The GDL Fund (GDL) NPORT-P GDL Fund (Sep 2023 report)

1

The

GDL

Fund

Schedule

of

Investments

—

September

30,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

39.2%

Aerospace

 —

0.1%

3,500‌

Hexcel

Corp.

.....................

$

227,990‌

1,088‌

Spire

Global

Inc.†

.................

5,318‌

233,308‌

Automotive

 —

0.2%

20,000‌

Iveco

Group

NV†

.................

187,387‌

600,000‌

Pendragon

plc†

..................

243,776‌

431,163‌

Broadcasting

 —

0.8%

100,000‌

TEGNA

Inc.

.....................

1,457,000‌

Building

and

Construction

 —

2.1%

37,500‌

Lennar

Corp.,

Cl. B

................

3,833,625‌

Business

Services

 —

2.8%

3,000‌

Applus

Services

SA

................

31,400‌

100,000‌

Clear

Channel

Outdoor

Holdings

Inc.†

...

158,000‌

75,000‌

Dawson

Geophysical

Co.†

...........

177,000‌

2,000‌

Ework

Group

AB

..................

20,173‌

40,000‌

Heritage-Crystal

Clean

Inc.†

..........

1,814,000‌

100,000‌

PFSweb

Inc.

.....................

744,000‌

3,000‌

Triton

International

Ltd.

.............

246,420‌

11,000‌

Veritiv

Corp.

.....................

1,857,900‌

5,048,893‌

Cable

and

Satellite

 —

0.5%

3,000‌

Lee

Enterprises

Inc.†

...............

32,130‌

34,000‌

Liberty

Global

plc,

Cl. A†

............

582,080‌

30,000‌

Liberty

Latin

America

Ltd.,

Cl. A†

......

244,800‌

5,351‌

Liberty

Latin

America

Ltd.,

Cl. C†

......

43,664‌

902,674‌

Computer

Software

and

Services

 —

3.7%

78,000‌

Avid

Technology

Inc.†

..............

2,095,860‌

60,000‌

Computer

Task

Group

Inc.†

..........

619,800‌

14,000‌

EMIS

Group

plc

..................

330,013‌

5,000‌

ESI

Group†

.....................

800,867‌

7,200‌

Gen

Digital

Inc.

...................

127,296‌

22,000‌

New

Relic

Inc.†

..................

1,883,640‌

6,000‌

Playtech

plc†

....................

33,089‌

2,000‌

Splunk

Inc.†

.....................

292,500‌

14,000‌

Stratasys

Ltd.†

...................

190,540‌

1,500‌

VMware

Inc.,

Cl. A†

................

249,720‌

6,623,325‌

Consumer

Products

 —

1.0%

18,000‌

Capri

Holdings

Ltd.†

...............

946,980‌

25,000‌

iRobot

Corp.†

....................

947,500‌

1,894,480‌

Diversified

Industrial

 —

0.3%

10,000‌

JSR

Corp.

......................

268,804‌

Shares

Market

Value

3,600‌

Valmet

Oyj

......................

$

82,440‌

20,000‌

Velan

Inc.

.......................

163,004‌

514,248‌

Electronics

 —

4.7%

50,300‌

Bel

Fuse

Inc.,

Cl. A

................

2,370,639‌

2,000‌

MKS

Instruments

Inc.

..............

173,080‌

65,000‌

National

Instruments

Corp.

..........

3,875,300‌

14,000‌

Rogers

Corp.†

...................

1,840,580‌

200‌

Schaffner

Holding

AG

..............

107,937‌

62,000‌

Yamada

Holdings

Co.

Ltd.

...........

190,638‌

8,558,174‌

Energy

and

Utilities

 —

5.1%

12,500‌

Alvopetro

Energy

Ltd.

..............

81,171‌

12,500‌

Avista

Corp.

.....................

404,625‌

3,000‌

Crestwood

Equity

Partners

LP

........

87,750‌

22,000‌

Denbury

Inc.†

....................

2,156,220‌

40,000‌

Endesa

SA

......................

815,140‌

7,000‌

Green

Plains

Partners

LP

............

104,160‌

460,000‌

Gulf

Coast

Ultra

Deep

Royalty

Trust

.....

6,785‌

3,000‌

Holly

Energy

Partners

LP

............

65,880‌

9,005‌

ONEOK

Inc.

.....................

571,155‌

94,000‌

PNM

Resources

Inc.

