Gamco International Growth Fund

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

For the year ended December 31, 2016, the net asset value (“NAV”) per Class AAA Share of the GAMCO International Growth Fund, Inc. decreased 2.4% compared with an increase of 1.0% for the Morgan Stanley Capital International (“MSCI”) Europe, Australasia, and the Far East (“EAFE”) Index. See page 3 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of December 31, 2016.

We purchase attractively valued companies that we believe have the opportunity to grow earnings more rapidly than average within that company’s local market. We pay close attention to a company’s market position, management, and balance sheet, with particular emphasis on the ability of the company to finance its growth. Generally, we value a company relative to its local market, but where appropriate, we will attempt to benefit from valuation discrepancies between markets. Our primary focus is on security selection and not country allocation, but the Fund will remain diversified by sector and geography. Country allocation is likely to reflect broad economic, financial, and currency trends, as well as relative size of the market.

The Fund is focused on developed countries and not the emerging markets. We have concentrated the Fund’s investments in Japan (26.6% of net assets as of December 31, 2016), the UK (20.4%), France (13.1%), and Switzerland (12.6%). Economic growth in most of the developed world disappointed and caused overseas central banks to maintain or expand their asset purchase activities. In Japan, the Bank of Japan is buying various equity and real estate ETFs and in Europe, the European Central Bank is buying corporate debt.

A large contributor to performance in 2016 was Keyence (4.0% of net assets as of December 31, 2016). Headquartered in Japan, Keyence engages in the development, manufacturing, and sale of industrial automation and inspection equipment worldwide. Increasing demand for automation services is fueling the steady growth of the company. Additionally, Agnico Eagle Mines (1.7%), a mid-tier gold producer with operations in Canada, Mexico, and Finland, has a strong balance sheet and low unit cash costs that allow it to comfortably complete new projects while continuing its dividend; and Christian Dior SE (2.6%) a French holding company engaged in the production and distribution of consumer goods. Dior recorded strong growth with success across its multiple product lines, including taking the number one spot in the apparel group on Forbes Magazine’s 2016 Global 2000 list.

Our weaker holdings included Novo Nordisk (1.2%), a global healthcare company focused on innovation and improvement in diabetes care. During 2016 the pharmaceutical environment in the U.S. became significantly more challenging, and negatively impacted future pricing for Novo’s products. In September the company announced plans to reduce its workforce by 1,000 employees; Associated British Foods (AB) (1.5%), a diversified international food, ingredients, and retail group was hit by concerns about a slowdown at its discount retailer Primark (negative

effects of the weak pound on Primark’s products sourced from abroad) and the outlook for AB’s sugar business; and Roche Holding AG (3.4%), a global leader in the pharmaceutical and diagnostic industries. After starting the year with poor earnings, Roche disappointed investors further by extending the review date of their much anticipated multiple sclerosis drug Ocrevus.


Average Annual Returns through December 31, 2016 (a) (Unaudited)						Since Inception (6/30/95)
	1 Year	5 Year	10 Year	15 Year	20 Year	Since Inception (6/30/95)
Class AAA (GIGRX)	(2.44)%	3.33%	0.94%	4.78%	4.61%	5.72%
MSCI EAFE Index	1.00	6.53	0.75	5.28	4.17	4.55
Lipper International Large-Cap Growth Fund Classification	(1.14)	5.75	1.83	5.64	5.88	6.48
Lipper International Multi-Cap Growth Fund Classification	(1.23)	5.88	0.80	5.23	4.85	5.33
Class A (GAIGX)	(2.41)	3.35	0.99	4.90	4.71	5.81
With sales charge (b)	(8.02)	2.13	0.39	4.49	4.40	5.52
Class C (GCIGX)	(3.12)	2.57	0.20	3.95	3.95	5.10
With contingent deferred sales charge (c)	(4.09)	2.57	0.20	3.95	3.95	5.10
Class I (GIIGX)	(1.35)	4.02	1.39	5.09	4.85	5.94
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 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 5 for the expense ratios for the year ended December 31, 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 of purchase. 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. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the year ended December 31, 2016.


	Beginning Account Value 07/01/16	Ending Account Value 12/31/16	Annualized Expense Ratio	Expenses Paid During Period*
*GAMCO International Growth Fund, Inc.*
Actual Fund Return
Class AAA	$1,000.00	$ 960.10	2.03%	$10.00
Class A	$1,000.00	$ 960.20	2.03%	$10.00
Class C	$1,000.00	$ 956.50	2.78%	$13.67
Class I	$1,000.00	$ 965.10	1.00%	$ 4.94
Hypothetical 5% Return
Class AAA	$1,000.00	$1,014.93	2.03%	$10.28
Class A	$1,000.00	$1,014.93	2.03%	$10.28
Class C	$1,000.00	$1,011.16	2.78%	$14.05
Class I	$1,000.00	$1,020.11	1.00%	$ 5.08

*	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 (184 days), then divided by 366.

The following table presents portfolio holdings as a percent of net assets as of December 31, 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.


Shares			Cost		Market Value
		COMMON STOCKS — 98.8%
		CONSUMER STAPLES - FOOD, BEVERAGE, AND TOBACCO — 20.5%
	11,000	Associated British Foods plc	$	379,623	$	372,125
	9,500	British American Tobacco plc		282,256		541,079
	5,500	Danone SA		361,209		348,534
	27,200	Diageo plc		342,387		707,303
	5,000	FamilyMart UNY Holdings Co. Ltd.		224,448		332,834
	5,500	Heineken NV		295,594		412,567
	19,300	Japan Tobacco Inc.		560,667		634,774
	7,000	Kameda Seika Co. Ltd.		281,216		319,829
	11,800	Nestlé SA		627,943		846,499
	4,000	Pernod Ricard SA		223,454		433,483

				3,578,797		4,949,027

		CONSUMER DISCRETIONARY — 19.0%
	8,100	Accor SA		247,273		302,094
	25,000	Atresmedia Corp. de Medios de Comunicacion SA		349,906		273,427
	3,000	Christian Dior SE		222,942		629,224
	11,000	Compagnie Financiere Richemont SA		265,190		728,616
	1,100	Fast Retailing Co. Ltd.		250,112		393,694
	1,050	Hermes International		368,632		431,062
	80,000	ITV plc		312,645		203,495
	8,000	Liberty Global plc, Cl. C†		254,145		237,600
	4,300	Naspers Ltd., Cl. N		440,295		630,606
	8,000	ProSiebenSat.1 Media SE		404,745		308,301
	18,000	Rakuten Inc.		230,723		176,419
	10,000	Sony Corp.		259,801		280,214

				3,606,409		4,594,752

		HEALTH CARE — 14.0%
	7,500	AstraZeneca plc		528,797		410,161
	1,800	Essilor International SA		229,448		203,404
	18,000	GlaxoSmithKline plc		371,292		346,504
	9,000	Novartis AG		492,535		654,915
	8,000	Novo Nordisk A/S, Cl. B		328,441		288,510
	3,600	Roche Holding AG, Genusschein		551,319		822,312
	3,750	Shire plc		299,297		216,472
	28,400	Smith & Nephew plc		310,219		427,354

				3,111,348		3,369,632

		INDUSTRIALS — 12.3%
	3,700	FANUC Corp.		424,192		627,298
	14,700	Jardine Matheson Holdings Ltd.		606,129		812,175
	14,000	Komatsu Ltd.		341,134		317,134
	2,200	Nidec Corp.		202,653		189,835
	8,300	Park24 Co. Ltd.		151,671		225,121
	2,800	SMC Corp.		426,520		668,526
	7,000	Travis Perkins plc		218,087		125,262

				2,370,386		2,965,351


Shares			Cost		Market Value
		MATERIALS — 8.2%
	9,850	Agnico Eagle Mines Ltd.	$	474,751	$	413,700
	3,325	Air Liquide SA		395,363		369,783
	7,000	Chr. Hansen Holding A/S		265,088		387,639
	4,000	Randgold Resources Ltd., ADR		288,918		305,360
	12,925	Rio Tinto plc		431,167		503,113

