N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number            811-22026        

                The Gabelli ESG Fund, Inc. (formerly, The Gabelli SRI Fund, Inc.)                

(Exact name of registrant as specified in charter)

One Corporate Center

                         Rye, New York 10580-1422                        

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

                                 Rye, New York 10580-1422                                

(Name and address of agent for service)

Registrant’s telephone number, including area code:  1-800-422-3554

Date of fiscal year end:  March 31

Date of reporting period:  March 31, 2017

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.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Gabelli ESG Fund, Inc.

Annual Report — March 31, 2017

(Y)our Portfolio Management Team

Christopher C. Desmarais	Christopher J. Marangi	Kevin V. Dreyer

To Our Shareholders,

For the fiscal year ended March 31, 2017, the net asset value (“NAV”) per Class AAA Share of the Gabelli ESG Fund increased 13.1% compared with increases of 17.2% and 18.1% for the Standard & Poor’s (“S&P”) 500 Index and the Russell 3000 Index, respectively. See page 2 for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2017.

Performance Discussion (Unaudited)

The Fund’s investment objective is to seek capital appreciation. The Fund seeks to achieve its objective by investing substantially all and in any case no less than 80% of its assets in common and preferred stocks of companies that meet the Fund’s guidelines for social responsibility at the of time of investment. The portfolio managers employ a social screening overlay process at the time of investment to identify companies that meet the Fund’s social guidelines.

As bottom up stock pickers, we are generally not making calls on the direction of rates or any other macro variable. Our process favors companies that can thrive in any climate, for example, those with pricing power, solid balance sheets, and adaptable managements.

Selected holdings that contributed positively to performance for the fiscal year were: Xylem Inc.’s (4.4% of net assets as of March 31, 2017) combination of water infrastructure assets and long term trends remain attractive. The company is focused on trimming its cost structure, profitably expanding its footprint, and ultimately enhancing shareholder value through the use of its very healthy balance sheet; Conagra Brands Inc. (4.2%) continues to manage a challenging environment by raising prices, exiting low margin businesses, reducing costs, and planting seeds for both short and long term profit growth; Energizer Holdings Inc. (2.2%) became a standalone public company on July 1, 2015. The battery and lighting company has done a good job of focusing on growing sales through new products and benefitting from accretive acquisitions over the past year; and Time Warner Inc. (2.0%) agreed to be acquired in a stock and cash deal by AT&T for $85.4 billion. Some of our weaker performing stocks were: Edgewell Personal Care Co. (3.9%), a pure play personal care company, has not only faced pressures from the impacts of a stronger dollar, but also a challenging razor blade market with price competition from Gillette as well as private label and shave clubs; Liberty Global plc. (2.4%) shares in the world’s largest international tv and broadband company and it felt the effects of Brexit fueled currency headwinds over the final six months of 2016 and diminishing hopes of a near term combination with Vodafone; CVS Health Corp.’s (2.2%) front of the store sales have been under pressure with declining customer traffic. In addition, the Pharmacy Benefit Manager business model has been under political attack due to its lack of transparency and a belief that they do not fight hard enough to lower drug prices; and Hertz Global Holdings Inc. (0.2%) announced a significant decline in 2016 earnings due in large part to excess vehicle depreciation as the company’s refreshed fleet consisted largely of small sedans that lost significant value over the past 15 months as oil prices declined. Broad concerns about used vehicle pricing pressure continue to weigh on shares.

We appreciate your confidence and trust.

Comparative Results

Average Annual Returns through March 31, 2017 (a)(b) (Unaudited)
	1 Year		3 Year		5 Year		Since Inception (6/01/07)
Class AAA (SRIGX)		13.14%		6.95%		8.89%		6.21%
Russell 3000 Index		18.07		9.76		13.18		6.81
S&P 500 Index		17.17		10.37		13.30		6.76
Class A (SRIAX)		13.08		6.93		8.88		6.21
With sales charge (c)		6.57		4.84		7.60		5.57
Class C (SRICX)		12.29		6.15		8.08		5.42
With contingent deferred sales charge (d)		11.29		6.15		8.08		5.42
Class I (SRIDX)		13.42		7.20		9.16		6.47

In the current prospectuses dated July 29, 2016, the expense ratios for Class AAA, A, C, and I Shares are 1.68%, 1.68%, 2.43%, and 1.43%, respectively. and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.25%, 1.25%, 2.00%, and 1.00%, respectively. See page 10 for the expense ratios for the year ended March 31, 2017. Class AAA and I Shares do not have a sales charge. The maximum sales charge for Class A Shares and 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 would have been lower had Gabelli Funds, LLC, the Adviser, not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after the date 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. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. The Russell 3000 Index is an unmanaged indicator that measures the performance of the 3,000 largest U.S. traded stocks, in which the underlying companies are incorporated in the U.S. Dividends are considered reinvested. You cannot invest directly in an index.

(b) The Fund’s fiscal year ends March 31.

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

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

2

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

GABELLI ESG FUND, INC. (CLASS AAA SHARES), RUSSELL 3000 INDEX, AND S&P 500 INDEX (Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

3

Gabelli ESG Fund, Inc.

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from October 1, 2016 through March 31, 2017 Expense Table

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 March 31, 2017.

	Beginning Account Value 10/01/16	Ending Account Value 03/31/17		Annualized Expense Ratio		Expenses Paid During Period*
Gabelli ESG Fund, Inc.
Actual Fund Return
Class AAA	$1,000.00		$1,050.50		1.25%		$  6.39
Class A	$1,000.00		$1,049.90		1.25%		$  6.39
Class C	$1,000.00		$1,046.10		2.00%		$10.20
Class I	$1,000.00		$1,050.90		1.00%		$  5.11
Hypothetical 5% Return
Class AAA	$1,000.00		$1,018.70		1.25%		$  6.29
Class A	$1,000.00		$1,018.70		1.25%		$  6.29
Class C	$1,000.00		$1,014.96		2.00%		$10.05
Class I	$1,000.00		$1,019.95		1.00%		$  5.04

* 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 365.

4

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of March 31, 2017:

Gabelli ESG Fund, Inc.

Food	19.4	%
Cable and Satellite	7.9	%
Retail	7.7	%
Consumer Products	7.7	%
Automotive: Parts and Accessories	6.7	%
Building and Construction	6.4	%
Machinery	5.2	%
Beverage	4.9	%
Computer Software and Services	4.3	%
Entertainment	4.3	%
Equipment and Supplies	4.1	%
Financial Services	3.8	%

Broadcasting	3.7	%
Specialty Chemicals	3.6	%
Business Services	3.1	%
Environmental Services	2.1	%
Wireless Communications	1.7	%
Telecommunications	0.8	%
U.S. Government Obligations	0.8	%
Health Care	0.8	%
Aerospace	0.4	%
Other Assets and Liabilities (Net)	0.6	%
	100.0	%

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.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

5

Gabelli ESG Fund, Inc.

Schedule of Investments — March 31, 2017

Shares			Cost		Market  Value
		COMMON STOCKS — 98.6%
		Aerospace — 0.4%
	4,000	B/E Aerospace Inc.	$	208,042	$	256,440
		Automotive: Parts and Accessories — 6.7%
	5,800	Adient plc		272,600		421,486
	16,000	Genuine Parts Co.		1,333,254		1,478,560
	5,000	O’Reilly Automotive Inc.†		624,014		1,349,200
	25,000	Tenneco Inc.		734,166		1,560,500
				2,964,034		4,809,746
		Beverage — 4.9%
	30,000	Danone SA		2,121,705		2,040,581
	10,000	PepsiCo Inc.		826,399		1,118,600
	9,000	Suntory Beverage & Food Ltd.		286,851		379,143
				3,234,955		3,538,324
		Broadcasting — 3.7%
	12,000	Liberty Broadband Corp., Cl. C†		671,594		1,036,800
	20,000	Liberty Media Corp.-Liberty Braves, Cl. C†		313,436		473,000
	30,000	Liberty Media Corp.-Liberty SiriusXM, Cl. C†		772,455		1,163,400
				1,757,485		2,673,200
		Building and Construction — 6.4%
	20,000	Armstrong Flooring Inc.†		356,000		368,400
	20,000	Fortune Brands Home & Security Inc.		310,448		1,217,000
	12,001	Herc Holdings Inc.†		456,536		586,713
	58,000	Johnson Controls International plc		2,020,724		2,442,960
				3,143,708		4,615,073
		Business Services — 3.1%
	20,000	Macquarie Infrastructure Corp.		1,057,974		1,611,600
	25,000	The Interpublic Group of Companies Inc.		469,794		614,250
				1,527,768		2,225,850
		Cable and Satellite — 7.9%
	500	Cable One Inc.		137,345		312,235
	46,000	Comcast Corp., Cl. A		910,509		1,729,140
	17,000	DISH Network Corp., Cl. A†		996,242		1,079,330
	14,000	EchoStar Corp., Cl. A†		665,923		797,300
	50,000	Liberty Global plc, Cl. C†		1,455,163		1,752,000
				4,165,182		5,670,005
		Computer Software and Services — 4.3%
	30,000	Blucora Inc.†		325,768		519,000
	35,000	eBay Inc.†		774,035		1,174,950
	23,000	Hewlett Packard Enterprise Co.		531,073		545,100
	45,000	Internap Corp.†		254,008		167,400
	15,000	Yahoo! Inc.†		585,478		696,150
				2,470,362		3,102,600

Shares			Cost		Market  Value
		Consumer Products — 7.7%
	38,000	Edgewell Personal Care Co.†	$	3,288,703	$	2,779,320
	28,000	Energizer Holdings Inc.		866,891		1,561,000
	34,000	Sony Corp., ADR		806,460		1,146,820
				4,962,054		5,487,140
		Entertainment — 4.3%
	15,000	Time Warner Inc.		1,041,295		1,465,650
	22,000	Twenty-First Century Fox Inc., Cl. B		630,893		699,160
	8,000	Viacom Inc., Cl. A		587,434		390,000
	25,000	Vivendi SA		570,411		486,062
				2,830,033		3,040,872
		Environmental Services — 2.1%
	17,000	Waste Connections Inc.		887,689		1,499,740
		Equipment and Supplies — 4.1%
	15,000	Flowserve Corp.		860,523		726,300
	45,000	Mueller Water Products Inc., Cl. A		171,032		531,900
	27,000	Watts Water Technologies Inc., Cl. A		983,852		1,683,450
				2,015,407		2,941,650
		Financial Services — 3.8%
	14,000	American Express Co.		1,244,608		1,107,540
	8,000	Kinnevik AB, Cl. B		266,966		213,378
	32,000	PayPal Holdings Inc.†		1,066,822		1,376,640
				2,578,396		2,697,558
		Food — 19.4%
	75,000	Conagra Brands Inc.		1,862,272		3,025,500
	22,000	General Mills Inc.		1,308,528		1,298,220
	24,000	Kellogg Co.		1,716,851		1,742,640
	30,000	Lamb Weston Holdings Inc.		710,085		1,261,800
	20,000	Maple Leaf Foods Inc.		370,077		485,468
	67,000	Mondelēz International Inc., Cl. A		2,168,370		2,886,360
	15,000	Nestlé SA		854,222		1,150,851
	12,000	Post Holdings Inc.†		493,827		1,050,240
	20,000	Unilever plc, ADR		636,413		986,800
				10,120,645		13,887,879
		Health Care — 0.8%
	10,000	Zoetis Inc.		504,534		533,700
		Machinery — 5.2%
	60,000	CNH Industrial NV		541,332		578,400
	63,000	Xylem Inc.		1,572,669		3,163,860
				2,114,001		3,742,260
		Retail — 7.7%
	20,000	CST Brands Inc.		630,687		961,800
	20,000	CVS Health Corp.		1,534,372		1,570,000
	8,000	Hertz Global Holdings Inc.†		558,618		140,320
	25,000	United Natural Foods Inc.†		989,836		1,080,750
	60,000	Whole Foods Market Inc.		1,893,292		1,783,200
				5,606,805		5,536,070

See accompanying notes to financial statements.

6

Gabelli ESG Fund, Inc.

Schedule of Investments (Continued) — March 31, 2017

Shares			Cost		Market  Value
		COMMON STOCKS (Continued)
		Specialty Chemicals — 3.6%
	27,000	Chemtura Corp.†	$	669,375	$	901,800
	20,000	H.B. Fuller Co.		800,071		1,031,200
	5,000	International Flavors & Fragrances Inc.		584,262		662,650
				2,053,708		2,595,650
		Telecommunications — 0.8%
	15,000	Loral Space & Communications Inc.†		690,801		591,000
		Wireless Communications — 1.7%
	19,000	T-Mobile US Inc.†		749,596		1,227,210
		TOTAL COMMON STOCKS		54,585,205		70,671,967

Principal  Amount			Cost		Market  Value
		U.S. GOVERNMENT OBLIGATIONS — 0.8%
	$561,000	U.S. Treasury Bills, 0.707% to 0.716%††, 06/01/17 to 06/15/17	$	560,183	$	560,205
		TOTAL INVESTMENTS — 99.4%	$	55,145,388		71,232,172
		Other Assets and Liabilities (Net) — 0.6%				434,339
		NET ASSETS — 100.0%			$	71,666,511

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

See accompanying notes to financial statements.

7

Gabelli ESG Fund, Inc.

Statement of Assets and Liabilities

March 31, 2017

Assets:
Investments, at value (cost $55,145,388)	$	71,232,172
Cash		10,167
Receivable for investments sold		580,836
Receivable for Fund shares sold		106,294
Receivable from Adviser		21,402
Dividends and interest receivable		105,693
Prepaid expenses		29,807
Total Assets		72,086,371
Liabilities:
Foreign currency overdraft, at value (cost $5)		5
Payable for investments purchased		237,393
Payable for Fund shares redeemed		44,398
Payable for investment advisory fees		60,951
Payable for distribution fees		16,383
Payable for accounting fees		7,500
Payable for payroll expenses		1,165
Payable for legal and audit fees		29,346
Other accrued expenses		22,719
Total Liabilities		419,860
Net Assets
(applicable to 4,619,695 shares outstanding)	$	71,666,511
Net Assets Consist of:
Paid-in capital	$	53,690,475
Accumulated net investment income		181,917
Accumulated net realized gain on investments and foreign currency transactions		1,713,336
Net unrealized appreciation on investments		16,086,784
Net unrealized depreciation on foreign currency translations		(6,001	)
Net Assets	$	71,666,511
Shares of Capital Stock, each at $0.001 par value; 500,000,000 shares authorized:
Class AAA:
Net Asset Value, offering, and redemption price per share ($15,408,504 ÷ 989,871 shares outstanding)		$15.57
Class A:
Net Asset Value and redemption price per share ($17,568,870 ÷ 1,129,669 shares outstanding)		$15.55
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$16.50
Class C:
Net Asset Value and offering price per share ($10,814,638 ÷ 744,251 shares outstanding)		$14.53	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($27,874,499 ÷ 1,755,904 shares outstanding)		$15.87

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

Statement of Operations

For the Year Ended March 31, 2017

Investment Income:
Dividends (net of foreign withholding taxes of $43,732)	$	1,169,979
Interest		6,126
Total Investment Income		1,176,105
Expenses:
Investment advisory fees		710,316
Distribution fees - Class AAA		42,392
Distribution fees - Class A		50,601
Distribution fees - Class C		107,643
Registration expenses		61,163
Shareholder communications expenses		57,289
Legal and audit fees		51,373
Accounting fees		45,000
Shareholder services fees		29,583
Directors’ fees		24,500
Custodian fees		6,486
Payroll expenses		2,747
Interest expense		48
Miscellaneous expenses		21,870
Total Expenses		1,211,011
Less:
Expenses reimbursed by Adviser (See Note 3)		(201,070	)
Expenses paid indirectly by broker (See Note 6)		(1,723	)
Total credits and reimbursements		(202,793	)
Net Expenses		1,008,218
Net Investment Income		167,887
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		2,668,868
Net realized loss on foreign currency transactions		(1,190	)
Net realized gain on investments and foreign currency transactions		2,667,678
Net change in unrealized appreciation/depreciation:
on investments		5,902,074
on foreign currency translations		(2,339	)
Net change in unrealized appreciation/ depreciation on investments and foreign currency translations		5,899,735
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		8,567,413
Net Increase in Net Assets Resulting from Operations	$	8,735,300

See accompanying notes to financial statements.

8

Gabelli ESG Fund, Inc.

Statement of Changes in Net Assets

	Year Ended March 31, 2017				Year Ended March 31, 2016
Operations:
Net investment income/(loss)		$	167,887			$	(235,030	)
Net realized gain on investments and foreign currency transactions			2,667,678				3,181,019
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			5,899,735				(4,534,866	)
Net Increase/(Decrease) in Net Assets Resulting from Operations			8,735,300				(1,588,877	)
Distributions to Shareholders:
Net realized gain
Class AAA			(623,981	)			(371,382	)
Class A			(729,875	)			(429,675	)
Class C			(416,000	)			(232,937	)
Class I			(828,327	)			(419,740	)
Total Distributions to Shareholders			(2,598,183	)			(1,453,734	)
Capital Share Transactions:
Class AAA			(3,631,965	)			(2,568,776	)
Class A			(4,226,964	)			(275,637	)
Class C			(343,751	)			(54,244	)
Class I			5,295,588				(1,651,250	)
Net Decrease in Net Assets from Capital Share Transactions			(2,907,092	)			(4,549,907	)
Redemption Fees			17				58
Net Increase/(Decrease) in Net Assets			3,230,042				(7,592,460	)
Net Assets:
Beginning of year			68,436,469				76,028,929
End of year (including undistributed net investment income of $181,917 and $0, respectively)		$	71,666,511			$	68,436,469

See accompanying notes to financial statements.

9

Gabelli ESG Fund, Inc.

Financial Highlights

Selected data for a share of capital stock outstanding throughout each year:

