The GDL Fund (GDL) NPORT-P GDL Fund (Mar 2021 report)

The GDL Fund

Schedule of Investments — March 31, 2021 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 48.2%
		Aerospace — 2.2%
	83,000	Aerojet Rocketdyne Holdings Inc.	$	3,897,680
	5,400	Hexcel Corp.†		302,400
				4,200,080
		Automotive: Parts and Accessories — 4.0%
	40,000	Haldex AB†		211,829
	170,000	Navistar International Corp.†		7,485,100
				7,696,929
		Building and Construction — 1.8%
	2,000	Hinokiya Group Co. Ltd.		45,374
	2,000	Huttig Building Products Inc.†		7,320
	42,000	Lennar Corp., Cl. B		3,458,280
				3,510,974
		Business Services — 1.1%
	135,000	Clear Channel Outdoor Holdings Inc.†		243,000
	1,775	Devoteam SA†		221,476
	2,000	eWork Group AB		22,694
	87,000	exactEarth Ltd.†		93,459
	3,000	IHS Markit Ltd.		290,340
	2,000	MDC Partners Inc., Cl. A†.		6,240
	50,000	Sogou Inc., ADR†		377,500
	40,000	Sportsman’s Warehouse Holdings Inc.†		689,600
	300,000	WPP AUNZ Ltd.		148,112
				2,092,421
		Cable and Satellite — 1.2%
	30,000	Euskaltel SA		390,509
	30,000	Liberty Global plc, Cl. A†		769,800
	19,000	Liberty Global plc, Cl. C†		485,260
	18,000	Liberty Latin America Ltd., Cl. A†		230,940
	5,351	Liberty Latin America Ltd., Cl. C†		69,456
	2,000	Shaw Communications Inc., Cl. B		52,009
	80,000	Tele Columbus AG†		296,458
				2,294,432
		Computer Software and Services — 5.9%
	40,800	NIC Inc.		1,384,344
	6,000	NortonLifeLock Inc.		127,560
	90,000	Perspecta Inc.		2,614,500
	15,000	Pluralsight Inc., Cl. A†		335,100
	46,000	RealPage Inc.†		4,011,200
	4,000	Slack Technologies Inc., Cl. A†		162,520
	4,000	Synacor Inc.†		8,760
	16,500	Talend SA, ADR†		1,050,060
	12,000	Xilinx Inc.†		1,486,800
				11,180,844
		Consumer Products — 0.3%
	75,000	Asaleo Care Ltd.		79,753
	4,000	Dorel Industries Inc., Cl. B†		40,391

Shares			Market Value
	5,000	Hunter Douglas NV†	$	394,027
				514,171
		Diversified Industrial — 0.1%
	1,000	Aegion Corp.†		28,750
	2,500	Forterra Inc.†		58,125
	11,900	Houston Wire & Cable Co.†		62,118
				148,993
		Electronics — 0.9%
	65,500	Bel Fuse Inc., Cl. A		1,171,140
	1,000	Coherent Inc.†		252,890
	4,000	FLIR Systems Inc.		225,880
	15,000	SMTC Corp.†		90,150
				1,740,060
		Energy and Utilities — 4.0%
	400	Akasol AG†		56,027
	20,000	Alvopetro Energy Ltd.†		14,960
	20,000	Atlantic Power Corp.†		57,800
	8,000	Avista Corp.		382,000
	1,500	Chevron Corp.		157,185
	13,500	Enable Midstream Partners LP		87,480
	40,000	Endesa SA		1,058,244
	1,000	GasLog Ltd.		5,770
	460,000	Gulf Coast Ultra Deep Royalty Trust		18,400
	100,000	Hoegh LNG Holdings Ltd.†		272,414
	110,000	PNM Resources Inc.		5,395,500
	10,000	Tilt Renewables Ltd.		52,869
				7,558,649
		Entertainment — 0.7%
	36,000	Fox Corp., Cl. B.		1,257,480
		Equipment and Supplies — 0.7%
	22,000	MTS Systems Corp.†		1,280,400
		Financial Services — 3.6%
	60,000	Cardtronics plc, Cl. A†		2,328,000
	3,000	Cerved Group SpA†		33,176
	3,000	CoreLogic Inc.		237,750
	2,000	FBL Financial Group Inc., Cl. A		111,840
	4,000	Infront ASA†		18,286
	40,000	MoneyGram International Inc.†		262,800
	500	ProSight Global Inc.†		6,300
	10,000	Protective Insurance Corp., Cl. B		228,700
	1,000	Standard AVB Financial Corp.		32,650
	24,000	Steel Partners Holdings LP†		330,000
	200	The Hartford Financial Services Group Inc.		13,358
	65,000	Waddell & Reed Financial Inc., Cl. A		1,628,250
	7,000	Willis Towers Watson plc		1,602,160
				6,833,270
		Food and Beverage — 0.1%
	22,000	Coca-Cola Amatil Ltd.		224,417

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The GDL Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	500,000	Yashili International Holdings Ltd.†	$	43,092
				267,509
		Health Care — 9.2%
	12,000	Alexion Pharmaceuticals Inc.†		1,834,920
	3,000	AstraZeneca plc, ADR.		149,160
	16,000	Change Healthcare Inc.†		353,600
	60,000	Five Prime Therapeutics Inc.†		2,260,200
	41,000	HMS Holdings Corp.†		1,515,975
	35,000	Idorsia Ltd.†		938,369
	20,000	Kiadis Pharma NV†		127,355
	17,000	Magellan Health Inc.†		1,585,080
	51,655	Pandion Therapeutics Inc.†		3,101,883
	7,000	QIAGEN NV†		340,830
	30,000	Scapa Group plc†		88,713
	30,000	Varian Medical Systems Inc.†		5,295,900
				17,591,985
		Health Care Equipment and Supplies —0.4%
	35,000	GenMark Diagnostics Inc.†		836,500
		Hotels and Gaming — 0.5%
	18,000	Cherry AB, Cl. B†(a)		179,311
	5,000	Extended Stay America Inc		98,750
	1,000	Flutter Entertainment plc†		213,752
	10,000	Gamesys Group plc.		266,345
	4,000	Great Canadian Gaming Corp.†		137,726
	20,000	William Hill plc†		74,996
				970,880
		Machinery — 0.3%
	25,000	CFT SpA†		76,519
	6,000	CIRCOR International Inc.†		208,920
	15,000	CNH Industrial NV†		232,107
	3,500	Neles Oyj.		44,451
				561,997
		Metals and Mining — 0.3%
	50,000	Alamos Gold Inc., Cl. A		390,500
	20,000	Artemis Gold Inc.†		81,961
	1,000	Battle North Gold Corp.†		2,069
	25,000	Sierra Metals Inc.†		78,750
				553,280
		Paper and Forest Products — 0.3%
	28,000	Canfor Corp.†		579,963
		Real Estate — 0.7%
	255,000	Atrium European Real Estate Ltd.		829,832
	4,000	Brookfield Property Partners LP		71,160
	10,000	Corem Property Group AB, Cl. B		21,355
	14,500	Rayonier Inc., REIT		467,625

Shares			Market Value
	1,000	S IMMO AG	$	25,154
				1,415,126
		Retail — 0.5%
	40,000	The Michaels Companies Inc.†		877,600
		Semiconductors — 2.3%
	2,000	Dialog Semiconductor plc†		150,622
	20,600	Inphi Corp.†.		3,675,246
	2,400	Siltronic AG†		386,991
	600	Siltronic AG		94,989
				4,307,848
		Specialty Chemicals — 1.4%
	27,000	Pla Matels Corp.†		187,762
	4,000	SGL Carbon SE†		28,332
	50,000	Tikkurila Oyj†		1,984,795
	7,000	W R Grace & Co.		419,020
				2,619,909
		Telecommunications — 1.0%
	15,000	Cincinnati Bell Inc.†		230,250
	175,000	Koninklijke KPN NV		593,914
	2,000	Loral Space & Communications Inc.		75,340
	30,000	Orange Belgium SA		805,645
	21,000	Parrot SA†		154,656
				1,859,805
		Transportation — 3.8%
	40,000	Abertis Infraestructuras SA†(a)		258,463
	28,000	Cubic Corp		2,087,960
	700	Kansas City Southern		184,744
	100,000	SEACOR Holdings Inc.†		4,075,000
	2,000	XPO Logistics Europe SA†		703,620
				7,309,787
		Wireless Communications — 0.9%
	14,500	Boingo Wireless Inc.†		204,015
	713,121	NII Holdings Inc., Escrow†(a)		1,547,473
				1,751,488
		TOTAL COMMON STOCKS		91,812,380
		CLOSED-END FUNDS — 3.3%
	425,000	Altaba Inc., Escrow†		6,183,750
		PREFERRED STOCKS — 0.0%
		Financial Services — 0.0%
	2,000	Steel Partners Holdings LP,
		Ser. A, 6.000%, 02/07/26		40,100
		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Telecommunications — 0.0%
	1,000	Cincinnati Bell Inc.
		6.750%, Ser. B		49,940

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The GDL Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Market Value
		RIGHTS — 0.4%
		Entertainment — 0.0%
	225,000	Media General Inc., CVR†(a)	$	0
		Health Care — 0.2%
	70,000	Achillion Pharmaceuticals Inc., CVR†		35,000
	215,942	Alder BioPharmaceuticals Inc. – H. Lundbeck A/S, CVR†		215,942
	79,391	Ambit Biosciences Corp., CVR†(a)		134,171
	103,040	Dova Pharmaceuticals Inc., CVR†		12,880
	400,000	Elanco Animal Health Inc., CVR†		4,000
	300,000	Innocoll, CVR†(a)		3
	125,000	Ipsen SA/Clementia, CVR†(a)		0
	23,000	Ocera Therapeutics, CVR†(a)		3,910
	3,000	Prevail Therapeutics Inc., CVR†(a)		1,500
	18,000	Stemline Therapeutics Inc., CVR†(a)		0
	346,322	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(a)		0
	11,000	Tobira Therapeutics Inc., CVR†(a)		660
				408,066
		Metals and Mining — 0.2%
	419,000	Pan American Silver Corp., CVR†		364,530
		TOTAL RIGHTS		772,596

Principal Amount			Market Value
		U.S. GOVERNMENT OBLIGATIONS —48.1%
		U.S. Treasury Bills — 48.1%
	$91,721,000	0.014% to 0.115%††, 04/15/21 to 09/23/21(b)	$	91,717,754
		TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT —100.0%
		(Cost $188,012,137)	$	190,576,520
Shares
		SECURITIES SOLD SHORT — (4.7)%
		Building and Construction — (1.7)%
	31,500	Lennar Corp., Cl. A	$	3,188,745
		Computer Software and Services — 0.0%
	310	salesforce.com Inc		65,680
		Electronics — (1.2)%
	47,853	Marvell Technology Group Ltd		2,343,840
		Financial Services — (1.0)%
	7,560	Aon plc, Cl. A.		1,739,631
	426	S&P Global Inc.		150,323
				1,889,954
		Semiconductors — (0.7)%
	17,234	Advanced Micro Devices Inc.		1,352,869
	700	II-VI Inc.		47,859
				1,400,728
		Transportation — (0.1)%
	200	Canadian Pacific Railway Ltd.		75,858
		TOTAL SECURITIES SOLD SHORT
		(Proceeds received $7,133,152)(c)	$	8,964,805

(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(b) At March 31, 2021, $18,700,000 of the principal amount was pledged as collateral for securities sold short and forward foreign exchange contracts.

(c) At March 31, 2021, these proceeds were being held at Pershing LLC.

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

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The GDL Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

ADR    AmericanDepositary Receipt

CCCP    ContingentCash Consideration Payment

CVR    ContingentValue Right

REIT    RealEstate Investment Trust

Geographic Diversification	% of Total Investments*			Market Value
Long Positions
North America		90.4	%		$172,190,895
Europe.		9.0			17,226,747
Asia/Pacific		0.5			925,742
Japan		0.1			233,136
Total Investments — Long Positions		100.0	%		$190,576,520
Short Positions
North America		(4.7	)%		$   (8,964,805)
Total Investments — Short Positions		(4.7	)%		$   (8,964,805)

* Total investments exclude securities sold short.

As of March 31, 2021, forward foreign exchange contracts outstanding were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
USD	8,046,603	EUR	6,800,000	State Street Bank and Trust Co.	04/29/21	$67,445
USD	442,024	SEK	3,800,000	State Street Bank and Trust Co.	04/29/21	6,799
USD	398,263	CAD	500,000	State Street Bank and Trust Co.	04/29/21	371
USD	137,164	GBP	100,000	State Street Bank and Trust Co.	04/29/21	(710)
TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS						$73,905

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