				1,855,287		1,979,595

		INFORMATION TECHNOLOGY — 7.8%
	1,400	Keyence Corp.		295,542		960,684
	3,500	Murata Manufacturing Co. Ltd.		377,212		468,663
	40,000	The Sage Group plc		341,798		322,891
	35,000	Yahoo! Japan Corp.		152,964		134,460

				1,167,516		1,886,698

		FINANCIALS — 7.7%
	300,000	China Galaxy Securities Co. Ltd., Cl. H		280,966		270,424
	13,000	CK Hutchison Holdings Ltd.		115,219		147,360
	8,000	Investor AB, Cl. B		286,619		298,992
	17,000	Kinnevik AB, Cl. B		400,197		407,339
	17,000	Prudential plc		397,433		340,976
	10,500	Schroders plc		269,971		387,950

				1,750,405		1,853,041

		CONSUMER STAPLES - HOUSEHOLD AND PERSONAL PRODUCTS — 6.2%
	4,300	Henkel AG & Co. KGaA		393,001		448,024
	2,500	L’Oreal SA		268,794		456,325
	15,000	Shiseido Co. Ltd.		263,632		379,701
	5,000	Unilever NV		229,896		205,873

				1,155,323		1,489,923

		TELECOMMUNICATION SERVICES — 1.9%
	3,000	Millicom International Cellular SA, SDR		155,581		128,191
	5,000	SoftBank Group Corp.		350,602		332,192

				506,183		460,383

		ENERGY — 1.2%
	3,500	Schlumberger Ltd.		287,619		293,825


		TOTAL COMMON STOCKS		19,389,273		23,842,227


Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 1.4%
	$330,000	U.S. Treasury Bills, 0.551%††, 04/13/17	$	329,486	$	329,510

		TOTAL INVESTMENTS — 100.2%	$	19,718,759		24,171,737

		Other Assets and Liabilities (Net) — (0.2)%				(48,111	)

		NET ASSETS — 100.0%			$	24,123,626


†		Non-income producing security.
††		Represents annualized yield at date of purchase.
ADR		American Depositary Receipt
SDR		Swedish Depositary Receipt


Geographic Diversification	% of Market Value			Market Value
Europe		61.4	%	$	14,832,759
Japan		26.6			6,441,379
Latin America		5.2			1,253,360
North America		3.1			743,210
South Africa		2.6			630,606
Asia/Pacific		1.1			270,423

		100.0	%	$	24,171,737

Statement of Assets and Liabilities

December 31, 2016



Assets:
Investments, at value (cost $19,718,759)	$	24,171,737
Receivable for Fund shares sold		600
Receivable from Adviser		5,321
Dividends receivable		93,760
Prepaid expenses		24,549

Total Assets		24,295,967

Liabilities:
Payable to custodian		75,635
Payable for Fund shares redeemed		14,016
Payable for investment advisory fees		20,303
Payable for distribution fees		3,710
Payable for legal and audit fees		24,987
Payable for shareholder communications expenses		13,665
Other accrued expenses		20,025

Total Liabilities		172,341

Net Assets (applicable to 1,228,495 shares outstanding)	$	24,123,626

Net Assets Consist of:
Paid-in capital	$	19,722,078
Distributions in excess of net investment income		(46,216	)
Accumulated net realized gain on investments and foreign currency transactions		22
Net unrealized appreciation on investments		4,452,978
Net unrealized depreciation on foreign currency translations		(5,236	)

Net Assets	$	24,123,626

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


Net Asset Value, offering, and redemption price per share ($16,111,661 ÷ 823,116 shares outstanding; 375,000,000 shares authorized)	$	19.57

Class A:
Net Asset Value and redemption price per share ($603,390 ÷ 30,241 shares outstanding; 250,000,000 shares authorized)	$	19.95

Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	21.17

Class C:
Net Asset Value and offering price per share ($225,617 ÷ 12,567 shares outstanding; 125,000,000 shares authorized)	$	17.95	(a)

Class I:
Net Asset Value, offering, and redemption price per share ($7,182,958 ÷ 362,571 shares outstanding; 125,000,000 shares authorized)	$	19.81

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

Statement of Operations

For the Year Ended December 31, 2016



Investment Income:
Dividends (net of foreign withholding taxes of $62,020)	$	591,190
Interest		1,239

Total Investment Income		592,429

Expenses:
Investment advisory fees		264,298
Distribution fees - Class AAA		43,758
Distribution fees - Class A		1,739
Distribution fees - Class C		2,741
Registration expenses		48,172
Legal and audit fees		44,701
Shareholder communications expenses		35,470
Shareholder services fees		19,856
Directors’ fees		17,000
Custodian fees		9,771
Interest expense		920
Miscellaneous expenses		40,118

Total Expenses		528,544

Less:
Expense reimbursements (See Note 3)		(64,752	)
Reimbursement for custody fees*		(340,998	)

Total Reimbursements		(405,750	)

Net Expenses		122,794

Net Investment Income		469,635

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		495,414
Net realized loss on foreign currency transactions		(5,310	)

Net realized gain on investments and foreign currency transactions		490,104

Net change in unrealized appreciation/depreciation:
on investments		(1,495,165	)
on foreign currency translations		3,159

Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(1,492,006	)

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(1,001,902	)

Net Decrease in Net Assets Resulting from Operations	$	(532,267	)

*	The Fund received a one time reimbursement of custody expenses paid in prior years.

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 December 31, 2016 is as follows:

During the year ended December 31, 2016, foreign common stock was transferred from Level 2 to Level 1 due to the application of fair value procedures resulting from volatility in U.S. markets after the close of foreign markets. The beginning of period value of the securities that transferred from Level 2 to Level 1 during the period amounted to $22,524,956 or 82.51% of net assets as of December 31, 2015. 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 or preferred equities, warrants, options, rights, or 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. When fair valuing a security, factors to consider include 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. Permanent differences were primarily due to sales of investments no longer considered passive foreign investment companies. These reclassifications have no impact on the NAV of the Fund. For the year ended December 31, 2016, reclassifications were made to decrease distributions in excess of net investment income by $10,828 and decrease accumulated net realized gain on investments and foreign currency transactions by $10,828.

The tax character of distributions paid during the years ended December 31, 2016 and 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.

As of December 31, 2016, the components of accumulated earnings/losses on a tax basis were as follows:

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.

During the year ended December 31, 2016, the Fund utilized capital loss carryforwards of $437,886.

At December 31, 2016, the temporary differences between book basis and tax basis net unrealized appreciation were primarily due to mark-to-market adjustments on investments in passive foreign investment companies.

The following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 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 year ended December 31, 2016, the Fund did not incur any income tax, interest, or penalties. As of December 31, 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 year ended December 31, 2016, the Adviser reimbursed the Fund in the amount of $64,752. 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 December 31, 2016, the cumulative amount which the Fund may repay the Advisor, subject to the terms above, is $125,530.

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 year ended December 31, 2016, other than short term securities and U.S. Government obligations, aggregated $2,292,155 and $4,668,018 respectively.

6. Transactions with Affiliates and Other Arrangements. During the year ended December 31, 2016, the Distributor retained a total of $205 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. The Adviser did not seek a reimbursement during the year ended December 31, 2016.

7. Line of Credit. The Fund participates in an unsecured line of credit, which expires on March 9, 2017 and may be renewed annually, 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 December 31, 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 year ended December 31, 2016 was $17,096, with a weighted average interest rate of 1.19%. The maximum amount borrowed at any time during the year ended was $467,000.

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 years ended December 31, 2016 and 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.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of GAMCO International Growth Fund, Inc. (the “Fund”), as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the Fund’s custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The business and affairs of the Fund are managed under the direction of the Fund’s Board of Directors. Information pertaining to the Directors and officers of the Fund is set forth below. The Fund’s Statement of Additional Information includes additional information about the Fund’s Directors and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to the GAMCO International Growth Fund, Inc. at One Corporate Center, Rye, NY 10580-1422.

