1
The
GDL
Fund
Schedule
of
Investments
—
September
30,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
49.1%
Aerospace
—
2.4%
90,000
Aerojet
Rocketdyne
Holdings
Inc.
......
$
3,919,500
5,000
Hexcel
Corp.†
....................
296,950
7,500
Meggitt
plc†
.....................
74,619
4,291,069
Automotive:
Parts
and
Accessories
—
0.2%
40,000
Haldex
AB†
.....................
212,921
2,000
Veoneer
Inc.†
....................
68,120
281,041
Building
and
Construction
—
1.7%
2,000
Hinokiya
Group
Co.
Ltd.
.............
41,871
40,000
Lennar
Corp.,
Cl. B
................
3,103,600
3,145,471
Business
Services
—
6.1%
60,000
CAI
International
Inc.
...............
3,354,600
135,000
Clear
Channel
Outdoor
Holdings
Inc.†
...
365,850
1,775
Devoteam
SA†
...................
272,224
5,000
Echo
Global
Logistics
Inc.†
..........
238,550
2,000
eWork
Group
AB
..................
25,404
87,000
exactEarth
Ltd.†
..................
227,357
23,900
GP
Strategies
Corp.†
...............
494,730
3,000
IHS
Markit
Ltd.
...................
349,860
44,000
Sportsman's
Warehouse
Holdings
Inc.†
.
774,400
2,000
Stagwell
Inc.†
....................
15,340
15,000
Stamps.com
Inc.†
.................
4,946,850
11,065,165
Cable
and
Satellite
—
1.0%
30,000
Liberty
Global
plc,
Cl. A†
............
894,000
10,000
Liberty
Global
plc,
Cl. C†
............
294,600
18,000
Liberty
Latin
America
Ltd.,
Cl. A†
......
235,440
5,351
Liberty
Latin
America
Ltd.,
Cl. C†
......
70,205
8,000
Shaw
Communications
Inc.,
Cl. B
......
232,560
1,726,805
Computer
Software
and
Services
—
8.3%
25,000
Avast
plc(a)
.....................
191,264
1,000
Blue
Prism
Group
plc†
.............
15,495
350,000
Cloudera
Inc.†
...................
5,589,500
200
Cornerstone
OnDemand
Inc.†
........
11,452
10,000
Dell
Technologies
Inc.,
Cl. C†
.........
1,040,400
500
Inovalon
Holdings
Inc.,
Cl. A†
........
20,145
150,000
Medallia
Inc.†
....................
5,080,500
9,000
QAD
Inc.,
Cl. A
...................
786,510
6,000
QAD
Inc.,
Cl. B
...................
522,900
12,000
Xilinx
Inc.
.......................
1,811,880
15,070,046
Consumer
Products
—
0.4%
9,000
Dorel
Industries
Inc.,
Cl. B†
..........
77,594
Shares
Market
Value
5,000
Hunter
Douglas
NV†
...............
$
567,591
645,185
Diversified
Industrial
—
0.1%
3,000
Akka
Technologies†
................
165,760
2,500
Forterra
Inc.†
....................
58,900
1,000
The
ExOne
Co.†
..................
23,380
248,040
Electronics
—
0.8%
60,000
Bel
Fuse
Inc.,
Cl. A
................
862,200
1,000
Coherent
Inc.†
...................
250,090
5,000
IEC
Electronics
Corp.†
..............
76,650
13,000
Neways
Electronics
International
NV†
...
220,608
2,000
Ultra
Electronics
Holdings
plc
.........
87,203
1,496,751
Energy
and
Utilities
—
3.9%
13,333
Alvopetro
Energy
Ltd.
..............
47,054
8,000
Avista
Corp.
.....................
312,960
8,000
Covanta
Holding
Corp.
..............
160,960
13,500
Enable
Midstream
Partners
LP
........
109,620
40,000
Endesa
SA
......................
807,138
460,000
Gulf
Coast
Ultra
Deep
Royalty
Trust
.....
10,948
109,704
PNM
Resources
Inc.
...............
5,428,154
5,000
Solarpack
Corp.
Tecnologica
SA†
......
152,034
7,028,868
Entertainment
—
0.7%
32,000
Fox
Corp.,
Cl. B
...................
1,187,840
500
Meredith
Corp.†
..................
27,850
1,215,690
Financial
Services
—
6.0%
1,000
American
National
Group
Inc.
.........
189,030
5,000
Atlantic
Capital
Bancshares
Inc.†
......
132,450
8,000
Bank
of
Commerce
Holdings
.........
121,360
3,247
Brookfield
Asset
Management
Inc.,
Cl. A
.
173,747
25,000
Cadence
BanCorp
.................
549,000
7,000
Century
Bancorp
Inc.,
Cl. A
..........
806,680
3,000
Cerved
Group
SpA†
................
35,515
15,000
Charles
Stanley
Group
plc
...........
103,581
96,500
Macquarie
Infrastructure
Holdings
LLC
..
3,914,040
55,000
MoneyGram
International
Inc.†
.......
441,100
9,500
Santander
Consumer
USA
Holdings
Inc.
.
396,150
46,000
State
Auto
Financial
Corp.
...........
2,343,700
24,000
Steel
Partners
Holdings
LP†
..........
682,200
10,000
Sterling
Bancorp
..................
249,600
3,500
Willis
Towers
Watson
plc
............
813,610
10,951,763
Food
and
Beverage
—
0.6%
5,500
Sanderson
Farms
Inc.
..............
1,035,100
1,000
Stock
Spirits
Group
plc
.............
5,046
2
The
GDL
Fund
Schedule
of
Investments
(Continued)
—
September
30,
2021
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Food
and
Beverage
(Continued)
450,000
Yashili
International
Holdings
Ltd.†
.....
$
31,793
1,071,939
Health
Care
—
7.6%
3,500
Acceleron
Pharma
Inc.†
.............
602,350
12,000
AstraZeneca
plc,
ADR
..............
720,720
24,500
Change
Healthcare
Inc.†
............
513,030
17,000
Hill-Rom
Holdings
Inc.
.............
2,550,000
35,000
Idorsia
Ltd.†
.....................
848,007
20,000
Intersect
ENT
Inc.†
................
544,000
9,000
Itamar
Medical
Ltd.,
ADR†
...........
271,980
215,000
Kadmon
Holdings
Inc.†
.............
1,872,650
24,000
Magellan
Health
Inc.†
..............
2,269,200
13,500
Misonix
Inc.†
....................
341,550
15,000
PPD
Inc.†
......................
701,850
7,000
QIAGEN
NV†
....................
361,760
8,500
Soliton
Inc.†
.....................
173,060
120,000
Trillium
Therapeutics
Inc.†
...........
2,107,200
13,877,357
Hotels
and
Gaming
—
0.2%
1,000
Flutter
Entertainment
plc†
...........
197,798
10,000
Gamesys
Group
plc
................
249,269
447,067
Machinery
—
1.8%
25,000
CFT
SpA†
.......................
133,211
6,000
CIRCOR
International
Inc.†
..........
198,060
15,000
CNH
Industrial
NV
.................
255,416
2,500
Lydall
Inc.†
.....................
155,225
7,000
Neles
Oyj
.......................
96,085
21,200
Raven
Industries
Inc.†
..............
1,221,332
50,000
Welbilt
Inc.†
.....................
1,162,000
6,200
Zardoya
Otis
SA
..................
50,416
3,271,745
Metals
and
Mining
—
0.4%
50,000
Alamos
Gold
Inc.,
Cl. A
.............
360,000
5,000
Ardagh
Group
SA
.................
127,450
20,000
Artemis
Gold
Inc.†
................
84,794
70,000
Sierra
Metals
Inc.†
................
126,000
698,244
Paper
and
Forest
Products
—
1.4%
45,000
Domtar
Corp.†
...................
2,454,300
Real
Estate
—
1.3%
255,000
Atrium
European
Real
Estate
Ltd.
......
926,014
25,000
Columbia
Property
Trust
Inc.,
REIT
.....
475,500
10,000
Corem
Property
Group
AB,
Cl. B
.......
26,501
12,200
Deutsche
Wohnen
SE
..............
747,858
1,000
Landmark
Infrastructure
Partners
LP
....
16,350
Shares
Market
Value
500
Monmouth
Real
Estate
Investment
Corp.,
REIT
.........................
$
9,325
6,000
Rayonier
Inc.,
REIT
................
214,080
1,000
S
IMMO
AG
.....................
23,121
2,438,749
Retail
—
0.4%
2,000
Cervus
Equipment
Corp.
............
30,665
1,200
Zooplus
AG†
....................
676,940
707,605
Semiconductors
—
0.4%
10,000
DSP
Group
Inc.†
..................
219,100
2,400
Siltronic
AG
.....................
378,642
600
Siltronic
AG
.....................
95,216
692,958
Specialty
Chemicals
—
1.8%
35,000
Atotech
Ltd.†
....................
845,250
50,000
Ferro
Corp.†
.....................
1,017,000
30,000
Kraton
Corp.†
....................
1,369,200
4,000
SGL
Carbon
SE†
..................
43,647
200
Tronox
Holdings
plc,
Cl. A
...........
4,930
3,280,027
Telecommunications
—
1.2%
574
Iliad
SA
........................
121,011
175,000
Koninklijke
KPN
NV
................
550,361
1,500
Loral
Space
&
Communications
Inc.
....
64,515
10,000
Nuance
Communications
Inc.†
........
550,400
34,000
Orange
Belgium
SA
................
764,835
21,000
Parrot
SA†
......................
119,924
2,171,046
Transportation
—
0.3%
40,000
Abertis
Infraestructuras
SA†
.........
224,720
1,000
Kansas
City
Southern
..............
270,640
5,000
Ocean
Yield
ASA
..................
23,473
518,833
Wireless
Communications
—
0.1%
713,121
NII
Holdings
Inc.,
Escrow†
...........
213,936
TOTAL
COMMON
STOCKS
.........
89,009,700
CLOSED-END
FUNDS
—
1.5%
425,000
Altaba
Inc.,
Escrow†
...............
2,794,375
PREFERRED
STOCKS
—
0.0%
Financial
Services
—
0.0%
2,000
Steel
Partners
Holdings
LP,
Ser.
A,
6.000%,
02/07/26
......................
46,940
3
The
GDL
Fund
Schedule
of
Investments
(Continued)
—
September
30,
2021
(Unaudited)
Shares
Market
Value
RIGHTS
—
0.4%
Entertainment
—
0.0%
225,000
Media
General
Inc.,
CVR†(b)
.........
$
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†(b)
.....
134,171
103,040
Dova
Pharmaceuticals
Inc.,
CVR†
......
12,880
400,000
Elanco
Animal
Health
Inc.,
CVR†
.......
4,000
300,000
Innocoll,
CVR†(b)
.................
0
125,000
Ipsen
SA/Clementia,
CVR†(b)
.........
0
23,000
Ocera
Therapeutics,
CVR†(b)
.........
3,910
3,000
Prevail
Therapeutics
Inc.,
CVR†(b)
.....
1,500
346,322
Teva
Pharmaceutical
Industries
Ltd.,
CCCP,
expire
02/20/23†(b)
..............
0
11,000
Tobira
Therapeutics
Inc.,
CVR†(b)
......
0
407,403
Metals
and
Mining
—
0.2%
419,000
Pan
American
Silver
Corp.,
CVR†
......
301,680
TOTAL
RIGHTS
................
709,083
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
49.0%
$
88,932,000
U.S.
Treasury
Bills,
0.026%
to
0.058%††,
10/14/21
to
02/03/22(c)
....................
88,927,556
TOTAL
INVESTMENTS
BEFORE
SECURITIES
SOLD
SHORT
—
100.0%
(Cost
$179,683,381)
.............
$
181,487,654
Shares
Market
Value
SECURITIES
SOLD
SHORT
—
(2.7)%
Building
and
Construction
—
(1.6)%
30,000
Lennar
Corp.,
Cl. A
.........................
$
2,810,400
Financial
Services
—
(0.2)%
4,200
BancorpSouth
Bank
........................
125,076
1,000
Columbia
Banking
System
Inc.
............
37,990
426
S&P
Global
Inc.
............................
181,003
344,069
Semiconductors
—
(0.9)%
16,000
Advanced
Micro
Devices
Inc.
..............
1,646,400
Shares
Market
Value
700
II-VI
Inc.
...................................
$
41,552
1,687,952
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
received
$3,454,864)(d)
.....
$
4,842,421
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
This
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
(b)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(c)
At
September
30,
2021,
$17,650,000
of
the
principal
amount
was
pledged
as
collateral
for
securities
sold
short
and
forward
foreign
exchange
contracts.
(d)
At
September
30,
2021,
these
proceeds
are
being
held
at
Pershing
LLC.
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
CCCP
Contingent
Cash
Consideration
Payment
CVR
Contingent
Value
Right
REIT
Real
Estate
Investment
Trust
Geographic
Diversification
%
of
Total
Investments
*
Market
Value
Long
Positions
North
America
......................
92.1
%
$
167,172,841
Europe
..............................
7.9
14,241,149
Japan
...............................
0.0
**
41,871
Asia/Pacific
.........................
0.0
**
31,793
Total
Investments
—
Long
Positions
100.0%
$
181,487,654
Short
Positions
North
America
......................
(2.7)
%
$
(4,842,421)
Total
Investments
—
Short
Positions
(2.7)%
$
(4,842,421)
*
Total
investments
exclude
securities
sold
short.
**
Amount
represents
less
than
0.05%.
4
The
GDL
Fund
Schedule
of
Investments
(Continued)
—
September
30,
2021
(Unaudited)
As
of
September
30,
2021,
forward
foreign
exchange
contracts
outstanding
were
as
follows:
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation/
Depreciation
USD
7,018,146
EUR
6,000,000
State
Street
Bank
and
Trust
Co.
10/29/21
$
64,269
USD
262,990
SEK
2,300,000
State
Street
Bank
and
Trust
Co.
10/29/21
211
USD
157,555
CAD
200,000
State
Street
Bank
and
Trust
Co.
10/29/21
(342)
USD
270,871
GBP
200,000
State
Street
Bank
and
Trust
Co.
10/29/21
1,382
TOTAL
FORWARD
FOREIGN
EXCHANGE
CONTRACTS
$
65,520