1

Gabelli

ESG

Fund,

Inc.

Schedule

of

Investments

—

December

31,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

98.1%

Airlines

 —

0.2%

1,500‌

Delta

Air

Lines

Inc.†

.................................

$

58,620‌

Automotive

 —

2.2%

3,450‌

Daimler

AG

..............................................

265,482‌

3,975‌

Daimler

Truck

Holding

AG†

.......................

146,129‌

1,700‌

General

Motors

Co.†

................................

99,671‌

2,170‌

Toyota

Motor

Corp.,

ADR

..........................

402,101‌

913,383‌

Automotive:

Parts

and

Accessories

 —

0.3%

780‌

Aptiv

plc†

.................................................

128,661‌

Beverage

 —

3.1%

17,000‌

Danone

SA

...............................................

1,056,562‌

3,200‌

The

Coca-Cola

Co.

....................................

189,472‌

1,246,034‌

Broadcasting

 —

0.6%

5,000‌

Liberty

Media

Corp.-

Liberty

SiriusXM,

Cl. C†

........................

254,250‌

Building

and

Construction

 —

2.1%

8,700‌

Canfor

Corp.†

...........................................

220,500‌

1,010‌

Cavco

Industries

Inc.†

..............................

320,827‌

1,180‌

Jacobs

Engineering

Group

Inc.

.................

164,291‌

2,000‌

Johnson

Controls

International

plc

............

162,620‌

868,238‌

Business

Services

 —

2.5%

7,500‌

IHS

Markit

Ltd.

.........................................

996,900‌

Cable

and

Satellite

 —

1.6%

10,700‌

Comcast

Corp.,

Cl. A

................................

538,531‌

3,850‌

EchoStar

Corp.,

Cl. A†

..............................

101,448‌

639,979‌

Computer

Hardware

 —

0.9%

2,750‌

International

Business

Machines

Corp.

......

367,565‌

Computer

Software

and

Services

 —

7.4%

496‌

Alphabet

Inc.,

Cl. A†

.................................

1,436,932‌

2,950‌

Cisco

Systems

Inc.

...................................

186,941‌

2,400‌

Dell

Technologies

Inc.,

Cl. C†

....................

134,808‌

5,400‌

Dun

&

Bradstreet

Holdings

Inc.†

...............

110,646‌

10,000‌

Hewlett

Packard

Enterprise

Co.

.................

157,700‌

960‌

Microsoft

Corp.

........................................

322,867‌

6,725‌

NortonLifeLock

Inc.

..................................

174,716‌

510‌

salesforce.com

Inc.†

................................

129,606‌

1,300‌

SAP

SE,

ADR

............................................

182,143‌

200‌

Splunk

Inc.†

.............................................

23,144‌

1,150‌

VMware

Inc.,

Cl. A

....................................

133,262‌

2,992,765‌

Consumer

Products

 —

3.6%

11,675‌

Sony

Group

Corp.,

ADR

............................

1,475,720‌

Shares

Market

Value

Consumer

Services

 —

1.8%

8,500‌

Resideo

Technologies

Inc.†

......................

$

221,255‌

11,000‌

Terminix

Global

Holdings

Inc.†

.................

497,530‌

600‌

Uber

Technologies

Inc.†

...........................

25,158‌

743,943‌

Diversified

Industrial

 —

2.9%

11,550‌

ABB

Ltd.,

ADR

..........................................

440,864‌

950‌

Agilent

Technologies

Inc.

..........................

151,667‌

12,500‌

Flex

Ltd.†

.................................................

229,125‌

2,400‌

Siemens

AG,

ADR

.....................................

207,840‌

655‌

Union

Pacific

Corp.

...................................

165,014‌

1,194,510‌

Energy

and

Utilities

 —

4.2%

18,400‌

NextEra

Energy

Inc.

..................................

1,717,824‌

Entertainment

 —

2.2%

1,445‌

The

Walt

Disney

Co.†

...............................

223,816‌

9,800‌

Universal

Music

Group

NV

........................

276,478‌

30,000‌

Vivendi

SE

................................................

406,103‌

906,397‌

Environmental

Services

 —

5.5%

3,885‌

Ecolab

Inc.

...............................................

911,382‌

19,199‌

Evoqua

Water

Technologies

Corp.†

...........

897,553‌

3,000‌

Waste

Connections

Inc.

............................

408,810‌

2,217,745‌

Equipment

and

Supplies

 —

3.2%

700‌

3M

Co.

.....................................................

124,341‌

41,000‌

Ardagh

Metal

Packaging

SA†

....................

370,230‌

2,700‌

ChargePoint

Holdings

Inc.†

......................

51,435‌

10,000‌

Mueller

Water

Products

Inc.,

Cl. A

.............

144,000‌

630‌

Parker-Hannifin

Corp.

...............................

200,416‌

5,500‌

Ranpak

Holdings

Corp.†

...........................

206,690‌

1,000‌

Watts

Water

Technologies

Inc.,

Cl. A

.........

194,170‌

1,291,282‌

Financial

Services

 —

17.6%

41,430‌

Aegon

NV

.................................................

207,209‌

8,300‌

Ally

Financial

Inc.

.....................................

395,163‌

5,000‌

American

Express

Co.

...............................

818,000‌

25,000‌

Banco

Bilbao

Vizcaya

Argentaria

SA

..........

149,428‌

2,450‌

Citigroup

Inc.

...........................................

147,956‌

17,000‌

Commerzbank

AG†

...................................

129,462‌

28,196‌

Credit

Agricole

SA

....................................

402,869‌

8,500‌

Credit

Suisse

Group

AG,

ADR

...................

81,940‌

62,300‌

Daiwa

Securities

Group

Inc.

......................

351,335‌

9,500‌

Franklin

Resources

Inc.

............................

318,155‌

35,100‌

ING

Groep

NV

..........................................

489,207‌

1,100‌

Intercontinental

Exchange

Inc.

..................

150,447‌

10,100‌

Janus

Henderson

Group

plc

......................

423,594‌

9,600‌

Kinnevik

AB,

Cl. B†

...................................

342,888‌

101,893‌

NatWest

Group

plc

...................................

311,279‌

9,516‌

NN

Group

NV

...........................................

515,805‌

2

Gabelli

ESG

Fund,

Inc.

Schedule

of

Investments

(Continued)

—

December

31,

2021

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Financial

Services

(Continued)

3,650‌

PayPal

Holdings

Inc.†

...............................

$

688,317‌

400‌

S&P

Global

Inc.

........................................

188,772‌

3,244‌

Societe

Generale

SA

.................................

111,556‌

29,300‌

Standard

Chartered

plc

.............................

177,831‌

3,650‌

State

Street

Corp.

.....................................

339,450‌

4,700‌

The

Bank

of

New

York

Mellon

Corp.

..........

272,976‌

800‌

The

PNC

Financial

Services

Group

Inc.

......

160,416‌

7,174,055‌

Food

 —

8.8%

10,000‌

Mondelēz

International

Inc.,

Cl. A

..............

663,100‌

9,950‌

Nestlé

SA

.................................................

1,391,602‌

24,200‌

The

Hain

Celestial

Group

Inc.†

..................

1,031,162‌

9,500‌

Unilever

plc,

ADR

.....................................

511,005‌

3,596,869‌

Health

Care

 —

10.2%

3,200‌

Baxter

International

Inc.

............................

274,688‌

600‌

Becton,

Dickinson

and

Co.

........................

150,888‌

14,700‌

Bristol-Myers

Squibb

Co.

..........................

916,545‌

605‌

Cigna

Corp.

..............................................

138,926‌

7,800‌

Gilead

Sciences

Inc.

.................................

566,358‌

1,450‌

GlaxoSmithKline

plc,

ADR

.........................

63,945‌

620‌

HCA

Healthcare

Inc.

..................................

159,290‌

6,000‌

Henry

Schein

Inc.†

...................................

465,180‌

350‌

Illumina

Inc.†

...........................................

133,154‌

375‌

Laboratory

Corp.

of

America

Holdings†

.....

117,829‌

3,900‌

Medtronic

plc

...........................................

403,455‌

1,600‌

Merck

&

Co.

Inc.

......................................

122,624‌

2,700‌

Zoetis

Inc.

................................................

658,881‌

4,171,763‌

Machinery

 —

9.4%

685‌

Caterpillar

Inc.

..........................................

141,617‌

106,500‌

CNH

Industrial

NV

....................................

2,069,295‌

13,500‌

Xylem

Inc.

................................................

1,618,920‌

3,829,832‌

Retail

 —

1.8%

2,240‌

Lowe's

Companies

Inc.

.............................

578,995‌

1,025‌

NIKE

Inc.,

Cl. B

.........................................

170,837‌

749,832‌

Semiconductors

 —

1.5%

825‌

Applied

Materials

Inc.

...............................

129,822‌

7,100‌

Intel

Corp.

................................................

365,650‌

445‌

NVIDIA

Corp.

...........................................

130,879‌

626,351‌

Specialty

Chemicals

 —

3.0%

1,225‌

Air

Products

and

Chemicals

Inc.

...............

372,719‌

4,925‌

International

Flavors

&

Fragrances

Inc.

.....

741,951‌

Shares

Market

Value

4,300‌

Momentive

Global

Inc.†

............................

$

90,945‌

1,205,615‌

Telecommunications

 —

1.5%

375‌

American

Tower

Corp.,

REIT

.....................

109,688‌

3,500‌

SoftBank

Group

Corp.,

ADR

......................

84,175‌

26,500‌

Vodafone

Group

plc,

ADR

.........................

395,645‌

589,508‌

TOTAL

COMMON

STOCKS

..................

39,957,641‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

1.9%

$

789,000‌

U.S.

Treasury

Bills,

0.040%

to

0.049%††,

02/17/22

to

03/10/22

............................

788,956‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$26,418,636)

...............................

$

40,746,597‌

†

Non-income

producing

security.

††

Represents

annualized

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust