Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

For the six months ended September 30, 2023, the net asset value (NAV) total return per Class AAA Share of the Gabelli SRI Fund, Inc. was (2.8)% compared with a total return of 5.2% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available. See page 4 for performance information for all classes of shares.

Enclosed are the financial statements, including the schedule of investments, as of September 30, 2023.

Socially responsible investing (SRI) refers to the proactive screening of companies that meet predetermined social guidelines. Specifically, the Fund excludes companies that derive 10% or more of their revenues from tobacco, cannabis, alcohol, gambling, or weapons production. This screen is relatively straightforward and transparent, incorporating a broad range of social criteria that have been utilized by asset owners for decades. The Fund otherwise relies on the Advisors’ Private Market Value with a Catalyst approach to selecting underpriced securities. By incorporating values-based screens, the Fund may be able to minimize the risks associated with the identified industries, improving the overall return of the investment portfolio.

In the second calendar quarter of the year, S&P Global (3.0% of net assets as of September 30, 2023) was the largest contributor to Q2 returns as the company is poised to benefit from the integration of its 2022 acquisition of IHS Markit. Similarly, during the quarter water technology company Xylem Inc. (3.3%), completed its acquisition of Evoqua, which should yield meaningful synergies. Two beneficiaries of government funding for clean energy rounded out the top Q2 contributors: Flex Ltd. (1.4%), is the maker of NEXTracker which makes key components that control solar arrays while ABB Ltd. (1.6%), is integral to the operation of the grid and the global charging infrastructure.

Detractors from performance in the second calendar quarter included CNH Industrial (3.6%), which was plagued by concerns about the short-term health of the agricultural economy; NextEra Energy Inc. (2.8%), was hurt like most utilities by higher interest rates; and Cavco Industries Inc. (1.3%), whose manufactured housing business may also be negatively impacted by higher borrowing costs.

During the third calendar quarter ended September 30, 2023, contributors to return included Daiwa Securities Group Inc. (1.4%), the second largest investment banking group in Japan, and Toyota Motor Corp. (1.5%), which both benefited from overall strength of the Japanese Nikkei market. Both companies also reported strong financial results in their fiscal first quarter (ended June 30), with Daiwa posting growth of 26% in revenue and over 100% in EPS, and Toyota reporting a 24% increase in revenues, a 380 basis point increase in operating margin, and an 80% increase in EPS. Electrified vehicles accounted for 34% of Toyota’s sales and increased by 130%, driven by a 126% increase in sales of hybrid electric vehicles. Alphabet Inc. (1.4%), reported strong third quarter revenue, avoiding the broader slowdown in advertising spend. Despite some glitches with the unveiling of Bard, its artificial intelligence (AI) assistant, the company is seen as a key beneficiary of the growth in AI. Amidst fears of a recession and higher interest rates, Comcast Corp. (1.5%), reported strong results due to the stability of its broadband subscription offerings and strength of its balance sheet. Comcast also triggered its put option to Disney for its one-third stake in Hulu, indicating it would use those proceeds to repurchase stock. Finally, Banco Bilbao Vizcaya Argentaria (1.1%), a leading global banking group based in Spain, reported strong third quarter results driven by continued strength in Mexico, where the company benefits from being the largest bank with nearly a 25% market share of loans. After the quarter ended, the company announced a €1 billion share repurchase which represents approximately 2% of its outstanding shares.

Detractors from performance in the third calendar quarter included NextEra Energy Inc. (2.8%), which declined along with the utility sector due to higher interest rates and lower renewable development sentiment. The company also decided to forgo an asset drop-down and lower the distribution growth rate for its publicly traded subsidiary, NextEra Energy Partners. The combination of these factors eroded investor confidence in NextEra Energy despite the company’s affirmation that it can continue to grow at the high end of its 6-8% EPS growth target through 2026. Shares of leading global water technology company Xylem Inc. (3.3%), were weak as investors were surprised by the retirement announcement of long-time CEO Pat Decker in early September, particularly after the company just completed the sizeable acquisition of EVOQUA Water Technologies in May. However, new CEO Matt Pine has been with the company for more than three years, most recently serving as COO of Xylem over the past year, and was intimately involved in the EVOQUA deal. CNH Industrial (3.6%), shares declined on cyclical concerns within the agricultural equipment ecosystem. Rising interest rates had the doubly damaging impact of raising questions about new machinery affordability while also negatively affecting corn and soybean prices, the combination of which could impair near term demand for new tractors and combines. Shares of American Express Co. (2.4%), fell amid fears about a recession and slowdown in consumer spending, as well as concerns that travel demand post COVID has peaked. Finally, SONY Group Corp. (3.7%), shares declined on PlayStation 5 shipments that were below expectations and the company’s plan for promotional PS5

pricing, as well as the overhang from Microsoft buying Activision. Additionally, there were investor concerns about a delay in the recovery in the smartphone market affecting SONY’s image sensor business, as well as the impact of the Hollywood strikes on SONY Pictures.

Average Annual Returns through September 30, 2023 (a)(b) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance returns for periods of less than one year are not annualized.

	Six Months			1 Year			3 Year			5 Year			10 Year			Since Inception (6 /1/07)
Class AAA (ESGGX)		(2.81	)%		14.36	%		5.44	%		4.05	%		5.41	%		5.35	%
S&P 500 Index (c)		5.18			21.62			10.15			9.92			11.91			8.65
S&P 500 ESG Index (c)		6.03			24.10			11.39			11.49			12.62			N/A
Class A (ESGHX)		(2.89	)		14.38			5.41			4.04			5.40			5.35
With sales charge (d)		(8.48	)		7.80			3.35			2.82			4.78			4.97
Class C (ESGJX)		(2.84	)		14.36			5.41			3.87			4.92			4.75
Class I (ESGKX)		(2.87	)		14.34			5.43			4.11			5.57			5.54

(a)	The Fund’s fiscal year ends March 31.
(b)	Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase.
(c)	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 S&P 500 ESG Index is a market capitalization weighted, broad based index of large capitalization stocks meeting sustainability criteria, while maintaining similar overall industry weights as the S&P 500. Dividends are considered reinvested. You cannot invest directly in an index.
(d)	Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

In the current prospectuses dated July 28, 2023, the gross expense ratios for Class AAA, A, and I Shares are 2.19%, 2.19%, and 1.94%, respectively, and the net expense ratios for all share classes after contractual reimbursements by the Adviser is 0.90%. See page 12 for the expense ratios for the six months ended September 30, 2023. The contractual reimbursements are in effect through July 29, 2024. Class AAA and I Shares do not have a sales charge. The maximum sales charge for Class A Shares is 5.75%.

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.

Returns represent past performance and do not guarantee future results. 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.

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you

paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 04/01/23		Ending Account Value 09/30/23		Annualized Expense Ratio		Expenses Paid During Period*
The Gabelli SRI Fund, Inc.
Actual Fund Return
Class AAA	$	1,000.00	$	971.90		0.90%	$	4.44
Class A	$	1,000.00	$	971.10		0.90%	$	4.43
Class C	$	1,000.00	$	971.60		0.90%	$	4.44
Class I	$	1,000.00	$	971.30		0.90%	$	4.44
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,020.50		0.90%	$	4.55
Class A	$	1,000.00	$	1,020.50		0.90%	$	4.55
Class C	$	1,000.00	$	1,020.50		0.90%	$	4.55
Class I	$	1,000.00	$	1,020.50		0.90%	$	4.55

*	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 (183 days), then divided by 366.

The following table presents portfolio holdings as a percent of net assets as of September 30, 2023:

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-PORT. 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-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

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

Shares			Cost		Market Value
		COMMON STOCKS — 95.9%
		Automotive — 3.8%
	8,391	Daimler Truck Holding AG	$	222,813	$	291,159
	3,500	Mercedes-Benz Group AG		164,353		243,818
	1,900	Toyota Motor Corp., ADR		226,053		341,525
				613,219		876,502
		Automotive: Parts and Accessories — 0.6%
	1,000	Genuine Parts Co.		136,015		144,380

		Beverage — 1.3%
	3,000	Danone SA		199,791		165,756
	2,349	The Coca-Cola Co.		112,028		131,497
				311,819		297,253
		Broadcasting — 1.6%
	6,500	Liberty Media Corp.-Liberty SiriusXM†		188,276		165,490
	15,000	TEGNA Inc.		239,214		218,550
				427,490		384,040
		Building and Construction — 3.0%
	10,450	Canfor Corp.†		164,391		129,793
	1,170	Cavco Industries Inc.†		236,409		310,822
	4,795	Johnson Controls International plc		234,903		255,142
				635,703		695,757
		Business Services — 1.2%
	230	Mastercard Inc., Cl. A		80,529		91,059
	1,000	RB Global Inc.		63,083		62,500
	600	Visa Inc., Cl. A		128,129		138,006
				271,741		291,565
		Cable and Satellite — 1.7%
	8,025	Comcast Corp., Cl. A		156,040		355,828
	2,725	EchoStar Corp., Cl. A†		63,070		45,644
				219,110		401,472
		Computer Hardware — 1.0%
	1,650	International Business Machines Corp.		210,947		231,495

		Computer Software and Services — 5.3%
	2,405	Alphabet Inc., Cl. A†		133,492		314,718
	200	Cadence Design Systems Inc.†		37,323		46,860
	1,960	Cisco Systems Inc.		86,131		105,370
	4,350	Gen Digital Inc.		78,320		76,908
	5,000	Hewlett Packard Enterprise Co.		64,974		86,850
	615	Microsoft Corp.		84,169		194,186
	690	Oracle Corp.		76,114		73,085
	475	PTC Inc.†		66,887		67,298
	225	Rockwell Automation Inc.		56,233		64,321
	450	Salesforce Inc.†		82,351		91,251

Shares			Cost		Market Value
	665	VMware Inc., Cl. A†	$	56,044	$	110,709
				822,038		1,231,556
		Consumer Products — 6.0%
	4,000	Church & Dwight Co. Inc.		376,442		366,520
	5,000	Edgewell Personal Care Co.		204,292		184,800
	10,300	Sony Group Corp., ADR		323,150		848,823
				903,884		1,400,143
		Consumer Services — 0.6%
	9,000	Resideo Technologies Inc.†		95,259		142,200

		Diversified Industrial — 3.4%
	10,600	ABB Ltd., ADR		268,031		377,254
	425	Eaton Corp. plc		64,108		90,644
	12,000	Flex Ltd.†		219,183		323,760
				551,322		791,658
		Energy and Utilities — 2.8%
	11,400	NextEra Energy Inc.		440,247		653,106

		Entertainment — 2.9%
	2,500	Atlanta Braves Holdings Inc., Cl. C†		90,467		89,325
	1,555	Madison Square Garden Sports Corp.		257,060		274,146
	1,225	The Walt Disney Co.†		136,370		99,286
	900	Universal Music Group NV		24,758		23,531
	18,900	Vivendi SE		220,379		165,771
	3,150	Vivendi SE, ADR		32,891		27,500
				761,925		679,559
		Environmental Services — 2.9%
	650	Ecolab Inc.		99,267		110,110
	2,500	Waste Connections Inc.		73,247		335,750
	1,500	Waste Management Inc.		238,255		228,660
				410,769		674,520
		Equipment and Supplies — 0.9%
	10,000	Mueller Water Products Inc., Cl. A		32,735		126,800
	195	Parker-Hannifin Corp.		21,300		75,956
				54,035		202,756
		Financial Services — 20.9%
	20,730	Aegon Ltd.		85,429		100,423
	4,210	Ally Financial Inc.		112,112		112,323
	3,800	American Express Co.		334,691		566,922
	2,150	Axis Capital Holdings Ltd.		116,014		121,195
	32,700	Banco Bilbao Vizcaya Argentaria SA		176,679		266,551
	21,000	Barclays plc		41,262		40,724
	1,170	Capital One Financial Corp.		107,599		113,549
	2,210	Citigroup Inc.		99,216		90,897
	27,000	Commerzbank AG		189,985		308,009
	4,296	Credit Agricole SA		45,820		53,104

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	57,300	Daiwa Securities Group Inc.	$	283,045	$	330,940
	647	Diamond Hill Investment Group Inc.		113,071		109,065
	2,000	First American Financial Corp.		109,990		112,980
	100	First Citizens BancShares Inc., Cl. A		122,310		138,010
	7,150	Flushing Financial Corp.		100,988		93,879
	18,200	ING Groep NV		139,137		241,486
	950	Intercontinental Exchange Inc.		119,118		104,519
	3,250	Moelis & Co., Cl. A		121,427		146,672
	825	Morgan Stanley		70,888		67,378
	63,900	NatWest Group plc		183,556		183,762
	3,226	NN Group NV		121,941		103,821
	800	PayPal Holdings Inc.†		33,427		46,768
	1,880	S&P Global Inc.		654,464		686,971
	2,950	Shinhan Financial Group Co. Ltd., ADR		79,487		78,145
	2,000	Societe Generale SA		48,119		48,729
	19,000	Standard Chartered plc		117,134		175,719
	2,750	State Street Corp.		148,280		184,140
	2,400	The Bank of New York Mellon Corp.		99,952		102,360
	4,300	TrustCo Bank Corp. NY		133,940		117,347
				4,109,081		4,846,388
		Food — 11.6%
	6,000	BellRing Brands Inc.†		243,517		247,380
	10,000	Mondelēz International Inc., Cl. A		283,219		694,000
	8,875	Nestlé SA		503,308		1,005,837
	6,000	The Kraft Heinz Co.		233,540		201,840
	11,200	Unilever plc, ADR		398,656		553,280
				1,662,240		2,702,337
		Health Care — 10.7%
	2,950	Baxter International Inc.		210,738		111,333
	300	Becton Dickinson & Co.		67,538		77,559
	4,200	Bristol-Myers Squibb Co.		196,599		243,768
	440	Danaher Corp.		117,282		109,164
	1,975	Fortrea Holdings Inc.†		68,956		56,465
	480	HCA Healthcare Inc.		69,503		118,070
	4,500	Henry Schein Inc.†		265,258		334,125
	480	IQVIA Holdings Inc.†		97,120		94,440
	500	Laboratory Corp. of America Holdings		118,264		100,525
	2,000	Medtronic plc		184,305		156,720
	1,550	Merck & Co. Inc.		136,767		159,573
	855	The Cigna Group		201,643		244,590

Shares			Cost		Market Value
	715	Vertex Pharmaceuticals Inc.†	$	167,393	$	248,634
	2,495	Zoetis Inc.		122,331		434,080
				2,023,697		2,489,046
		Machinery — 7.2%
	285	Caterpillar Inc.		45,135		77,805
	68,800	CNH Industrial NV		545,203		832,480
	8,330	Xylem Inc.		168,320		758,280
				758,658		1,668,565
		Real Estate Investment Trust — 0.5%
	950	Prologis Inc.		118,870		106,599

		Retail — 2.4%
	2,010	Lowe’s Companies Inc.		229,244		417,759
	650	NIKE Inc., Cl. B		78,510		62,153
	790	Target Corp.		119,838		87,350
				427,592		567,262
		Semiconductors — 1.7%
	15	ARM Holdings plc, ADR†		765		803
	3,750	Intel Corp.		177,507		133,312
	150	NVIDIA Corp.		6,420		65,249
	960	QUALCOMM Inc.		121,047		106,618
	820	Teradyne Inc.		74,706		82,377
				380,445		388,359
		Specialty Chemicals — 1.2%
	715	Air Products and Chemicals Inc.		190,556		202,631
	500	Rogers Corp.†		52,838		65,735
				243,394		268,366
		Telecommunications — 0.4%
	510	American Tower Corp., REIT		114,970		83,870

		Transportation — 0.3%
	395	Union Pacific Corp.		90,165		80,434

		TOTAL COMMON STOCKS		16,794,635		22,299,188

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 3.4%
$	795,000	U.S. Treasury Bills,
		5.368% to 5.388%††, 12/07/23 to 12/28/23	$	785,667	$	785,793

		TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT — 99.3%	$	17,580,302		23,084,981

		SECURITIES SOLD SHORT — (0.0)%
		(Proceeds received $1,721)				(1,691)

		Other Assets and Liabilities (Net) — 0.7%				153,727

		NET ASSETS — 100.0%			$	23,237,017

Shares			Proceeds		Market Value
		SECURITIES SOLD SHORT — (0.0)%
		Environmental Services — (0.0)%
	20	Veralto Corp.	$	1,721	$	1,691

		TOTAL SECURITIES SOLD SHORT(a)	$	1,721	$	1,691

	(a)	At September 30, 2023, these proceeds are being held at Pershing LLC.
	†	Non-income producing security.
	††	Represents annualized yields at dates of purchase.

	ADR	American Depositary Receipt
	REIT	Real Estate Investment Trust

Statement of Assets and Liabilities

September 30, 2023 (Unaudited)

Assets:
Investments, at value (cost $17,580,302)	$	23,084,981
Cash		6,335
Receivable for investments sold		17,450
Receivable for Fund shares sold		463
Receivable from Adviser		38,496
Dividends receivable		118,648
Prepaid expenses		32,422
Total Assets		23,298,795
Liabilities:
Securities sold short, at value (proceeds $1,721)		1,691
Payable for investments purchased		12,638
Payable for investment advisory fees		20,025
Payable for distribution fees		3,426
Payable for payroll expenses		691
Payable for legal and audit fees		12,324
Payable for shareholder communications		4,638
Other accrued expenses		6,345
Total Liabilities		61,778
Net Assets
(applicable to 1,956,860 shares outstanding)	$	23,237,017

Net Assets Consist of:
Paid-in capital	$	16,447,742
Total distributable earnings		6,789,275
Net Assets	$	23,237,017

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($6,717,154 ÷ 570,877 shares outstanding)	$	11.77
Class A:
Net Asset Value and redemption price per share ($6,837,918 ÷ 581,866 shares outstanding)	$	11.75
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	12.47
Class C:
Net Asset Value and redemption price per share ($645,002 ÷ 62,809 shares outstanding)	$	10.27
Class I:
Net Asset Value, offering, and redemption price per share ($9,036,943 ÷ 741,308 shares outstanding)	$	12.19

Statement of Operations

For the Six Months Ended September 30, 2023 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $27,835)	$	350,241
Interest		17,573
Total Investment Income		367,814
Expenses:
Investment advisory fees		130,370
Distribution fees - Class AAA		9,351
Distribution fees - Class A		9,195
Distribution fees - Class C		3,522
Legal and audit fees		49,403
Registration expenses		32,027
Shareholder communications expenses		22,793
Directors’ fees		11,500
Shareholder services fees		9,058
Custodian fees		5,759
Payroll expenses		1,107
Miscellaneous expenses		9,081
Total Expenses		293,166
Less:
Expense reimbursements by Adviser (See Note 3)		(175,102	)
Expenses paid indirectly by broker (See Note 6)		(731	)
Total credits and reimbursements		(175,833	)
Net Expenses		117,333
Net Investment Income		250,481

Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency:
Net realized gain on investments		1,118,868
Net realized loss on foreign currency transactions		(332	)
Net realized gain on investments and foreign currency transactions		1,118,536
Net change in unrealized appreciation/depreciation:
on investments		(1,994,671	)
on securities sold short		30
on foreign currency translations		(1,469	)
Net change in unrealized appreciation/depreciation on investments, securities sold short, and foreign currency translations		(1,996,110	)
Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, and Foreign Currency		(877,574	)
Net Decrease in Net Assets Resulting from Operations	$	(627,093	)

1. Organization. The Gabelli SRI Fund, Inc. (formerly known as Gabelli ESG Fund, Inc.) was incorporated on March 1, 2007 in Maryland. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund’s primary objective is 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. The Fund commenced investment operations on June 1, 2007.

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.

The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objectives.

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, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one of more dealers in the instrument in question by the Adviser.

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:

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 September 30, 2023 is as follows:

There were no Level 3 investments at September 30, 2023 or March 31, 2023. The Fund’s policy is to recognize transfers among levels as of the beginning of the reporting period.

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds 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. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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

Investments in other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. During the six months ended September 30, 2023, the Fund did not incur periodic expenses charged by Acquired Funds.

Securities Sold Short. The Fund entered into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. Securities sold short and details of collateral at September 30, 2023 are reflected within the Schedule of Investments.

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 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 September 30, 2023, the Fund did not hold any 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 an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

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

In calculating 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. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the fiscal year ended March 31, 2023 was as follows:

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2023:

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. During the six months ended September 30, 2023, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2023, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Adviser amended its contractual agreement with respect to each share class of the Fund to waive its investment advisory fees and/or to reimburse expenses to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest,

taxes, and extraordinary expenses) until at least July 31, 2024 at no more than 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. During the six months ended September 30, 2023, the Adviser reimbursed the Fund in the amount of $175,102. In addition, the Fund has agreed, during the three year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayment, such adjusted annualized total operating expenses of the Fund would not exceed 0.90% of the value of the Fund’s average daily net assets for each share class of the Fund. The arrangement is renewable annually. At September 30, 2023, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $1,238,213:

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the Plan) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities. Purchases and sales of securities during the six months ended September 30, 2023, other than short term securities and U.S. Government obligations, aggregated $3,200,089 and $5,894,866, respectively.

6. Transactions with Affiliates and Other Arrangements. Additionally, the Distributor retained a total of $82 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended September 30, 2023, 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 $731.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. The Adviser did not seek a reimbursement during the six months ended September 30, 2023.

The Corporation pays retainer and per meeting fees to Directors not affiliated with the Adviser, plus specified amounts to the Lead Director and Audit Committee Chairman. Directors are also reimbursed for out of pocket expenses incurred in attending meetings. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

7. Capital Stock. The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Effective January 27, 2020, the Fund’s Class AAA, Class A and Class C Shares were “closed to purchases from new investors”. “Closed to purchases from new investors” means (i) with respect to the Class AAA and Class A Shares, no new investors may purchase shares of such classes, but existing

shareholders may continue to purchase additional shares of such classes after the Effective Date, and (ii) with respect to Class C Shares, neither new investors nor existing shareholders may purchase any additional shares of such class after the Effective Date. These changes will have no effect on existing shareholders’ ability to redeem shares of the Fund as described in the Fund’s Prospectus. Additionally on the Effective Date, Class I Shares of the Fund became available to investors with a minimum initial investment amount of $1,000 and purchasing shares directly through the Distributor, or investors purchasing Class I Shares through brokers or financial intermediaries that have entered into selling agreements with the Distributor specifically with respect to Class I Shares.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended September 30, 2023 and the fiscal year ended March 31, 2023, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

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

Gabelli Funds and Your Personal Privacy

Who are we?

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

What kind of non-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

●

Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

●

Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you. This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www. sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information.

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

In determining whether to approve the continuance of the Investment Advisory Agreement (the Advisory Agreement), the Board, including a majority of the Directors who have no direct or indirect interest in the Advisory Agreement and are not “interested persons” of the Fund, as defined in the 1940 Act (the Independent Board Members), considered the following information at a meeting on May 16, 2023:

The Board Members reviewed in detail the nature and extent of the services provided by the Adviser under the Advisory Agreement and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Fund, including the purchase and sale of portfolio securities, as well as the provision of general corporate services. The Board Members considered that the Adviser also provided, at its expense, office facilities for use by the Fund and supervisory personnel responsible for supervising the performance of administrative, accounting and related services for the Fund, including monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulation. The Board Members noted that, in addition to managing the investment program for the Fund, the Adviser provided certain non-advisory and compliance services, including services for the Fund’s Rule 38a-1 compliance program.

The Board Members also considered that the Adviser paid for all compensation of officers and Board Members of the Fund that are affiliated with the Adviser and that the Adviser further provided services to shareholders of the Fund who had invested through various programs offered by third party financial intermediaries. The Board Members evaluated these factors based on its direct experience with the Adviser and in consultation with Fund Counsel. The Board noted that the Adviser had engaged, at its expense, BNY to assist it in performing certain of its administrative functions. The Board Members concluded that the nature and extent of the services provided was reasonable and appropriate in relation to the advisory fee, that the level of services provided by the Adviser, either directly or through BNY, had not diminished over the past year, and that the quality of service continued to be high.

The Board Members reviewed the personnel responsible for providing services to the Fund and concluded, based on their experience and interaction with the Adviser, that (i) the Adviser was able to retain quality personnel, (ii) the Adviser and its agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Advisory Agreement, (iii) the Adviser was responsive to requests of the Board, (iv) the scope and depth of the Adviser’s resources were adequate, and (v) the Adviser had kept the Board apprised of developments relating to the Fund and the industry in general. The Board Members also focused on the Adviser’s reputation and long standing relationship with the Fund. The Board Members also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Fund.

The Independent Board Members reviewed the short, medium, and long-term performance (as of March 31, 2023) of the Fund against a peer group of ten other comparable funds prepared by the Adviser (the “Adviser Peer Group”) and against a peer group prepared by Broadridge (the “Broadridge Performance Peer Group”) consisting of all retail and institutional multi-cap value funds, regardless of asset size or primary channel of distribution. The Board noted that generally it placed greater emphasis on the Fund’s longer term

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

performance; however, it noted the shift in investment strategy away from “green” investing will make the long term performance less relevant than the short term performance. The Adviser Peer Group considered by the Board Members was developed by the Adviser and was comprised of other social criteria funds. The Board also reviewed the performance of the Broadridge Peer Group in the Meeting Materials. Fund Counsel instructed the Board that they should consider both peer groups. The Board considered these comparisons helpful in their assessment as to whether the Adviser was obtaining for the Fund’s shareholders the total return performance that was available in the marketplace, given the Fund’s objectives, strategies, limitations and restrictions. In reviewing the performance of the Fund against the Adviser Peer Group, the Board Members noted that the Fund’s performance was one-, three-, five-, and ten-year periods. In reviewing the performance of the Fund against the Broadridge peer group, the Board Members noted that the Fund’s performance was below the median for the one-, three-, five-, and ten-year periods. The Board Members concluded that the Fund’s performance was reasonable in comparison to that of the Performance Peer Group and the Broadridge peer group, respectively.

In connection with its assessment of the performance of the Adviser, the Board Members considered the Adviser’s financial condition and whether it had the resources necessary to continue to carry out its functions under the Advisory Agreement. The Board Members concluded that the Adviser had the financial resources necessary to continue to perform its obligations under the Advisory Agreement and to continue to provide the high quality services that it has provided to the Fund to date.

In connection with the Board Members consideration of the cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Fund, the Board Members considered a number of factors. First, the Board Members compared the level of the advisory fee for the Fund against the comparative Adviser expense peer group (“Adviser Expense Peer Group”) and Broadridge expense peer group (“Broadridge Expense Peer Group”). The Board Members also considered comparative non-advisory fee expenses and comparative total fund expenses of the Fund and the Adviser Expense Peer Group and Broadridge Expense Peer Group. The Board Members considered this information as useful in assessing whether the Adviser was providing services at a cost that was competitive with other similar funds. In assessing this information, the Board Members considered both the comparative contract rates as well as the level of advisory fees after waivers and/or reimbursements. The Board Members noted that the Fund’s advisory fee and expense ratio were higher than the medians when compared to those of the Adviser Expense Peer Group and Broadridge Expense Peer Group.

The Board Members also reviewed the fees charged by the Adviser to provide similar advisory services to other RICs or accounts with similar investment objectives, noting that the fees charged by the Adviser were the same as or lower than the fees charged to the Fund.

The Board Members also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Fund and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board Members reviewed Pro-forma Income Statements of the Adviser for the year ended December 31, 2022. The Board Members considered one analysis for the Adviser as a whole, and a second analysis for the Adviser with respect to the Fund. With respect to the Fund

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

analysis, the Board Members received an analysis based on the Fund’s average net assets during the period as well as a pro-forma analysis of profitability at higher and lower asset levels. The Board Members concluded that the profitability of the Fund to the Adviser under either analysis was not excessive.

With respect to the Board Members’ consideration of economies of scale, the Board Members discussed whether economies of scale would be realized by the Fund at higher asset levels. The Board Members also reviewed data from the Expense Peer Group to assess whether the Expense Peer Group funds had advisory fee breakpoints and, if so, at what asset levels. The Board Members also assessed whether certain of the Adviser’s costs would increase if asset levels rise. The Board Members noted the Fund’s current size and concluded that under foreseeable conditions, they were unable to assess at this time whether economies of scale would be realized by the Fund if it were to experience significant asset growth. In the event there were to be significant asset growth in the Fund, the Board Members determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

In addition to the above factors, the Board Members also discussed other benefits received by the Adviser from their management of the Fund. The Board Members considered that the Adviser does use soft dollars in connection with its management of the Fund.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

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 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 Fund Complex. Mr. Dreyer received a BSE from the University of Pennsylvania and an MBA degree from Columbia Business School.

Ian Lapey joined Gabelli in October 2018 as a portfolio manager. Prior to joining Gabelli, Mr. Lapey was a research analyst and partner at Moerus Capital Management LLC. Prior to joining Moerus, he was a partner, research analyst, and a portfolio manager at Third Avenue Management. Mr. Lapey holds an MBA degree in Finance and Statistics from the Stern School of Business at New York University. He also holds a Master’s degree in Accounting from Northeastern University and a BA in Economics from Williams College.

