1
The
GDL
Fund
Schedule
of
Investments
—
March
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
38.0%
Aerospace
—
2.0%
100,000
Aerojet
Rocketdyne
Holdings
Inc.†
.....
$
3,935,000
5,000
Hexcel
Corp.
.....................
297,350
7,500
Meggitt
plc†
.....................
74,898
8,700
Spire
Global
Inc.†
.................
18,270
4,325,518
Automotive
—
0.1%
20,000
Iveco
Group
NV†
.................
131,644
Automotive:
Parts
and
Accessories
—
0.8%
36,000
Haldex
AB†
.....................
157,747
24,500
Meritor
Inc.†
....................
871,465
13,000
Tenneco
Inc.,
Cl. A†
...............
238,160
10,000
Veoneer
Inc.†
....................
369,500
1,636,872
Broadcasting
—
0.7%
70,000
TEGNA
Inc.
.....................
1,568,000
Building
and
Construction
—
1.4%
10,500
Cornerstone
Building
Brands
Inc.†
.....
255,360
2,000
Hinokiya
Group
Co.
Ltd.
.............
38,673
38,700
Lennar
Corp.,
Cl. B
................
2,645,145
2,939,178
Business
Services
—
0.9%
16,500
Bottomline
Technologies
DE
Inc.†
......
935,220
135,000
Clear
Channel
Outdoor
Holdings
Inc.†
...
467,100
75,000
Dawson
Geophysical
Co.†
...........
175,500
2,000
eWork
Group
AB
..................
22,973
6,500
Nielsen
Holdings
plc
...............
177,060
20,000
Volt
Information
Sciences
Inc.†
.......
119,600
1,897,453
Cable
and
Satellite
—
0.9%
1,500
Lee
Enterprises
Inc.†
...............
40,380
40,000
Liberty
Global
plc,
Cl. A†
............
1,020,400
10,000
Liberty
Global
plc,
Cl. C†
............
259,100
20,000
Liberty
Latin
America
Ltd.,
Cl. A†
......
194,000
5,351
Liberty
Latin
America
Ltd.,
Cl. C†
......
51,316
8,000
Shaw
Communications
Inc.,
Cl. B
......
248,290
1,813,486
Computer
Software
and
Services
—
2.5%
3,500
Anaplan
Inc.†
....................
227,675
7,000
Aspen
Technology
Inc.†
.............
1,157,590
33,000
Avast
plc(a)
.....................
245,363
16,000
Cerner
Corp.
.....................
1,496,960
6,000
Citrix
Systems
Inc.
................
605,400
10,000
Dell
Technologies
Inc.,
Cl. C†
.........
501,900
4,500
Mandiant
Inc.†
...................
100,395
12,500
Mimecast
Ltd.†
...................
994,500
Shares
Market
Value
6,000
Playtech
plc†
....................
$
46,661
5,376,444
Consumer
Products
—
1.1%
2,000
Accell
Group
NV†
.................
126,998
7,000
Hunter
Douglas
NV†
...............
1,336,571
500
Neenah
Inc.
.....................
19,830
20,000
Terminix
Global
Holdings
Inc.†
........
912,600
2,395,999
Diversified
Industrial
—
1.5%
3,000
Akka
Technologies†
................
162,553
6,000
Intertape
Polymer
Group
Inc.
.........
190,441
60,000
US
Ecology
Inc.†
.................
2,872,800
3,225,794
Electronics
—
3.2%
62,900
Bel
Fuse
Inc.,
Cl. A
................
1,320,900
1,000
Coherent
Inc.†
...................
273,360
6,000
NeoPhotonics
Corp.†
..............
91,260
5,000
Plantronics
Inc.†
..................
197,000
17,500
Rogers
Corp.†
...................
4,754,750
2,000
Ultra
Electronics
Holdings
plc
.........
87,331
6,724,601
Energy
and
Utilities
—
5.1%
13,333
Alvopetro
Energy
Ltd.
..............
58,338
12,000
Avista
Corp.
.....................
541,800
40,000
Endesa
SA
......................
875,044
460,000
Gulf
Coast
Ultra
Deep
Royalty
Trust
.....
17,066
109,200
PNM
Resources
Inc.
...............
5,205,564
4,300
Renewable
Energy
Group
Inc.†
........
260,795
3,500
South
Jersey
Industries
Inc.
..........
120,925
200
Southwest
Gas
Holdings
Inc.
.........
15,658
44,000
SPX
FLOW
Inc.
...................
3,793,680
32,000
Vivo
Energy
plc(a)
.................
57,422
10,946,292
Entertainment
—
0.6%
2,500
Activision
Blizzard
Inc.
..............
200,275
30,000
Fox
Corp.,
Cl. B
...................
1,088,400
6,000
Zynga
Inc.,
Cl. A†
.................
55,440
1,344,115
Financial
Services
—
3.8%
17,500
Aareal
Bank
AG
...................
551,742
400
Alleghany
Corp.†
.................
338,800
15,500
American
National
Group
Inc.
.........
2,930,895
3,247
Brookfield
Asset
Management
Inc.,
Cl. A
.
183,683
12,000
Cadence
Bank
....................
351,120
2,200
Columbia
Banking
System
Inc.
........
70,994
8,500
Fanhua
Inc.,
ADR
.................
61,880
15,000
First
Horizon
Corp.
................
352,350
10,000
Intertrust
NV†(a)
.................
217,267
96,500
Macquarie
Infrastructure
Holdings
LLC
..
359,945
2
The
GDL
Fund
Schedule
of
Investments
(Continued)
—
March
31,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Financial
Services
(Continued)
55,000
MoneyGram
International
Inc.†
.......
$
580,800
1,800
SouthState
Corp.
.................
146,862
26,000
Steel
Partners
Holdings
LP†
..........
1,080,560
13,890
Webster
Financial
Corp.
.............
779,507
8,006,405
Food
and
Beverage
—
0.6%
6,000
Sanderson
Farms
Inc.
..............
1,124,940
350,000
Yashili
International
Holdings
Ltd.†
.....
43,341
1,168,281
Health
Care
—
1.9%
10,000
AstraZeneca
plc,
ADR
..............
663,400
8,400
Bioventus
Inc.,
Cl. A†
..............
118,440
24,000
Change
Healthcare
Inc.†
............
523,200
2,000
Healthcare
Trust
of
America
Inc.,
Cl. A,
REIT
.........................
62,680
35,000
Idorsia
Ltd.†
.....................
698,068
30,000
Intersect
ENT
Inc.†
................
840,300
33,000
IntriCon
Corp.†
...................
787,380
2,500
Ortho
Clinical
Diagnostics
Holdings
plc†
.
46,650
7,000
QIAGEN
NV†
....................
343,000
500
SOC
Telemed
Inc.†
................
1,495
4,084,613
Hotels
and
Gaming
—
0.0%
500
Flutter
Entertainment
plc†
...........
58,326
Machinery
—
2.5%
25,000
CFT
SpA†
.......................
127,219
6,000
CIRCOR
International
Inc.†
..........
159,720
20,000
CNH
Industrial
NV
.................
318,489
14,000
Neles
Oyj
.......................
143,105
130,000
Welbilt
Inc.†
.....................
3,087,500
200,000
Zardoya
Otis
SA
..................
1,559,812
5,395,845
Metals
and
Mining
—
0.3%
50,000
Alamos
Gold
Inc.,
Cl. A
.............
421,000
20,000
Artemis
Gold
Inc.†
................
113,586
4,257
Kinross
Gold
Corp.
................
24,994
65,000
Sierra
Metals
Inc.
.................
76,700
1,500
Turquoise
Hill
Resources
Ltd.†
........
45,043
681,323
Publishing
—
0.5%
50,000
Houghton
Mifflin
Harcourt
Co.†
.......
1,050,500
Real
Estate
—
0.1%
5,000
Bluerock
Residential
Growth
REIT
Inc.
...
132,850
10,000
Corem
Property
Group
AB,
Cl. B
.......
26,057
10,000
Hibernia
REIT
plc
.................
17,877
Shares
Market
Value
1,000
S
IMMO
AG
.....................
$
24,504
201,288
Retail
—
0.3%
7,500
Marshall
Motor
Holdings
plc
.........
39,015
56,000
Sportsman's
Warehouse
Holdings
Inc.†
.
598,640
637,655
Semiconductors
—
1.6%
2,500
Advanced
Micro
Devices
Inc.†
........
273,350
12,500
CMC
Materials
Inc.
................
2,317,500
8,200
Siltronic
AG
.....................
845,985
3,436,835
Specialty
Chemicals
—
4.1%
40,000
Atotech
Ltd.†
....................
878,000
205,029
Ferro
Corp.†
.....................
4,457,330
42,000
GCP
Applied
Technologies
Inc.†
.......
1,319,640
4,000
SGL
Carbon
SE†
..................
25,090
400
Tronox
Holdings
plc,
Cl. A
...........
7,916
12,000
Vifor
Pharma
AG†
.................
2,139,495
8,827,471
Telecommunications
—
1.3%
175,000
Koninklijke
KPN
NV
................
608,465
50,000
Orange
Belgium
SA
................
1,062,000
21,000
Parrot
SA†
......................
93,157
15,000
Telesat
Corp.†
...................
247,500
35,000
Vonage
Holdings
Corp.†
............
710,150
2,721,272
Transportation
—
0.1%
40,000
Abertis
Infraestructuras
SA†
.........
214,613
Wireless
Communications
—
0.1%
713,121
NII
Holdings
Inc.,
Escrow†
...........
213,936
TOTAL
COMMON
STOCKS
.........
81,023,759
CLOSED-END
FUNDS
—
1.2%
425,000
Altaba
Inc.,
Escrow†
...............
2,475,625
PREFERRED
STOCKS
—
0.0%
Financial
Services
—
0.0%
2,000
Steel
Partners
Holdings
LP,
Ser.
A,
6.000%,
02/07/26
......................
46,640
RIGHTS
—
0.3%
Computer
Software
and
Services
—
0.0%
1,000
Flexion
Therapeutics
Inc.,
CVR†
.......
650
Entertainment
—
0.0%
225,000
Media
General
Inc.,
CVR†(b)
.........
0
3
The
GDL
Fund
Schedule
of
Investments
(Continued)
—
March
31,
2022
(Unaudited)
Shares
Market
Value
RIGHTS
(Continued)
Health
Care
—
0.1%
70,000
Achillion
Pharmaceuticals
Inc.,
CVR†
...
$
35,000
104,000
Adamas
Pharmaceuticals
Inc.,
CVR†
....
5,200
104,000
Adamas
Pharmaceuticals
Inc.,
CVR†
....
5,200
79,391
Ambit
Biosciences
Corp.,
CVR†(b)
.....
134,171
103,040
Dova
Pharmaceuticals
Inc.,
CVR†
......
12,880
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†
.......
1,500
346,322
Teva
Pharmaceutical
Industries
Ltd.,
CCCP,
expire
02/20/23†(b)
..............
0
11,000
Tobira
Therapeutics
Inc.,
CVR†(b)
......
0
1,500
Zogenix
Inc.,
CVR†
................
1,125
198,986
Metals
and
Mining
—
0.2%
10,000
Kinross
Gold
Corp.,
CVR†
...........
0
419,000
Pan
American
Silver
Corp.,
CVR†
......
351,960
351,960
TOTAL
RIGHTS
................
551,596
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
60.5%
$
129,170,000
U.S.
Treasury
Bills,
0.060%
to
0.773%††,
04/21/22
to
08/18/22(c)
....................
129,092,523
TOTAL
INVESTMENTS
BEFORE
SECURITIES
SOLD
SHORT
—
100.0%
(Cost
$215,914,934)
.............
$
213,190,143
Shares
Market
Value
SECURITIES
SOLD
SHORT
—
(1.2)%
Building
and
Construction
—
(0.9)%
24,500
Lennar
Corp.,
Cl. A
.........................
$
1,988,665
Financial
Services
—
(0.3)%
9,000
Webster
Financial
Corp.
....................
505,080
Semiconductors
—
(0.0)%
700
II-VI
Inc.
...................................
50,743
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
received
$1,918,232)(d)
.....
$
2,544,488
(a)
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
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
March
31,
2022,
$16,000,000
of
the
principal
amount
was
pledged
as
collateral
for
securities
sold
short
and
forward
foreign
exchange
contracts.
(d)
At
March
31,
2022,
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
......................
92.6
%
$
197,409,444
Europe
..............................
7.3
15,636,807
Asia/Pacific
.........................
0.1
105,221
Japan
...............................
0.0
*
38,673
Total
Investments
—
Long
Positions
100.0%
$
213,190,143
Short
Positions
North
America
......................
(1.2)
%
$
(2,544,488)
Total
Investments
—
Short
Positions
(1.2)%
$
(2,544,488)
*
Amount
represents
less
than
0.05%.
As
of
March
31,
2022,
forward
foreign
exchange
contracts
outstanding
were
as
follows:
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation/
(Depreciation)
USD
7,175,792
EUR
6,500,000
State
Street
Bank
and
Trust
Co.
04/29/22
$
(20,978)
USD
316,565
CAD
400,000
State
Street
Bank
and
Trust
Co.
04/29/22
(3,349)
GBP
100,000
USD
131,361
State
Street
Bank
and
Trust
Co.
04/29/22
(20)
USD
131,616
GBP
100,000
State
Street
Bank
and
Trust
Co.
04/29/22
275
TOTAL
FORWARD
FOREIGN
EXCHANGE
CONTRACTS
$
(24,072)