			Income (Loss) from Investment Operations						Distributions										Ratios to Average Net Assets/Supplemental Data
Year                 Ended                 March 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 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)		Expenses Net of Waivers/ Reimbursements		Expenses Before Waivers/ Reimbursements		Portfolio Turnover Rate
Class AAA
2017		$14.29		$ 0.04		$ 1.81		$ 1.85		$(0.57)		$(0.57)		$0.00		$15.57		13.14%		$15,409		0.27%		1.39%		1.67%(c)		18%
2016		14.85		(0.04)		(0.22)		(0.26)		(0.30)		(0.30)		0.00		14.29		(1.79)		17,532		(0.29)		1.68		1.68(c)		14
2015		13.49		(0.03)		1.39		1.36		—		—		—		14.85		10.08		20,886		(0.22)		1.64		1.64		28
2014		12.02		(0.01)		1.48		1.47		—		—		0.00		13.49		12.23		22,988		(0.05)		1.93(d)		1.93(d)		47
2013		10.78		(0.03)		1.27		1.24		—		—		0.00		12.02		11.50		22,050		(0.27)		2.00(d)		2.00(d)		27
Class A
2017		$14.28		$ 0.04		$ 1.80		$ 1.84		$(0.57)		$(0.57)		$0.00		$15.55		13.08%		$17,569		0.26%		1.39%		1.67%(c)		18%
2016		14.84		(0.04)		(0.22)		(0.26)		(0.30)		(0.30)		0.00		14.28		(1.79)		20,002		(0.29)		1.68		1.68(c)		14
2015		13.48		(0.03)		1.39		1.36		—		—		—		14.84		10.09		21,190		(0.19)		1.64		1.64		28
2014		12.01		(0.00)(b)		1.47		1.47		—		—		0.00		13.48		12.24		26,119		(0.02)		1.93(d)		1.93(d)		47
2013		10.77		(0.03)		1.27		1.24		—		—		0.00		12.01		11.51		24,026		(0.32)		2.00(d)		2.00(d)		27
Class C
2017		$13.47		$(0.07)		$ 1.70		$ 1.63		$(0.57)		$(0.57)		$0.00		$14.53		12.29%		$10,815		(0.49)%		2.14%		2.42%(c)		18%
2016		14.13		(0.14)		(0.22)		(0.36)		(0.30)		(0.30)		0.00		13.47		(2.60)		10,320		(1.05)		2.43		2.43(c)		14
2015		12.92		(0.13)		1.34		1.21		—		—		—		14.13		9.37		10,919		(0.98)		2.39		2.39		28
2014		11.61		(0.10)		1.41		1.31		—		—		0.00		12.92		11.28		10,229		(0.80)		2.68(d)		2.68(d)		47
2013		10.48		(0.11)		1.24		1.13		—		—		0.00		11.61		10.78		8,225		(1.03)		2.75(d)		2.75(d)		27
Class I
2017		$14.52		$ 0.08		$ 1.84		$ 1.92		$(0.57)		$(0.57)		$0.00		$15.87		13.42%		$27,874		0.53%		1.13%		1.42%(c)		18%
2016		15.06		(0.01)		(0.23)		(0.24)		(0.30)		(0.30)		0.00		14.52		(1.63)		20,582		(0.04)		1.43		1.43(c)		14
2015		13.64		(0.01)		1.43		1.42		—		—		—		15.06		10.41		23,034		(0.09)		1.39		1.39		28
2014		12.13		0.03		1.48		1.51		—		—		0.00		13.64		12.45		10,710		0.21		1.68(d)		1.68(d)		47
2013		10.84		(0.01)		1.30		1.29		—		—		0.00		12.13		11.90		7,415		(0.13)		1.75(d)		1.75(d)		27

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	Amount represents less than $0.005 per share.
(c)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the years ended March 31, 2017 and 2016, there was no impact on the expense ratios.
(d)	Under an expense deferral agreement with the Adviser, the Adviser recovered from the Fund $130,192 and $83,801, for the years ended March 31, 2014 and 2013, respectively, representing previously reimbursed expenses from the Adviser. Had such payments not been made, the expense ratios for the years ended March 31, 2014 and 2013 would have been 1.74% and 1.85% (Class AAA and Class A), 2.49% and 2.60% (Class C), and 1.49% and 1.60% (Class I), respectively.

See accompanying notes to financial statements.

10

Gabelli ESG Fund, Inc.

Notes to Financial Statements

1. Organization. The Gabelli ESG Fund, Inc. (formerly Gabelli SRI Fund, Inc.) was incorporated on March 1, 2007 in Maryland. The Fund changed its name to Gabelli ESG Fund, Inc. on May 17, 2016, with a corresponding change in the name of each of its Classes of Shares. 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 commenced investment operations on June 1, 2007. The Fund’s primary objective is to seek capital appreciation. The Fund seeks to achieve its objective by investing substantially all, and in any case no less than 80%, of its assets in common stocks and preferred stocks of companies that meet the Fund’s guidelines for social responsibility at the time of investment.

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 obligations 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. Such debt obligations are valued through prices provided by a Pricing Service approved by the Board. 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 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:

● Level 1 — quoted prices in active markets for identical securities;

11

Gabelli ESG Fund, Inc.

Notes to Financial Statements (Continued)

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of March 31, 2017 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 3/31/17
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$70,671,967		—		$70,671,967
U.S. Government Obligations		—		$560,205		560,205
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$70,671,967		$560,205		$71,232,172

(a) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

The Fund did not have transfers between Level 1 and Level 2 during the year ended March 31, 2017. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

There were no Level 3 investments at March 31, 2017 or 2016.

Additional Information to Evaluate Qualitative Information.

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 are 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. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

12

Gabelli ESG Fund, Inc.

Notes to Financial Statements (Continued)

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

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The Fund’s derivative contracts held at March 31, 2017, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Options. The Fund may purchase or write call or put options on securities or indices for the purpose of increasing the income of the Fund. As a writer of put options, the Fund receives a premium at the outset and then bears the risk of unfavorable changes in the price of the financial instrument underlying the option. The Fund would incur a loss if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. The Fund would realize a gain, to the extent of the premium, if the price of the financial instrument increases between those dates.