...............

4,193,340‌

12,000‌

Southwest

Gas

Holdings

Inc.

.........

724,920‌

2,000‌

TransAlta

Renewables

Inc.

...........

18,097‌

9,229,243‌

Entertainment

 —

0.8%

4,000‌

Activision

Blizzard

Inc.

..............

374,520‌

35,000‌

Fox

Corp.,

Cl. B

...................

1,010,800‌

70,000‌

IMAX

China

Holding

Inc.

............

75,087‌

1,460,407‌

Financial

Services

 —

2.2%

30,000‌

Argo

Group

International

Holdings

Ltd.

..

895,200‌

875‌

Brookfield

Asset

Management

Ltd.,

Cl. A

.

29,172‌

3,500‌

Brookfield

Corp.

..................

109,445‌

12,000‌

Cadence

Bank

....................

254,640‌

1,000‌

Cincinnati

Bancorp

Inc.†

............

13,750‌

2,237‌

CNFinance

Holdings

Ltd.,

ADR†

.......

8,456‌

8,000‌

Columbia

Banking

System

Inc.

........

162,400‌

11,000‌

Fanhua

Inc.,

ADR†

................

79,310‌

6,186‌

First

Bank

......................

66,685‌

34,500‌

First

Horizon

Corp.

................

380,190‌

40,000‌

Greenhill

&

Co.

Inc.

................

592,000‌

2,000‌

Gresham

House

plc

................

25,988‌

7,500‌

Numis

Corp.

plc

..................

31,296‌

25,000‌

Sculptor

Capital

Management

Inc.

......

290,000‌

4,657‌

Shore

Bancshares

Inc.

..............

48,992‌

23,200‌

Steel

Partners

Holdings

LP†

..........

986,466‌

2,000‌

Webster

Financial

Corp.

.............

80,620‌

4,054,610‌

2

The

GDL

Fund

Schedule

of

Investments

(Continued)

—

September

30,

2023

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Food

and

Beverage

 —

1.3%

10,000‌

Blue

Apron

Holdings

Inc.,

Cl. A†

.......

$

128,750‌

10,000‌

Chr.

Hansen

Holding

A/S

............

612,947‌

10,000‌

Finsbury

Food

Group

plc

............

13,360‌

4,500‌

Hostess

Brands

Inc.†

..............

149,895‌

61,133‌

Sovos

Brands

Inc.†

................

1,378,549‌

2,283,501‌

Health

Care

 —

5.3%

10,000‌

Abcam

plc,

ADR†

.................

226,300‌

2,000‌

Amedisys

Inc.†

...................

186,800‌

5,700‌

AstraZeneca

plc,

ADR

..............

386,004‌

9,000‌

Biohaven

Ltd.†

...................

234,090‌

8,000‌

Bioventus

Inc.,

Cl. A†

..............

26,400‌

20,000‌

Dechra

Pharmaceuticals

plc

..........

924,348‌

5,000‌

Dialogue

Health

Technologies

Inc.†

.....

18,885‌

4,500‌

Globus

Medical

Inc.,

Cl. A†

..........

223,425‌

19,000‌

Horizon

Therapeutics

plc†

...........

2,198,110‌

35,000‌

Idorsia

Ltd.†

.....................

99,033‌

25,000‌

Intercept

Pharmaceuticals

Inc.†

.......

463,500‌

795‌

Kenvue

Inc.

.....................

15,968‌

20,000‌

NextGen

Healthcare

Inc.†

............

474,600‌

7,000‌

QIAGEN

NV†

....................

283,500‌

4,400‌

Seagen

Inc.†

....................

933,460‌

70,000‌

Tabula

Rasa

HealthCare

Inc.†

.........

721,700‌

17,000‌

TherapeuticsMD

Inc.†

..............

51,340‌

213,208‌

Thorne

HealthTech

Inc.†

............

2,172,589‌

9,640,052‌

Hotels

and

Gaming

 —

1.9%

500‌

Flutter

Entertainment

plc†

...........

81,686‌

3,000‌

NEOGAMES

SA†

..................

81,000‌

145,000‌

Sciplay

Corp.,

Cl. A†

...............

3,301,650‌

3,464,336‌

Machinery

 —

1.6%

25,000‌

CFT

SpA†(a)

.....................

121,584‌

44,000‌

CIRCOR

International

Inc.†

..........

2,453,000‌

10,000‌

CNH

Industrial

NV

.................

122,006‌

2,000‌

Xylem

Inc.

......................

182,060‌

2,878,650‌

Metals

and

Mining

 —

0.6%

46,000‌

Alamos

Gold

Inc.,

Cl. A

.............

519,340‌

20,000‌

Artemis

Gold

Inc.†

................

85,404‌

21,000‌

Newcrest

Mining

Ltd.,

ADR

..........

332,640‌

85,000‌

PolyMet

Mining

Corp.†

.............

176,800‌

80,000‌

Sierra

Metals

Inc.†

................

23,104‌

1,137,288‌

Real

Estate

 —

0.6%

10,000‌

Corem

Property

Group

AB,

Cl. B

.......

5,542‌

Shares

Market

Value

100,000‌

Hersha

Hospitality

Trust,

Cl. A,

REIT

....

$

986,000‌

991,542‌

Retail

 —

0.9%

4,000‌

Albertsons

Companies

Inc.,

Cl. A

......

91,000‌

110,000‌

Fiesta

Restaurant

Group

Inc.†

........

930,600‌

22,000‌

Lookers

plc

.....................

34,787‌

10,000‌

Self

Storage

Group

ASA†

............

36,834‌

100,000‌

Sportsman's

Warehouse

Holdings

Inc.†

.

449,000‌

69,000‌

The

Fresh

Market

Inc.†(a)

...........

0‌

1,542,221‌

Semiconductors

 —

0.1%

600‌

Silicon

Motion

Technology

Corp.,

ADR†

.

30,750‌

800‌

Siltronic

AG

.....................

68,467‌

400‌

Tower

Semiconductor

Ltd.†

..........

9,824‌

109,041‌

Specialty

Chemicals

 —

1.2%

15,000‌

Chase

Corp.

.....................

1,908,450‌

10,000‌

Mativ

Holdings

Inc.

................

142,600‌

4,000‌

SGL

Carbon

SE†

..................

27,933‌

800‌

Tronox

Holdings

plc

...............

10,752‌

2,089,735‌

Telecommunications

 —

1.2%

280,000‌

HKBN

Ltd.

......................

114,060‌

175,000‌

Koninklijke

KPN

NV

................

577,073‌

47,000‌

Orange

Belgium

SA†

...............

682,751‌

21,000‌

Parrot

SA†

......................

75,266‌

6,000‌

Telephone

and

Data

Systems

Inc.

......

109,860‌

42,047‌

Telesat

Corp.†

...................

601,272‌

2,160,282‌

Transportation

 —

0.1%

40,000‌

Abertis

Infraestructuras

SA†(a)

.......

177,195‌

Wireless

Communications

 —

0.1%

713,121‌

NII

Holdings

Inc.,

Escrow†

...........

249,592‌

TOTAL

COMMON

STOCKS

.........

70,964,585‌

CLOSED-END

FUNDS

 —

0.5%

425,000‌

Altaba

Inc.,

Escrow†

...............

994,500‌

RIGHTS

 —

0.3%

Computer

Software

and

Services

 —

0.0%

1,000‌

Flexion

Therapeutics

Inc.,

CVR†

.......

650‌

Health

Care

 —

0.1%

21,000‌

ABIOMED

Inc.,

CVR†

...............

36,750‌

70,000‌

Achillion

Pharmaceuticals

Inc.,

CVR†

...

35,000‌

104,000‌

Adamas

Pharmaceuticals

Inc.,

CVR†

....

5,200‌

104,000‌

Adamas

Pharmaceuticals

Inc.,

CVR†

....

5,200‌

40,000‌

Akouos

Inc.,

CVR†

................

30,000‌

3

The

GDL

Fund

Schedule

of

Investments

(Continued)

—

September

30,

2023

(Unaudited)

Shares

Market

Value

RIGHTS

(Continued)

Health

Care

(Continued)

6,000‌

Albireo

Pharma

Inc.,

CVR†

...........

$

13,500‌

79,391‌

Ambit

Biosciences

Corp.,

CVR†(a)

.....

0‌

35,000‌

Amryt

Pharma

plc,

CVR†

............

700‌

35,000‌

Amryt

Pharma

plc,

CVR†

............

700‌

64,000‌

Chinook

Therapeutics

Inc.,

CVR†

......

25,600‌

4,000‌

CinCor

Pharma

Inc.,

CVR†

...........