Melody Prenner Bryant joined GAMCO Investors, Inc. in September 2018 and is a portfolio manager of Gabelli Funds, LLC and manages several funds within the Fund Complex. Previously, Ms. Prenner Bryant was a managing director and chief investment officer for Trevor Stewart Burton & Jacobsen Inc., a New York based registered investment adviser. She has held senior and portfolio management positions at Neuberger Berman, LLC, John A. Levin & Co., and Kempner Asset Management. Ms. Prenner Bryant received her BA in Political Science from The State University of New York at Binghamton and attended the Leonard N. Stern School of Business, New York University.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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


Christopher J. Marangi Co-Chief Investment Officer BA, Williams College MBA, Columbia Business School		Kevin V. Dreyer Co-Chief Investment Officer BSE, University of Pennsylvania MBA, Columbia Business School		Ian Lapey Portfolio Manager BA, Williams College MS, Northeastern University MBA, New York University		Melody Prenner Bryant Portfolio Manager BA, Binghamton University

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Operations:
Net investment income	$	250,481		$	324,663
Net realized gain on investments and foreign currency transactions		1,118,536			86,768
Net change in unrealized appreciation/depreciation on investments, securities sold short, and foreign currency translations		(1,996,110	)		(3,091,043	)
Net Decrease in Net Assets Resulting from Operations		(627,093	)		(2,679,612	)

Distributions to Shareholders:
Accumulated earnings
Class AAA		—			(396,594	)
Class A		—			(381,895	)
Class C		—			(47,040	)
Class I		—			(540,906	)
Total Distributions to Shareholders		—			(1,366,435	)

Capital Share Transactions:
Class AAA		(927,474	)		(1,035,288	)
Class A		(470,293	)		(1,906,015	)
Class C		(130,303	)		(682,352	)
Class I		(1,436,819	)		(1,285,808	)

Net Decrease in Net Assets from Capital Share Transactions		(2,964,889	)		(4,909,463	)

Net Decrease in Net Assets		(3,591,982	)		(8,955,510	)

Net Assets:
Beginning of year		26,828,999			35,784,509
End of period	$	23,237,017		$	26,828,999

			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 Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Before Reimbursement(b)			Operating Expenses Net of Reimbursement			Portfolio Turnover Rate
Class AAA
2024(c)	$	12.11	$	0.12		$	(0.46	)	$	(0.34	)	$	—		$	—		$	—		$	—		$	11.77		(2.81	)%	$	6,717		1.94	%(d)		2.33	%(d)		0.90	%(d)		13	%
2023		13.63		0.13			(1.07	)		(0.94	)		(0.23	)		(0.35	)		(0.58	)		—			12.11		(6.77	)		7,818		1.09			2.19			0.90			25
2022		15.25		0.08			0.44			0.52			(0.23	)		(1.91	)		(2.14	)		—			13.63		2.53			9,982		0.52			1.85			0.90			34
2021		10.40		0.19			5.73			5.92			(0.09	)		(0.98	)		(1.07	)		—			15.25		58.17			10,547		1.42			1.91			0.90			18
2020		14.03		0.16	(e)		(1.59	)		(1.43	)		(0.09	)		(2.11	)		(2.20	)		0.00	(f)		10.40		(13.50	)		7,530		1.13	(e)		1.92			1.14			18
2019		15.35		0.07			(0.37	)		(0.30	)		—			(1.02	)		(1.02	)		0.00	(f)		14.03		(1.92	)		11,227		0.49			1.87			1.25			29
Class A
2024(c)	$	12.10	$	0.12		$	(0.47	)	$	(0.35	)	$	—		$	—		$	—		$	—		$	11.75		(2.89	)%	$	6,838		1.91	%(d)		2.33	%(d)		0.90	%(d)		13	%
2023		13.61		0.13			(1.06	)		(0.93	)		(0.23	)		(0.35	)		(0.58	)		—			12.10		(6.71	)		7,507		1.10			2.19			0.90			25
2022		15.23		0.09			0.43			0.52			(0.23	)		(1.91	)		(2.14	)		—			13.61		2.54			10,647		0.54			1.85			0.90			34
2021		10.39		0.19			5.72			5.91			(0.09	)		(0.98	)		(1.07	)		—			15.23		58.13			11,335		1.41			1.91			0.90			18
2020		14.02		0.15	(e)		(1.58	)		(1.43	)		(0.09	)		(2.11	)		(2.20	)		0.00	(f)		10.39		(13.51	)		7,455		1.11	(e)		1.92			1.13			18
2019		15.33		0.08			(0.37	)		(0.29	)		—			(1.02	)		(1.02	)		0.00	(f)		14.02		(1.85	)		8,958		0.51			1.87			1.25			29
Class C
2024(c)	$	10.57	$	0.10		$	(0.40	)	$	(0.30	)	$	—		$	—		$	—		$	—		$	10.27		(2.84	)%	$	645		1.94	%(d)		3.08	%(d)		0.90	%(d)		13	%
2023		11.93		0.12			(0.94	)		(0.82	)		(0.23	)		(0.31	)		(0.54	)		—			10.57		(6.76	)		793		1.13			2.94			0.90			25
2022		13.59		0.10			0.38			0.48			(0.23	)		(1.91	)		(2.14	)		—			11.93		2.55			1,679		0.70			2.59			0.90			34
2021		9.35		0.17			5.14			5.31			(0.09	)		(0.98	)		(1.07	)		—			13.59		58.18			3,040		1.44			2.66			0.90			18
2020		12.80		0.08	(e)		(1.42	)		(1.34	)		—			(2.11	)		(2.11	)		0.00	(f)		9.35		(13.93	)		4,022		0.60	(e)		2.67			1.68			18
2019		14.20		(0.03	)		(0.35	)		(0.38	)		—			(1.02	)		(1.02	)		0.00	(f)		12.80		(2.65	)		7,347		(0.25	)		2.62			2.00			29
Class I
2024(c)	$	12.55	$	0.12		$	(0.48	)	$	(0.36	)	$	—		$	—		$	—		$	—		$	12.19		(2.87	)%	$	9,037		1.92	%(d)		2.08	%(d)		0.90	%(d)		13	%
2023		14.11		0.14			(1.11	)		(0.97	)		(0.23	)		(0.36	)		(0.59	)		—			12.55		(6.73	)		10,711		1.09			1.94			0.90			25
2022		15.72		0.08			0.45			0.53			(0.23	)		(1.91	)		(2.14	)		—			14.11		2.52			13,477		0.52			1.60			0.90			34
2021		10.70		0.19			5.90			6.09			(0.09	)		(0.98	)		(1.07	)		—			15.72		58.13			13,618		1.41			1.66			0.90			18
2020		14.38		0.19	(e)		(1.64	)		(1.45	)		(0.12	)		(2.11	)		(2.23	)		0.00	(f)		10.70		(13.32	)		9,995		1.30	(e)		1.67			0.97			18
2019		15.67		0.11			(0.38	)		(0.27	)		—			(1.02	)		(1.02	)		0.00	(f)		14.38		(1.68	)		15,660		0.74			1.62			1.00			29

†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.
(a)	Per share amounts have been calculated using the average shares outstanding method.
(b)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no impact on the expense ratios.
(c)	For the six months ended September 30, 2023, unaudited.
(d)	Annualized.
(e)	Includes income resulting from special dividends. Without these dividends, the per share income amounts would have been $0.13 (Class AAA and Class A), $0.05 (Class C), and $0.16 (Class I), respectively, and the net investment income ratio would have been 0.94% (Class AAA), 0.92% (Class A), 0.42% (Class C), and 1.12% (Class I), respectively.
(f)	Amount represents less than $0.005 per share.

Distributions paid from:
Ordinary income	$	545,591
Net long term capital gains		820,844
Total distributions paid	$	1,366,435

Long Positions
Financial Services	20.9	%
Food	11.6	%
Health Care	10.7	%
Machinery	7.2	%
Consumer Products	6.0	%
Computer Software and Services	5.3	%
Automotive	3.8	%
Diversified Industrial	3.4	%
U.S. Government Obligations	3.4	%
Building and Construction	3.0	%
Entertainment	2.9	%
Environmental Services	2.9	%
Energy and Utilities	2.8	%
Retail	2.4	%
Cable and Satellite	1.7	%
Semiconductors	1.7	%
Broadcasting	1.6	%

Beverage	1.3	%
Business Services	1.2	%
Specialty Chemicals	1.2	%
Computer Hardware	1.0	%
Equipment and Supplies	0.9	%
Automotive: Parts and Accessories	0.6	%
Consumer Services	0.6	%
Real Estate Investment Trust	0.5	%
Telecommunications	0.4	%
Transportation	0.3	%
Other Assets and Liabilities (Net)	0.7	%

Short Positions
Environmental Services	(0.0	)%*
	100.0	%

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Total Market Value at 09/30/23
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	22,299,188			—	$	22,299,188
U.S. Government Obligations		—		$	785,793		785,793
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	22,299,188		$	785,793	$	23,084,981

LIABILITIES (Market Value):
Common Stocks Sold Short (a)	$	(1,691	)		—	$	(1,691	)
TOTAL INVESTMENTS IN SECURITIES – LIABILITIES	$	(1,691	)		—	$	(1,691	)

For the fiscal year ended March 31, 2021, expiring March 31, 2024	$	346,140
For the fiscal year ended March 31, 2022, expiring March 31, 2025		354,198
For the fiscal year ended March 31, 2023, expiring March 31, 2026		362,773
For the six months ended September 30, 2023, expiring March 31, 2027		175,102
	$	1,238,213

(Registrant)	The Gabelli SRI Fund, Inc.

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

Date	12/7/23

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Executive Officer

Date	12/7/23

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer

Date	12/7/23