As a purchaser of put options, the Fund pays a premium for the right to sell to the seller of the put option the underlying security at a specified price. The seller of the put has the obligation to purchase the underlying security upon exercise at the exercise price. If the price of the underlying security declines, the Fund would realize a gain upon sale or exercise. If the price of the underlying security increases or stays the same, the Fund would realize a loss upon sale or at expiration date, but only to the extent of the premium paid.

If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In the case of call options, the exercise prices are referred to as “in-the-money,” “at-the-money,” and “out-of the-money,” respectively. The Fund may write (a) in-the-money call options when the Adviser expects that the price of the underlying security will remain stable or decline during the option period, (b) at-the-money call options when the Adviser expects that the price of the underlying security will remain stable, decline, or advance moderately during the option period, and (c) out-of-the-money call options when the Adviser expects that the premiums received from writing the call option will be greater than the appreciation in the price of the underlying security above the exercise price. By writing a call option, the Fund limits its opportunity to profit from any increase in the market value of the underlying security above

13

Gabelli ESG Fund, Inc.

Notes to Financial Statements (Continued)

the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverse of call options as to the relation of exercise price to market price) may be utilized in the same market environments that such call options are used in equivalent transactions. At March 31, 2017, the Fund held no investments in options contracts.

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

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

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

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2017 the Fund held no restricted securities.

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

14

Gabelli ESG Fund, Inc.

Notes to Financial Statements (Continued)

the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

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

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

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 related primarily to adjustments of portfolio securities due to corporate actions and reclass adjustments on securities and tax treatment of currency gains and losses. These reclassifications have no impact on the NAV of the Fund. For the year ended March 31, 2017, reclassifications were made to increase accumulated net investment income by $142,043, and decrease accumulated net realized gain on investments and foreign currency transactions by $142,043.

The tax character of distributions paid during the years ended March 31, 2017 and 2016 was $2,598,183 and $1,453,734 of long term capital gains, respectively.

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

At March 31, 2017, the components of accumulated earnings/losses on a tax basis were as follows:

Undistributed ordinary income	$	181,917
Undistributed long term capital gains		1,816,776
Net unrealized appreciation on investments and foreign currency translations		15,977,343
Total	$	17,976,036

At March 31, 2017, the temporary differences between book basis and tax basis unrealized appreciation on investments were due to deferral of losses from wash sales for tax purposes and adjustments related to underlying Fund investments.

15

Gabelli ESG Fund, Inc.

Notes to Financial Statements (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2017:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Investments		$55,248,828		$18,649,885		$(2,666,541)		$15,983,344

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 March 31, 2017, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2017, 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.

Effective July 29, 2016, the Adviser contractually agreed to waive its investment advisory fee and/or to reimburse expenses of the Fund to the extent necessary to maintain the total annual Fund operating expenses after fee waiver and expense reimbursement (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 1.25%, 1.25%, 2.00%, and 1.00% for Class AAA, Class A, Class C, and Class I, respectively. Under this same arrangement, the Fund has also agreed, during the two period following the year of any such waiver or reimbursement by the Adviser, to repay such amount, but only to the extent the Fund’s adjusted total annual Fund operating expenses would not exceed an annual rate of 1.25%, 1.25%, 2.00%, and 1.00% for Class AAA, Class A, Class C, and Class I shares, respectively, after giving effect to the repayments. This arrangement is in effect until July 31, 2018 and may be terminated only by the Board of Directors of the Fund before such time. At March 31, 2017, the cumulative amount which the Fund may repay the Adviser is $201,070.

The Fund pays each Director who is not considered an affiliated person an annual retainer of $3,000 plus $500 for each Board meeting attended. Each Director is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of each 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 participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

16

Gabelli ESG Fund, Inc.

Notes to Financial Statements (Continued)

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 March 31, 2017, other than short term securities and U.S. Government obligations, aggregated $12,374,031 and $16,805,744, respectively.

6. Transactions with Affiliates and Other Arrangements. During the year ended March 31, 2017, the Fund paid $6,077 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $5,529 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the year ended March 31, 2017, 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 $1,723.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the year ended March 31, 2017, the Fund paid or accrued $45,000 to the Adviser in connection with the cost of computing the Fund’s NAV.

7. Capital Stock. The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA Shares 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 March 31, 2017 and 2016, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

17

Gabelli ESG Fund, Inc.

Notes to Financial Statements (Continued)

Transactions in shares of capital stock were as follows:

	Year Ended						Year Ended
	March 31, 2017						March 31, 2016
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		127,798		$	1,913,997			104,269		$	1,490,022
Shares issued upon reinvestment of distributions		41,230			611,023			25,493			365,314
Shares redeemed		(406,296	)		(6,156,985	)		(308,715	)		(4,424,112	)
Net decrease		(237,268	)	$	(3,631,965	)		(178,953	)	$	(2,568,776	)
Class A
Shares sold		278,375		$	4,166,519			188,219		$	2,778,970
Shares issued upon reinvestment of distributions		45,722			677,144			27,220			389,785
Shares redeemed		(595,632	)		(9,070,627	)		(241,895	)		(3,444,392	)
Net decrease		(271,535	)	$	(4,226,964	)		(26,456	)	$	(275,637	)
Class C
Shares sold		138,137		$	1,927,768			78,334		$	1,081,830
Shares issued upon reinvestment of distributions		25,850			358,542			14,819			200,801
Shares redeemed		(185,884	)		(2,630,061	)		(99,860	)		(1,336,875	)
Net decrease		(21,897	)	$	(343,751	)		(6,707	)	$	(54,244	)
Class I
Shares sold		654,927		$	10,161,385			244,057		$	3,564,980
Shares issued upon reinvestment of distributions		50,381			760,757			26,790			390,065
Shares redeemed		(366,534	)		(5,626,554	)		(383,341	)		(5,606,295	)
Net increase/(decrease)		338,774		$	5,295,588			(112,494	)	$	(1,651,250	)

8. 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.

9. 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.

18

Gabelli ESG Fund, Inc.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of

Gabelli ESG Fund, Inc.:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Gabelli ESG Fund, Inc. (formerly Gabelli SRI Fund, Inc.) (the “Fund”) as of March 31, 2017, 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 the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements 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 are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of March 31, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

May 23, 2017

19

Gabelli ESG Fund, Inc.

Additional Fund Information (Unaudited)

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 Gabelli SRI Fund, Inc. at One Corporate Center, Rye, NY 10580-1422.

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 Director3
INTERESTED DIRECTOR4:
Mario J. Gabelli, CFA Director and Chief Investment Officer Age: 74	Since 2007	32	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)
NON-INTERESTED
DIRECTORS5:
Clarence A. Davis Director Age: 75	Since 2007	3	Former Chief Executive Officer of Nestor, Inc. (2007-2009); Former Chief Operating Officer (2000-2005) and Chief Financial Officer (1999-2000) of the American Institute of Certified Public Accountants	Director of Telephone & Data Systems, Inc. (telephone services); Director of Pennichuck Corp. (water supply) (2009-2012)
Vincent D. Enright Director Age: 73	Since 2007	17	Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)	Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008-2014); Director of LGL Group, Inc. (diversified manufacturing) (2011-2014)
William F. Heitmann Director Age: 68	Since 2012	4	Managing Director and Senior Advisor of Perlmutter Investment Company (real estate); Senior Vice President of Finance, Verizon Communications, and President, Verizon Investment Management (1971-2011)	—
Anthonie C. van Ekris Director Age: 82	Since 2007	22	Chairman and Chief Executive Officer of BALMAC International, Inc. (global import/export company)	—

20

Gabelli ESG Fund, Inc.

Additional Fund Information (Continued) (Unaudited)

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 2007	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
Agnes Mullady Vice President Age: 58	Since 2007	Vice President of all of the open-end funds within the Gabelli/GAMCO Fund Complex since February 2017; Treasurer of all of the open-end funds within the Gabelli/GAMCO Fund Complex from 2006 to February 2017; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2015; 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
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
John C. Ball Treasurer Age: 41	Since 2017	Treasurer of all open-end funds within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation, 2007-2014
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

¹  Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

²  Each Director will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Director and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Director resigns or retires, or a Director is removed by the Board of Directors or shareholders, in accordance with the Fund’s By-Laws and Articles of Incorporation. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

³  This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment companies registered under the 1940 Act.

⁴  “Interested person” of the Fund as defined in the 1940 Act. Mr. Gabelli is considered an “interested person” because of his affiliation with Gabelli Funds, LLC which acts as the Fund’s investment adviser.

⁵  Directors who are not interested persons are considered “Independent” Directors.

21

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GABELLI ESG FUND, INC.

One Corporate Center

Rye, NY 10580-1422

Portfolio Management Team Biographies

Christopher C. Desmarais joined GAMCO Investors, Inc. in 1993. Currently he is a Managing Director of GAMCO Asset Management, Inc., a portfolio manager of Gabelli Funds, LLC, as well as the Director of Socially Responsive Investments. He is a co-portfolio manager of the Fund, and his responsibilities also include marketing and client service of GAMCO’s Value, Growth, and International capabilities for institutional, endowment, and family office clients as well as direct oversight of all of the Firm’s ESG equity products. He is a graduate of Fairfield University with a B.A. in Economics.

Christopher J. Marangi joined Gabelli in 2003 as a research analyst. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA degree with honors from Columbia Business School.

Kevin V. Dreyer joined Gabelli in 2005 as a research analyst covering companies within the consumer sector. Currently he is a Managing Director and Co-Chief Investment Officer for GAMCO Investors, Inc.’s Value team. In addition, he serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA degree from Columbia Business School.

2017 TAX NOTICE TO SHAREHOLDERS (Unaudited)

For the year ended March 31, 2017, the Fund paid to shareholders long term capital gains totaling $2,598,183, 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.

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.