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.

2016 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended December 31, 2016, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.325, $0.321, $0.159, and $0.562 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $41,365, or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund’s Board of Directors. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.17% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010. The Fund designates 0% of the ordinary income distribution as qualified short term gain pursuant to the American Jobs Creation Act of 2004.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

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

Chairman and Chief

Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group Inc.

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

Werner J. Roeder, MD

Former Medical Director,

Lawrence Hospital

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

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 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.

GAB009Q416AR

As of the end of the period covered by the report, the registrant’s Board of Directors has determined that Salvatore J. Zizza is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the independent registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

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.


GAMCO International Growth Fund, Inc.
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from July 1, 2016 through December 31, 2016		Expense Table



	Year Ended December 31, 2016				Year Ended December 31, 2015
Operations:
Net investment income		$	469,635			$	46,799
Net realized gain/(loss) on investments and foreign currency transactions			490,104				(440,993	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(1,492,006	)			(870,536	)

Net Decrease in Net Assets Resulting from Operations			(532,267	)			(1,264,730	)


Distributions to Shareholders:
Net investment income
Class AAA.			(263,182	)			(1,751	)
Class A			(9,580	)			(384	)
Class C			(1,978	)			—
Class I			(198,886	)			(74,059	)

			(473,626	)			(76,194	)


Net realized gain
Class AAA.			(27,776	)			(16,592	)
Class A			(1,024	)			(657	)
Class C			(427	)			(352	)
Class I			(12,138	)			(6,394	)

			(41,365	)			(23,995	)

Total Distributions to Shareholders			(514,991	)			(100,189	)


Capital Share Transactions:
Class AAA.			(1,934,329	)			(2,914,513	)
Class A			(138,573	)			284,227
Class C			(127,755	)			(95,859	)
Class I			72,421				5,653,048

Net Increase/(Decrease) in Net Assets from Capital Share Transactions			(2,128,236	)			2,926,903


Redemption Fees			10				45

Net Increase/(Decrease) in Net Assets			(3,175,484	)			1,562,029
Net Assets:
Beginning of year			27,299,110				25,737,081

End of year (including undistributed net investment income of $0 and $0, respectively)		$	24,123,626			$	27,299,110


				Income (Loss) from Investment Operations												Distributions																					Ratios to Average Net Assets/ 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 Year			Total Return†			Net Assets End of Year (in 000’s)			Net Investment Income (Loss)			Operating Expenses Before Reimbursements			Operating Expenses Net of Reimbursements			Portfolio Turnover Rate
Class AAA
2016		$	20.43		$	0.29			$	(0.79	)		$	(0.50	)		$	(0.33	)		$	(0.03	)		$	(0.36	)		$	0.00		$	19.57		(2.4	)%		$	16,112		1.44	%		2.07	%		2.07	%(c)		9	%
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	(d)(e)		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
Class A
2016		$	20.81		$	0.33			$	(0.84	)		$	(0.51	)		$	(0.32	)		$	(0.03	)		$	(0.35	)		$	0.00		$	19.95		(2.4	)%		$	603		1.60	%		2.07	%		2.07	%(c)		9	%
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	(d)(e)		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
Class C
2016		$	18.73		$	0.12			$	(0.71	)		$	(0.59	)		$	(0.16	)		$	(0.03	)		$	(0.19	)		$	0.00		$	17.95		(3.1	)%		$	226		0.64	%		2.82	%		2.82	%(c)		9	%
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	(d)(e)		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
Class I
2016		$	20.69		$	0.53			$	(0.82	)		$	(0.29	)		$	(0.56	)		$	(0.03	)		$	(0.59	)		$	0.00		$	19.81		(1.4	)%		$	7,183		2.58	%		1.82	%		1.00	%(c)(f)		9	%
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	(d)(e)		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


	Valuation Inputs
	Level 1			Level 2 Other Significant			Total Market Value
	Quoted Prices			Observable Inputs			at 12/31/16
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	23,842,227			—		$	23,842,227
U.S. Government Obligations			—		$	329,510			329,510
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	23,842,227		$	329,510		$	24,171,737


	Year Ended			Year Ended
	December 31, 2016			December 31, 2015
Distributions paid from:
Ordinary income (inclusive of short term capital gains)		$	473,626		$	96,450
Net long term capital gains			41,365			3,739

Total distributions paid		$	514,991		$	100,189


GAMCO International Growth Fund, Inc. Annual Report — December 31, 2016
		Caesar M. P. Bryan
		Portfolio Manager


Consumer Staples - Food, Beverage, and Tobacco	20.5	%
Consumer Discretionary	19.0	%
Health Care	14.0	%
Industrials	12.3	%
Materials	8.2	%
Information Technology	7.8	%
Financials	7.7	%


Consumer Staples - Household and Personal Products	6.2	%
Telecommunication Services	1.9	%
U.S. Government Obligations	1.4	%
Energy	1.2	%
Other Assets and Liabilities (Net)	(0.2	)%


	100.0	%


Undistributed ordinary income	$	3,572
Undistributed long term capital gains		22
Net unrealized appreciation on investments and foreign currency translations		4,397,954

Total	$	4,401,548


				Gross			Gross				Net
				Unrealized			Unrealized				Unrealized
	Cost			Appreciation			Depreciation				Appreciation
Investments		$	19,768,547		$	4,875,881		$	(472,691	)		$	4,403,190


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 year ended December 31, 2016, expiring December 31, 2019		64,752

	$	125,530


Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Director	Principal Occupation(s) During Past Five Years	Other Directorships Held by Director⁴

INTERESTED DIRECTORS³:

Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 74	Since 1994	31	Chairman, Chief Executive Officer, and Chief Investment Officer–Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer–Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/ Trustee or Chief Investment Officer of other registered investment companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.	Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications); Director of RLJ Acquisition Inc. (blank check company) (2011-2012)

INDEPENDENT DIRECTORS⁵:

Anthony J. Colavita Director Age: 81	Since 1994	36	President of the law firm of Anthony J. Colavita, P.C.	—

Werner J. Roeder, MD Director Age: 76	Since 1994	23	Practicing private physician; Former Medical Director of Lawrence Hospital (1999-2014)	—

Anthonie C. van Ekris Director Age: 82	Since 1994	22	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/ export company)	—

Salvatore J. Zizza Director Age: 70	Since 2004	30	President of Zizza & Associates Corp. (private holding company); Chairman of Harbor Diversified, Inc. (pharmaceuticals); Chairman of BAM (semiconductor and aerospace manufacturing); Chairman of Bergen Cove Realty Inc.; Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)	Director and Vice Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals); Director, Chairman, and CEO of General Employment Enterprises (staffing services) (2009-2012)


Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Principal Occupation(s) During Past Five Years

OFFICERS:

Bruce N. Alpert President Age: 65	Since 2006	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008; Director of Teton Advisors, Inc., 1998-2012; Chairman of Teton Advisors, Inc., 2008-2010

Andrea R. Mango Secretary Age: 44	Since 2013	Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of all registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President of all closed-end funds within the Gabelli/GAMCO Fund Complex since 2014; Corporate Vice President within the Corporate Compliance Department of New York Life Insurance Company, 2011-2013; Vice President and Counsel of Deutsche Bank, 2006-2011

Agnes Mullady Treasurer Age: 58	Since 2006	President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2010; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since November 2016; Officer of all of the registered investment companies within the Gabelli/GAMCO Fund Complex

Richard J. Walz Chief Compliance Officer Age: 57	Since 2013	Chief Compliance Officer of all of the registered investment companies within the Gabelli/ GAMCO Fund Complex since 2013; Chief Compliance Officer of AEGON USA Investment Management, 2011-2013; Chief Compliance Officer of Cutwater Asset Management, 2004- 2011


(Registrant) GAMCO International Growth Fund, Inc.

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

Date 3/08/2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date 3/08/2017

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

Date 3/08/2017


Date: 3/08/2017		/s/ Bruce N. Alpert
		Bruce N. Alpert, Principal Executive Officer