Gabelli ESG Fund, Inc.

Schedule of Investments — December 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 98.9%
		Airlines — 0.2%
	1,400	Delta Air Lines Inc.	$	81,872
		Automotive — 1.4%
	4,500	Daimler AG		249,204
	2,300	Toyota Motor Corp., ADR		323,242
				572,446
		Automotive: Parts and Accessories — 1.3%
	5,000	Genuine Parts Co.		531,150
		Beverage — 4.1%
	17,800	Danone SA		1,475,513
	3,600	The Coca-Cola Co.		199,260
				1,674,773
		Broadcasting — 3.4%
	2,500	Liberty Broadband Corp., Cl. C†		314,375
	14,500	Liberty Media Corp.-
		Liberty Braves, Cl. C†		428,330
	13,500	Liberty Media Corp.-
		Liberty SiriusXM, Cl. C†		649,890
				1,392,595
		Building and Construction — 1.2%
	12,700	Johnson Controls International plc		517,017
		Business Services — 1.9%
	7,000	Macquarie Infrastructure Corp.		299,880
	13,000	ServiceMaster Global Holdings Inc.†		502,580
				802,460
		Cable and Satellite — 2.3%
	15,600	Comcast Corp., Cl. A		701,532
	5,700	EchoStar Corp., Cl. A†		246,867
				948,399
		Computer Hardware — 0.7%
	2,325	International Business Machines Corp.		311,643
		Computer Software and Services — 7.2%
	875	Alphabet Inc., Cl. A†		1,171,966
	3,400	Cisco Systems Inc.		163,064
	4,200	Dell Technologies Inc., Cl. C†.		215,838
	46,000	Hewlett Packard Enterprise Co.		729,560
	8,200	Intel Corp.		490,770
	1,225	Microsoft Corp.		193,183
				2,964,381
		Consumer Products — 4.5%
	3,000	Energizer Holdings Inc.		150,660
	24,750	Sony Corp., ADR		1,683,000
				1,833,660
		Diversified Industrial — 2.3%
	2,500	Acuity Brands Inc.		345,000

Shares			Market Value
	2,600	Agilent Technologies Inc.	$	221,806
	19,100	General Electric Co.		213,156
	925	Union Pacific Corp.		167,231
				947,193
		Energy and Utilities — 3.2%
	5,500	NextEra Energy Inc.		1,331,880
		Entertainment — 2.4%
	3,500	The Walt Disney Co.		506,205
	16,200	Vivendi SA		469,191
				975,396
		Environmental Services — 2.7%
	25,000	BioHiTech Global Inc.†		42,500
	37,000	Evoqua Water Technologies Corp.†		701,150
	4,000	Waste Connections Inc.		363,160
				1,106,810
		Equipment and Supplies — 4.2%
	4,000	Flowserve Corp.		199,080
	20,000	Mueller Water Products Inc., Cl. A		239,600
	400	Parker-Hannifin Corp.		82,328
	12,000	Watts Water Technologies Inc., Cl. A		1,197,120
				1,718,128
		Financial Services — 20.5%
	99,020	Aegon NV		451,727
	13,300	Ally Financial Inc.		406,448
	8,500	American Express Co.		1,058,165
	67,500	Commerzbank AG		417,720
	32,500	Credit Agricole SA		471,186
	57,000	Daiwa Securities Group Inc.		290,102
	3,734	Diamond Hill Investment Group Inc.		524,478
	15,500	Franklin Resources Inc.		402,690
	109,000	Hang Lung Group Ltd.		269,412
	15,800	Janus Henderson Group plc		386,310
	13,300	Kinnevik AB, Cl. B		325,175
	11,217	NN Group NV		425,529
	8,700	PayPal Holdings Inc.†		941,079
	9,944	Societe Generale SA		345,948
	74,000	Standard Chartered plc		698,302
	2,900	State Street Corp.		229,390
	15,000	The Bank of New York Mellon Corp.		754,950
				8,398,611
		Food — 11.6%
	43,000	Conagra Brands Inc.		1,472,320
	15,000	Mondelēz International Inc., Cl. A		826,200
	13,050	Nestlé SA		1,412,873
	8,500	The Hain Celestial Group Inc.†		220,617
	14,300	Unilever plc, ADR		817,531
				4,749,541

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Gabelli ESG Fund, Inc.

Schedule of Investments (Continued) — December 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Health Care — 11.1%
	2,900	Baxter International Inc.	$	242,498
	20,900	Bristol-Myers Squibb Co.		1,341,571
	1,700	Cigna Corp.		347,633
	1,100	Corteva Inc.		32,516
	5,200	GlaxoSmithKline plc, ADR		244,348
	9,000	Henry Schein Inc.†		600,480
	5,300	Medtronic plc		601,285
	7,900	Takeda Pharmaceutical Co. Ltd., ADR		155,867
	7,400	Zoetis Inc.		979,390
				4,545,588
		Machinery — 6.8%
	113,500	CNH Industrial NV		1,248,500
	19,700	Xylem Inc.		1,552,163
				2,800,663
		Real Estate Investment Trusts — 0.4%
	1,000	Simon Property Group Inc.		148,960
		Retail — 1.1%
	3,950	Lowe’s Companies Inc.		473,052
		Semiconductors — 0.3%
	500	NVIDIA Corp.		117,650
		Specialty Chemicals — 1.5%
	500	DuPont de Nemours Inc.		32,100
	4,400	International Flavors & Fragrances Inc.		567,688
				599,788

Shares			Market Value
		Telecommunications — 2.6%
	5,500	AT&T Inc.		$     214,940
	11,000	Loral Space & Communications Inc.†		355,520
	493	Millicom International Cellular SA, SDR		23,612
	24,500	Vodafone Group plc, ADR		473,585
				1,067,657
		TOTAL COMMON STOCKS		40,611,313
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 1.1%
	$    440,000	U.S. Treasury Bills, 1.545% to 1.551%††, 03/19/20 to 03/26/20		438,555
		TOTAL INVESTMENTS — 100.0% (Cost $30,368,405)		$41,049,868

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt

SDR Swedish Depositary Receipt

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