We have separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentary is unrestricted. The financial statements and investment portfolio are mailed separately from the commentary. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

GABELLI ESG 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 President Agnes Mullady Vice President Andrea R. Mango Secretary
Chairman and Chief
Executive Officer,
GAMCO Investors, Inc.
Executive Chairman,
Associated Capital Group, Inc.
Clarence A. Davis
Former Chief	John C. Ball
Executive Officer,	Treasurer
Nestor, Inc.
	Richard J. Walz
Vincent D. Enright	Chief Compliance Officer
Former Senior Vice
President and	DISTRIBUTOR
Chief Financial Officer,
KeySpan Corp.	G.distributors, LLC
William F. Heitmann
Former Senior Vice	CUSTODIAN
President of Finance,
Verizon Communications, Inc.	The Bank of New York Mellon
Anthonie C. van Ekris	LEGAL COUNSEL
Chairman,
BALMAC International, Inc.	Paul Hastings LLP

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

GAB1794Q117AR

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s board of directors has determined that Clarence A. Davis and Vincent D. Enright are qualified to serve as audit committee financial experts serving on its audit committee and that they are “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $23,340 for 2016 and $23,923 for 2017.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2016 and $0 for 2017.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $3,873 for 2016 and $3,960 for 2017. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2016 and $0 for 2017.

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

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.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(c) 100%

(d) N/A

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2016 and $0 for 2017.

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

(12.other) Not applicable.

SIGNATURES

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.

(Registrant)   The Gabelli ESG Fund, Inc. (formerly, The Gabelli SRI Fund, Inc.)            

By (Signature and Title)*     /s/ Bruce N. Alpert                                                                   

                                                   Bruce N. Alpert, Principal Executive Officer

Date    6/02/2017                                                                                                                     

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    6/02/2017                                                                                                                     

By (Signature and Title)*    /s/ John C. Ball                                                                          

                                                   John C. Ball, Principal Financial Officer and Treasurer

Date    6/02/2017                                                                                                                     

^* Print the name and title of each signing officer under his or her signature.

EX-99.CODE ETH

EX-99.CODE ETH

Joint Code of Ethics for Chief Executive

and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds

Each affiliated registered investment company (each a “Company”) is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company’s Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, “Senior Officers”), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the “Advisor”) and/or affiliates of the Advisor (the “Advisory Group”) and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

• the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the “1940 Act”);

• the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the “Advisers Act”);

• the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the “Trust’s 1940 Act Code of Ethics”);

• one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the “Directors”) of each Company that are not “interested persons” of such Company (the “Independent Directors”) within the meaning of the 1940 Act (the

Revised: July 30, 2014

1

“Advisory Group’s 1940 Act Code of Ethics” and, together with such Company’s 1940 Act Code of Ethics, the “1940 Act Codes of Ethics”);

• the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the “Conflict Policies”); and

• the Advisory Group’s policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the “Advisory Policies”).

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the “Additional Conflict Rules”.

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

Senior Officers Should Act Honestly and Candidly

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

• comply with the laws, rules and regulations that govern the conduct of each Company’s operations and report any suspected violations thereof in accordance with the section below entitled “Compliance With Code Of Ethics”; and

• adhere to a high standard of business ethics.

Conflicts Of Interest

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

Revised: July 30, 2014

2

Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the “CCO”) and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

• the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, of any of the Companies’ service providers, other than the Advisory Group; or

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer’s employment by the Advisory Group, such as compensation or equity ownership.

Disclosures

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public

Revised: July 30, 2014

3

communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company ’s standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

• familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

• not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company’s independent auditors, such Company’s counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

Compliance With Code Of Ethics

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the “whistle blower” policies adopted by the Advisory Group from time to time. No one will be subject to retaliation because of a good faith report of a suspected violation.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

• the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

• violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

• if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

• appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

Waivers Of Code Of Ethics

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

Revised: July 30, 2014

4

The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Recordkeeping

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

• that provided the basis for any amendment or waiver to this Code of Ethics; and

• relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

Confidentiality

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

Amendments

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company’s Directors, including a majority of its Independent Directors.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies’ business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: July 30, 2014

5

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company’s related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the “whistle blower” policies adopted by the Advisory Group from time to time.

Printed Name

Signature

Date

Revised: July 30, 2014

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EX-99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Bruce N. Alpert, certify that:

1. I have reviewed this report on Form N-CSR of The Gabelli ESG Fund, Inc. (formerly, The Gabelli SRI Fund, Inc.);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    6/02/2017	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of The Gabelli ESG Fund, Inc. (formerly, The Gabelli SRI Fund, Inc.);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    6/02/2017	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the

Sarbanes-Oxley Act

I, Bruce N. Alpert, Principal Executive Officer of The Gabelli ESG Fund, Inc. (formerly, The Gabelli SRI Fund, Inc.) (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:    6/02/2017	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

I, John C. Ball, Principal Financial Officer and Treasurer of The Gabelli ESG Fund, Inc. (formerly, The Gabelli SRI Fund, Inc.) (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:    6/02/2017	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer