed		287,303
Payable for investments purchased		125,749
Payable for investment advisory fees		22,058
Payable for distribution fees		3,980
Other accrued expenses		64,820

Total Liabilities		512,249

Net Assets
(applicable to 1,289,009 shares outstanding)	$	26,904,096

Net Assets Consist of:
Paid-in capital	$	21,027,868
Accumulated net investment income		455,100
Accumulated net realized loss on investments and foreign currency transactions		(421,779	)
Net unrealized appreciation on investments		5,848,215
Net unrealized depreciation on foreign currency translations		(5,308	)

Net Assets	$	26,904,096

Shares of Capital Stock, each at $0.001 par value:


Class AAA:
Net Asset Value, offering, and redemption price per share ($17,595,116 ÷ 847,413 shares outstanding; 375,000,000 shares authorized)	$	20.76

Class A:
Net Asset Value and redemption price per share ($807,446 ÷ 38,172 shares outstanding; 250,000,000 shares authorized)	$	21.15

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	22.44

Class C:
Net Asset Value and offering price per share ($267,656 ÷ 14,108 shares outstanding; 125,000,000 shares authorized)	$	18.97	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($8,233,878 ÷ 389,316 shares outstanding; 125,000,000 shares authorized)	$	21.15

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

Statement of Operations

For the Six Months Ended June 30, 2016 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $45,823)	$	415,363
Interest		1,136

Total Investment Income		416,499

Expenses:
Investment advisory fees		132,843
Distribution fees - Class AAA		22,025
Distribution fees - Class A		883
Distribution fees - Class C		1,479
Registration expenses		28,590
Shareholder communications expenses		21,275
Legal and audit fees		21,261
Shareholder services fees		8,819
Directors’ fees		8,454
Custodian fees		5,331
Interest expense		281
Miscellaneous expenses		19,720

Total Expenses		270,961

Less:
Expenses paid indirectly by broker (See Note 6)		(758	)
Expense reimbursements (See Note 3)		(33,686	)
Reimbursement for custody fees		(328,171	)

Total Credits and Reimbursements		(362,615	)

Net Expenses		(91,654	)

Net Investment Income		508,153

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		12,695
Net realized gain on foreign currency transactions		3,415

Net realized gain on investments and foreign currency transactions.		16,110

Net change in unrealized appreciation/depreciation:
on investments		(99,928	)
on foreign currency translations		3,087

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(96,841	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(80,731	)

Net Increase in Net Assets Resulting from Operations	$	427,422

1. Organization. GAMCO International Growth Fund, Inc. was incorporated on May 25, 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 June 30, 1995.

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. 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 values of the Fund are 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 closing price is adjusted from the local close, therefore, such securities are classified as Level 2 in the fair value hierarchy presented below. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of June 30, 2016 is as follows:

The Fund did not have transfers between Level 1 and Level 2 during the six months ended June 30, 2016.

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 may 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.

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 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.

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 various 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.

The tax character of distributions paid during the year ended December 31, 2015 was as follows:

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 following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2016:

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, 2016, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2016, 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 Adviser has contractually agreed to waive its investment advisory fee and/or reimburse expenses of Class I Shares to the extent necessary to maintain the total operating expenses (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) until at least April 30, 2017 at no more than 1.00% of the value of its average daily net assets. For the six months ended June 30, 2016, the Adviser reimbursed the Fund in the amount of $33,686. In addition, the Fund has agreed, during the three year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving the effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 1.00% of the value of the Fund’s average daily net assets for Class I. The agreement is renewable annually. At June 30, 2016, the cumulative amount which the Fund may repay the Advisor is $94,464.

The Fund pays each Director who is not considered to be an affiliated person an annual retainer of $1,000 plus $500 for each Board meeting attended and they are reimbursed for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended. The Chairman of the Audit Committee and the Lead Director each receive an annual fee of $1,000. A Director may receive a single meeting fee, allocated among the participating funds, for attending 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, 2016, other than short term securities and U.S. Government obligations, aggregated $1,438,984 and $2,130,304 respectively.

6. Transactions with Affiliates and Other Arrangements. The Distributor retained a total of $832 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended June 30, 2016, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $758.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement.

The Adviser did not seek a reimbursement during the six months ended June 30, 2016.

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 bears interest at a floating rate equal to the higher of the overnight Federal Funds rate plus 125 basis points or the 30-DAY LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At June 30, 2016, there were no borrowings 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, 2016 was $4,049, with a weighted average interest rate of 1.42%. The maximum amount borrowed at any time during the six months ended was $274,000.

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 and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%, and 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, 2016 and the year ended December 31, 2015, 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. 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 GAMCO International Growth 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 to annually 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 23, 2016, 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, and overseeing all of the Fund’s third party service providers as well as providing 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 Servicing (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 Broadridge 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 return for the periods ended December 31, 2015, but placed greater emphasis on the Fund’s longer term performance. The peer group considered by the Board Members was developed by Broadridge and was comprised of all retail and institutional international multi-cap growth funds regardless of asset size or primary channel of distribution (the “Performance Peer Group”). The Board Members 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, three year, and five year periods and above the median for the ten 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 Broadridge 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 the total expense ratio, with respect to the Expense Peer Group. The Board Members noted that the Fund’s advisory fee and expense ratio were above the median 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, 2015. 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

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

period as well 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 its 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 Fund Complex. Prior to joining Gabelli, Mr. Bryan was a portfolio manager at Lexington Management. He began his investment career 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.

GAMCO INTERNATIONAL GROWTH 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		OFFICERS
Mario J. Gabelli, CFA		Bruce N. Alpert
Chairman and		President
Chief Executive Officer,
GAMCO Investors, Inc.		Andrea R. Mango
Chairman and		Secretary
Chief Executive Officer,
Associated Capital Group Inc.		Agnes Mullady
		Treasurer
Anthony J. Colavita
President,		Richard J. Walz
Anthony J. Colavita, P.C.		Chief Compliance Officer

Werner J. Roeder, MD		DISTRIBUTOR
Former Medical Director,		G.distributors, LLC
Lawrence Hospital
		CUSTODIAN, TRANSFER
Anthonie C. van Ekris		AGENT, AND DIVIDEND
Chairman,		DISBURSING AGENT
BALMAC International, Inc.
		State Street Bank and Trust
Salvatore J. Zizza		Company
Chairman,
Zizza & Associates Corp.		LEGAL COUNSEL
		Paul Hastings LLP

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

GAB009Q216SR

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.


GAMCO International Growth Fund, Inc. Semiannual Report — June 30, 2016
		Caesar M. P. Bryan
To Our Shareholders,		Portfolio Manager


GAMCO International Growth Fund, Inc.
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from January 1, 2016 through June 30, 2016		Expense Table


	Six Months Ended
	June 30, 2016				Year Ended
	(Unaudited)				December 31, 2015
Operations:
Net investment income		$	508,153			$	46,799
Net realized gain/(loss) on investments and foreign currency transactions			16,110				(440,993	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(96,841	)			(870,536	)

Net Increase/(Decrease) in Net Assets Resulting from Operations			427,422				(1,264,730	)


Distributions to Shareholders:
Net investment income
Class AAA			—				(1,751	)
Class A			—				(384	)
Class I			—				(74,059	)

			—				(76,194	)

Net realized gain
Class AAA			—				(16,592	)
Class A			—				(657	)
Class C			—				(352	)
Class I			—				(6,394	)

			—				(23,995	)

Total Distributions to Shareholders			—				(100,189	)


Capital Share Transactions:
Class AAA			(1,420,964	)			(2,914,513	)
Class A			34,380				284,227
Class C			(98,877	)			(95,859	)
Class I			663,025				5,653,048

Net Increase/(Decrease) in Net Assets from Capital Share Transactions			(822,436	)			2,926,903


Redemption Fees			—				45

Net Increase/(Decrease) in Net Assets			(395,014	)			1,562,029
Net Assets:
Beginning of year			27,299,110				25,737,081

End of period (including undistributed net investment income of $455,100 and $0, respectively)		$	26,904,096			$	27,299,110


			Income (Loss) from Investment Operations									Distributions																			Ratios to Average Net Assets/ Supplemental Data
						Net
						Realized and																				Net					Net
	Net Asset		Net			Unrealized									Net											Asset					Assets		Net		Operating		Operating
Year	Value,		Investment			Gain (Loss)			Total from			Net			Realized			Return								Value,					End		Investment		Expenses		Expenses		Portfolio
Ended	Beginning		Income			on			Investment			Investment			Gain on			of			Total			Redemption		End of		Total			of Period		Income		Before		Net of		Turnover
December 31	of Year		(Loss)(a)			Investments			Operations			Income			Investments			Capital			Distributions			Fees (a)(b)		Period		Return†			(in 000’s)		(Loss)		Reimbursements		Reimbrsements		Rate
Class AAA
2016(c)	$	20.43	$	0.34		$	(0.01	)	$	0.33			—			—			—			—			—	$	20.76		1.6	%	$	17,595		3.44%(d)		2.10%(d)		2.10%(d)(e)(f)		5	%
2015		21.07		0.00	(b)		(0.62	)		(0.62	)	$	0.00	(b)	$	(0.02	)		—		$	(0.02	)	$	0.00		20.43		(2.9	)		18,762		0.01		2.12		2.12 (e)(g)		15
2014		23.08		0.02			(1.27	)		(1.25	)		—			(0.76	)		—			(0.76	)		—		21.07		(5.5	)		22,155		0.10		2.19		2.19		12
2013		21.66		(0.02	)		2.62			2.60			—			(1.18	)		—			(1.18	)		—		23.08		12.1			25,898		(0.09)		2.24		2.24		13
2012		20.05		0.15			3.32			3.47			(0.19	)		(1.67	)		—			(1.86	)		0.00		21.66		17.4			26,740		0.68		2.14		2.14		15
2011		22.59		(0.03	)		(2.22	)		(2.25	)		(0.02	)		(0.26	)	$	(0.01	)		(0.29	)		0.00		20.05		10.0			40,182		(0.12)		2.10		2.10		12
Class A
2016(c)	$	20.81	$	0.37		$	(0.03	)	$	0.34			—			—			—			—			—	$	21.15		1.6	%	$	807		3.72%(d)		2.10%(d)		2.10%(d)(e)(f)		5	%
2015		21.47		(0.02	)		(0.61	)		(0.63	)	$	(0.01	)	$	(0.02	)		—		$	(0.03	)	$	0.00		20.81		(2.9	)		761		(0.08)		2.12		2.12 (e)(g)		15
2014		23.50		0.03			(1.30	)		(1.27	)		—			(0.76	)		—			(0.76	)		—		21.47		(5.4	)		530		0.12		2.19		2.19		12
2013		22.04		(0.04	)		2.68			2.64			—			(1.18	)		—			(1.18	)		—		23.50		12.1			775		(0.17)		2.24		2.24		13
2012		20.37		0.11			3.43			3.54			(0.20	)		(1.67	)		—			(1.87	)		0.00		22.04		17.5			473		0.50		2.14		2.14		15
2011		22.93		(0.02	)		(2.26	)		(2.28	)		(0.02	)		(0.26	)	$	(0.00	)(b)		(0.28	)		0.00		20.37		(9.9	)		334		(0.10)		2.10		2.10		12
Class C
2016(c)	$	18.73	$	0.21		$	0.03		$	0.24			—			—			—			—			—	$	18.97		1.3	%	$	268		2.34%(d)		2.85%(d)		2.85%(d)(e)(f)		5	%
2015		19.47		(0.16	)		(0.56	)		(0.72	)	$	0.00	(b)	$	(0.02	)		—		$	(0.02	)	$	0.00		18.73		(3.7	)		366		(0.80)		2.87		2.87 (e)(g)		15
2014		21.55		(0.14	)		(1.18	)		(1.32	)		—			(0.76	)		—			(0.76	)		—		19.47		(6.2	)		487		(0.65)		2.94		2.94		12
2013		20.44		(0.17	)		2.46			2.29			—			(1.18	)		—			(1.18	)		—		21.55		11.3			442		(0.82)		2.99		2.99		13
2012		19.07		(0.05	)		3.20			3.15			(0.11	)		(1.67	)		—			(1.78	)		0.00		20.44		16.6			435		(0.23)		2.89		2.89		15
2011		21.63		(0.22	)		(2.08	)		(2.30	)		—			(0.26	)		—			(0.26	)		0.00		19.07		(10.6	)		173		(1.10)		2.85		2.85		12
Class I
2016(c)	$	20.69	$	0.47		$	(0.01	)	$	0.46			—			—			—			—			—	$	21.15		2.2	%	$	8,234		4.74%(d)		1.86%(d)		1.00%(d)(e)(f)		5	%
2015		21.31		0.18			(0.57	)		(0.39	)	$	(0.21	)	$	(0.02	)		—		$	(0.23	)	$	0.00		20.69		(1.9	)		7,410		0.83		1.87		1.01 (e)(g)		15
2014		23.20		0.16			(1.29	)		(1.13	)		—			(0.76	)		—			(0.76	)		—		21.31		(4.9	)		2,565		0.69		1.94		1.63		12
2013		21.71		0.03			2.64			2.67			—			(1.18	)		—			(1.18	)		—		23.20		12.4			2,933		0.13		1.99		1.99		13
2012		20.10		0.17			3.37			3.54			(0.26	)		(1.67	)		—			(1.93	)		0.00		21.71		17.7			2,267		0.77		1.89		1.89		15
2011		22.62		0.05			(2.24	)		(2.19	)		(0.05	)		(0.26	)	$	(0.02	)		(0.33	)		0.00		20.10		(9.7	)		1,405		0.23		1.85		1.85		12


	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Total Market Value at 6/30/16
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Consumer Discretionary		$	261,630		$	4,459,607		$	4,721,237
Consumer Staples - Household and Personal Products			232,549			1,783,978			2,016,527
Energy			276,780			—			276,780
Materials			975,134			1,438,474			2,413,608
Other Industries (a)			—			17,011,114			17,011,114
Total Common Stocks			1,746,093			24,693,173			26,439,266
U.S. Government Obligations			—			109,987			109,987
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	1,746,093		$	24,803,160		$	26,549,253


Consumer Staples - Food, Beverage, and Tobacco	20.6	%
Consumer Discretionary	17.5	%
Health Care	16.8	%
Industrials	10.8	%
Materials	9.0	%
Information Technology	8.0	%
Consumer Staples - Household and Personal Products	7.5	%


Financials	6.0	%
Telecommunication Services	1.1	%
Energy	1.0	%
U.S. Government Obligations	0.4	%
Other Assets and Liabilities (Net)	1.3	%

	100.0	%


Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	96,450
Net long term capital gains		3,739

Total distributions paid	$	100,189


Short term Capital Loss Carryforward Post-Effective With No Expiration	$	143,570
Long term Capital Loss Carryforward Post-Effective With No Expiration		294,316

Total Capital Loss Carryforwards	$	437,886


	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Investments	$20,701,038	$7,981,044	$(2,132,829)	$5,848,215


For the year ended December 31, 2014, expiring December 31, 2017	$	9,385
For the year ended December 31, 2015, expiring December 31, 2018		51,393
For the six months ended June 30, 2016, expiring December 31, 2019		33,686

	$	94,464


	Six Months Ended June 30, 2016 (Unaudited)						Year Ended December 31, 2015
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		14,721		$	292,964			104,906		$	2,309,879
Shares issued upon reinvestment of distributions		—			—			863			17,896
Shares redeemed		(85,890	)		(1,713,928	)		(238,933	)		(5,242,288	)

Net decrease		(71,169	)	$	(1,420,964	)		(133,164	)	$	(2,914,513	)

Class A
Shares sold		7,449		$	152,618			23,184		$	524,927
Shares issued upon reinvestment of distributions		—			—			47			993
Shares redeemed		(5,850	)		(118,238	)		(11,333	)		(241,693	)

Net increase		1,599		$	34,380			11,898		$	284,227

Class C
Shares sold		50		$	900			12,951		$	269,762
Shares issued upon reinvestment of distributions		—			—			18			343
Shares redeemed		(5,480	)		(99,777	)		(18,443	)		(365,964	)

Net decrease		(5,430	)	$	(98,877	)		(5,474	)	$	(95,859	)

Class I
Shares sold		153,998		$	3,019,758			340,020		$	7,852,141
Shares issued upon reinvestment of distributions		—			—			3,759			78,931
Shares redeemed		(122,757	)		(2,356,733	)		(106,072	)		(2,278,024	)

Net increase		31,241		$	663,025			237,707		$	5,653,048


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