12,000‌

25,000‌

Decibel

Therapeutics

Inc.,

CVR†

.......

18,750‌

28,000‌

Epizyme

Inc.,

CVR†

................

560‌

300,000‌

Innocoll,

CVR†(a)

.................

0‌

125,000‌

Ipsen

SA/Clementia,

CVR†(a)

.........

0‌

23,000‌

Ocera

Therapeutics,

CVR†(a)

.........

3,910‌

3,000‌

Opiant

Pharmaceuticals

Inc.,

CVR†

.....

1,500‌

100,000‌

Paratek

Pharmaceuticals

Inc.,

CVR†

....

2,000‌

3,000‌

Prevail

Therapeutics

Inc.,

CVR†

.......

1,500‌

2,000‌

Radius

Health

Inc.,

CVR†

............

200‌

1,000‌

Sigilon

Therapeutics

Inc.,

CVR†

.......

7,550‌

346,322‌

Teva

Pharmaceutical

Industries

Ltd.,

CCCP,

expire

01/02/24†(a)

..............

0‌

11,000‌

Tobira

Therapeutics

Inc.,

CVR†(a)

......

0‌

200,620‌

Metals

and

Mining

 —

0.1%

10,000‌

Kinross

Gold

Corp.,

CVR†(a)

.........

0‌

419,000‌

Pan

American

Silver

Corp.,

CVR†

......

224,165‌

224,165‌

Paper

and

Forest

Products

 —

0.1%

24,000‌

Resolute

Forest

Products

Inc.,

CVR†

....

48,000‌

TOTAL

RIGHTS

................

473,435‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

60.1%

$

110,055,000‌

U.S.

Treasury

Bills,

4.993%

to

5.499%††,

10/19/23

to

03/14/24(b)

...................

108,791,460‌

TOTAL

INVESTMENTS

BEFORE

SECURITIES

SOLD

SHORT

—

100.1%

(Cost

$182,304,710)

.............

$

181,223,980‌

Shares

Market

Value

SECURITIES

SOLD

SHORT

—

(2.9)%

Building

and

Construction

—

(1.5)%

24,000‌

Lennar

Corp.,

Cl. A

.........................

$

2,693,520‌

Energy

and

Utilities

—

(1.2)%

18,480‌

Exxon

Mobil

Corp.

.........................

2,172,878‌

Financial

Services

—

(0.1)%

6,186‌

First

Bank

..................................

66,685‌

4,657‌

Shore

Bancshares

Inc.

.....................

48,992‌

115,677‌

Health

Care

—

(0.0)%

795‌

Kenvue

Inc.

................................

15,964‌

Machinery

—

(0.1)%

2,000‌

Xylem

Inc.

.................................

182,060‌

Semiconductors

—

(0.0)%

94‌

Broadcom

Inc.

.............................

78,074‌

TOTAL

SECURITIES

SOLD

SHORT

(Proceeds

received

$3,999,816)(c)

......

$

5,258,173‌

(a)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(b)

At

September

30,

2023,

$5,000,000

of

the

principal

amount

was

pledged

as

collateral

for

securities

sold

short

and

forward

foreign

exchange

contracts.

(c)

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

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

......................

93.9‌

%

$

170,096,610‌

Europe

..............................

4.9‌

8,886,005‌

Latin

America

.......................

0.6‌

1,141,620‌

Asia/Pacific

.........................

0.4‌

640,303‌

Japan

...............................

0.2‌

459,442‌

Total

Investments

—

Long

Positions

100.0‌%

$

181,223,980‌

Short

Positions

North

America

......................

(2.9‌)

%

$

(5,258,173‌)

Total

Investments

—

Short

Positions

(2.9‌)%

$

(5,258,173‌)

4

The

GDL

Fund

Schedule

of

Investments

(Continued)

—

September

30,

2023

(Unaudited)

As

of

September

30,

2023,

forward

foreign

exchange

contracts

outstanding

were

as

follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation/

(Depreciation)

USD

4,771,454

EUR

4,500,000

State

Street

Bank

and

Trust

Co.

10/27/23

$

8,167‌

EUR

1,400,000

USD

1,480,241

State

Street

Bank

and

Trust

Co.

10/27/23

1,671‌

USD

608,957

GBP

500,000

State

Street

Bank

and

Trust

Co.

10/27/23

(1,202‌)

TOTAL

FORWARD

FOREIGN

EXCHANGE

CONTRACTS

$

8,636‌