The GDL Fund (GDL) NPORT-P GDL Fund (Mar 2024 report)

1

The

GDL

Fund

Schedule

of

Investments

—

March

31,

2024

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

49.3%

Aerospace

 —

2.6%

50,000‌

Civitanavi

Systems

SpA

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

$

327,970‌

400‌

Hawaiian

Holdings

Inc.†

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

5,332‌

2,900‌

Hexcel

Corp.

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

211,265‌

80,000‌

Kaman

Corp.

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

3,669,600‌

600‌

Spire

Global

Inc.†

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

7,200‌

4,221,367‌

Automotive

 —

0.4%

20,000‌

Iveco

Group

NV†

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

297,763‌

600,000‌

Pinewood

Technologies

Group

plc†

.....

290,799‌

588,562‌

Broadcasting

 —

0.9%

96,000‌

TEGNA

Inc.

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

1,434,240‌

Building

and

Construction

 —

6.5%

35,700‌

Lennar

Corp.,

Cl. B

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

5,504,226‌

24,000‌

Masonite

International

Corp.†

........

3,154,800‌

30,000‌

MDC

Holdings

Inc.

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

1,887,300‌

10,546,326‌

Business

Services

 —

2.0%

3,000‌

Applus

Services

SA

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

37,026‌

80,000‌

Clear

Channel

Outdoor

Holdings

Inc.†

...

132,000‌

110,000‌

Daseke

Inc.†

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

913,000‌

4,000‌

McGrath

RentCorp

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

493,480‌

30,000‌

SP

Plus

Corp.†

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

1,566,600‌

10,000‌

Wincanton

plc

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

75,729‌

3,217,835‌

Cable

and

Satellite

 —

0.2%

500‌

Lee

Enterprises

Inc.†

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

6,665‌

30,000‌

Liberty

Latin

America

Ltd.,

Cl. A†

......

209,100‌

5,351‌

Liberty

Latin

America

Ltd.,

Cl. C†

......

37,404‌

253,169‌

Computer

Software

and

Services

 —

2.6%

60,000‌

Everbridge

Inc.†

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

2,089,800‌

7,200‌

Gen

Digital

Inc.

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

161,280‌

125,500‌

HireRight

Holdings

Corp.†

...........

1,790,885‌

3,000‌

Playtech

plc†

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

17,471‌

10,000‌

Stratasys

Ltd.†

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

116,200‌

4,175,636‌

Consumer

Products

 —

1.0%

36,000‌

Capri

Holdings

Ltd.†

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

1,630,800‌

2,900‌

iRobot

Corp.†

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

25,404‌

1,656,204‌

Consumer

Services

 —

0.0%

4,000‌

Adevinta

ASA†

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

41,929‌

Shares

Market

Value

Diversified

Industrial

 —

2.4%

10,000‌

Haynes

International

Inc.

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

$

601,200‌

10,000‌

JSR

Corp.

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

286,035‌

9,000‌

Target

Hospitality

Corp.†

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

97,830‌

50,000‌

Textainer

Group

Holdings

Ltd.

........

2,500,000‌

7,000‌

United

States

Steel

Corp.

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

285,460‌

1,800‌

Valmet

Oyj

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

47,364‌

30,000‌

Velan

Inc.

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

129,563‌

3,947,452‌

Electronics

 —

3.4%

44,000‌

Bel

Fuse

Inc.,

Cl. A

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

3,115,640‌

2,000‌

MKS

Instruments

Inc.

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

266,000‌

3,000‌

Rogers

Corp.†

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

356,070‌

14,000‌

Smart

Metering

Systems

plc

.........

168,219‌

135,000‌

Vizio

Holding

Corp.,

Cl. A†

...........

1,476,900‌

62,000‌

Yamada

Holdings

Co.

Ltd.†

..........

179,472‌

5,562,301‌

Energy

and

Utilities

 —

8.8%

12,500‌

Alvopetro

Energy

Ltd.

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

37,559‌

16,000‌

Avista

Corp.

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

560,320‌

3,000‌

Encavis

AG†

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

54,552‌

40,000‌

Endesa

SA

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

740,738‌

200,000‌

Equitrans

Midstream

Corp.

..........

2,498,000‌

18,480‌

Exxon

Mobil

Corp.

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

2,148,115‌

2,835‌

Green

Plains

Inc.†

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

65,545‌

30,000‌

Greenvolt-Energias

Renovaveis

SA†

....

264,102‌

460,000‌

Gulf

Coast

Ultra

Deep

Royalty

Trust

.....

5,440‌

3,000‌

Hess

Corp.

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

457,920‌

8,000‌

ONEOK

Inc.

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

641,360‌

8,000‌

Pioneer

Natural

Resources

Co.

........

2,100,000‌

90,000‌

PNM

Resources

Inc.

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

3,387,600‌

12,000‌

Southwest

Gas

Holdings

Inc.

.........

913,560‌

40,000‌

Southwestern

Energy

Co.†

...........

303,200‌

14,178,011‌

Entertainment

 —

0.7%

35,000‌

Fox

Corp.,

Cl. B

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

1,001,700‌

70,000‌

IMAX

China

Holding

Inc.

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

61,442‌

7,748‌

Manchester

United

plc,

Cl. A†

.........

108,162‌

1,171,304‌

Equipment

and

Supplies

 —

0.1%

40,000‌

DS

Smith

plc

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

200,278‌

Financial

Services

 —

3.3%

6,000‌

Cadence

Bank

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

174,000‌

8,000‌

Columbia

Banking

System

Inc.

........

154,800‌

5,500‌

Fanhua

Inc.,

ADR†

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

26,125‌

8,140‌

National

Western

Life

Group

Inc.,

Cl. A

..

4,004,554‌

23,200‌

Steel

Partners

Holdings

LP†

..........

919,880‌

2

The

GDL

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2024

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Financial

Services

(Continued)

3,000‌

Vericity

Inc.†

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

$

34,050‌

5,313,409‌

Food

and

Beverage

 —

1.7%

275,000‌

Carrols

Restaurant

Group

Inc.

........

2,615,250‌

35,349‌

Whole

Earth

Brands

Inc.†

...........

170,736‌

2,785,986‌

Health

Care

 —

5.3%

20,000‌

Agiliti

Inc.†

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

202,400‌

12,000‌

Amedisys

Inc.†

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

1,105,920‌

11,000‌

Axonics

Inc.†

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

758,670‌

9,000‌

Biohaven

Ltd.†

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

492,210‌

10,000‌

Catalent

Inc.†

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

564,500‌

55,000‌

Cerevel

Therapeutics

Holdings

Inc.†

....

2,324,850‌

10,000‌

Fusion

Pharmaceuticals

Inc.†

.........

213,200‌

3,000‌

Globus

Medical

Inc.,

Cl. A†

..........

160,920‌

20,000‌

Idorsia

Ltd.†

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

62,716‌

2,000‌

MorphoSys

AG†

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

144,997‌

81,500‌

Olink

Holding

AB,

ADR†

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

1,916,065‌

6,000‌

QIAGEN

NV

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

257,940‌

30,000‌

R1

RCM

Inc.†

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

386,400‌

8,590,788‌

Hotels

and

Gaming

 —

0.1%

500‌

Flutter

Entertainment

plc†

...........

99,647‌

Machinery

 —

0.2%

25,000‌

CFT

SpA†(a)

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

124,068‌

15,000‌

The

L.S.

Starrett

Co.,

Cl. A†

..........

238,350‌

362,418‌

Metals

and

Mining

 —

0.6%

46,000‌

Alamos

Gold

Inc.,

Cl. A

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

678,500‌

20,000‌

Artemis

Gold

Inc.†

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

119,892‌

69,800‌

Osino

Resources

Corp.†

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

91,208‌

889,600‌

Real

Estate

 —

1.2%

9,500‌

Corem

Property

Group

AB,

Cl. B

.......

9,683‌

180,000‌

Tricon

Residential

Inc.

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

2,007,000‌

2,016,683‌

Retail

 —

0.5%

10,000‌

Albertsons

Companies

Inc.,

Cl. A

......

214,400‌

7,000‌

Macy's

Inc.

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

139,930‌

105,000‌

Sportsman's

Warehouse

Holdings

Inc.†

.

326,550‌

69,000‌

The

Fresh

Market

Inc.†(a)

...........

0‌

2,000‌

Tod's

SpA†

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

92,781‌

773,661‌

Semiconductors

 —

0.1%

800‌

Siltronic

AG

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

70,945‌

Shares

Market

Value

400‌

Tower

Semiconductor

Ltd.†

..........

$

13,380‌

10,000‌

Transphorm

Inc.†

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

49,100‌

133,425‌

Specialty

Chemicals

 —

0.5%

4,500‌

Mativ

Holdings

Inc.

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

84,375‌

12,261‌

Novonesis

(Novozymes)

B

...........

718,580‌

800‌

Tronox

Holdings

plc

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

13,880‌

816,835‌

Telecommunications

 —

3.9%

280,000‌

HKBN

Ltd.

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

104,818‌

100,000‌

Juniper

Networks

Inc.

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

3,706,000‌

175,000‌

Koninklijke

KPN

NV

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

654,377‌

30,000‌

Liberty

Global

Ltd.,

Cl. A†

...........

507,600‌

43,000‌

Orange

Belgium

SA†

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

636,478‌

18,000‌

Parrot

SA†

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

45,441‌

50,000‌

Spirent

Communications

plc

.........

126,215‌

30,000‌

Telefonica

Deutschland

Holding

AG

.....

76,221‌

6,000‌

Telephone

and

Data

Systems

Inc.

......

96,120‌

43,000‌

Telesat

Corp.†

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

369,800‌

6,323,070‌

Transportation

 —

0.1%

40,000‌

Abertis

Infraestructuras

SA†(a)

.......

209,297‌

Wireless

Communications

 —

0.2%

713,121‌

NII

Holdings

Inc.,

Escrow†

...........

249,592‌

TOTAL

COMMON

STOCKS

.........

79,759,025‌

CLOSED-END

FUNDS

 —

0.6%

425,000‌

Altaba

Inc.,

Escrow†

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

1,020,000‌

RIGHTS

 —

0.3%

Computer

Software

and

Services

 —

0.0%

1,000‌

Flexion

Therapeutics

Inc.,

CVR†

.......

650‌

Health

Care

 —

0.2%

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

6,000‌

Albireo

Pharma

Inc.,

CVR†

...........

13,500‌

79,391‌

Ambit

Biosciences

Corp.,

CVR†(a)

.....

0‌

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

500,000‌

Gracell

Biotechnologies

Inc.,

CVR†

.....

20,000‌

30,000‌

Icosavax

Inc.,

CVR†

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

9,000‌

300,000‌

Innocoll,

CVR†(a)

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

0‌

125,000‌

Ipsen

SA/Clementia,

CVR†(a)

.........

0‌

3

The

GDL

Fund

Schedule

of

Investments

(Continued)

—

March

31,

2024

(Unaudited)

Shares

Market

Value

RIGHTS

(Continued)

Health

Care

(Continued)

10,000‌

Mirati

Therapeutics

Inc.,

CVR†

........

$

5,000‌

23,000‌

Ocera

Therapeutics,

CVR†(a)

.........

1,438‌

3,000‌

Opiant

Pharmaceuticals

Inc.,

CVR†

.....

1,500‌

150,000‌

Orchard

Therapeutics

plc,

CVR†

.......

12,000‌

100,000‌

Paratek

Pharmaceuticals

Inc.,

CVR†

....

2,000‌

3,000‌

Prevail

Therapeutics

Inc.,

CVR†

.......

600‌

2,000‌

Radius

Health

Inc.,

CVR†

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

200‌

1,000‌

Sigilon

Therapeutics

Inc.,

CVR†

.......

7,550‌

11,000‌

Tobira

Therapeutics

Inc.,

CVR†(a)

......

0‌

241,848‌

Metals

and

Mining

 —

0.1%

10,000‌

Kinross

Gold

Corp.,

CVR†(a)

.........

0‌

419,000‌

Pan

American

Silver

Corp.,

CVR†

......

187,712‌

187,712‌

Paper

and

Forest

Products

 —

0.0%

24,000‌

Resolute

Forest

Products

Inc.,

CVR†

....

48,000‌

TOTAL

RIGHTS

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

478,210‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

52.4%

$

85,590,000‌

U.S.

Treasury

Bills,

5.151%

to

5.383%††,

04/11/24

to

08/29/24(b)

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

84,680,202‌

TOTAL

INVESTMENTS

BEFORE

SECURITIES

SOLD

SHORT

—

102.6%

(Cost

$160,996,043)

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

$

165,937,437‌

Shares

Market

Value

SECURITIES

SOLD

SHORT

—

(5.4)%

Building

and

Construction

—

(2.5)%

24,000‌

Lennar

Corp.,

Cl. A

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

$

4,127,520‌

Shares

Market

Value

Energy

and

Utilities

—

(2.9)%

2,500‌

Chevron

Corp.

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

$

394,350‌

1,690‌

EQT

Corp.

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

62,648‌

36,388‌

Exxon

Mobil

Corp.

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

4,229,741‌

4,686,739‌

TOTAL

SECURITIES

SOLD

SHORT

(Proceeds

received

$5,835,601)(c)

......

$

8,814,259‌

(a)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(b)

At

March

31,

2024,

$4,375,000

of

the

principal

amount

was

reserved

and/or

pledged

with

the

custodian

for

securities

sold

short

and

forward

foreign

exchange

contracts.

(c)

At

March

31,

2024,

these

proceeds

are

being

held

at

Pershing

LLC.

†

Non-income

producing

security.

††

Represents

annualized

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Right

Geographic

Diversification

%

of

Total

Investments

Market

Value

Long

Positions

North

America

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

93.5‌

%

$

155,178,212‌

Europe

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

6.1‌

10,081,333‌

Japan

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

0.3‌

465,507‌

Asia/Pacific

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

0.1‌

192,385‌

Latin

America

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

0.0‌

*

20,000‌

Total

Investments

—

Long

Positions

100.0‌%

$

165,937,437‌

Short

Positions

North

America

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

(5.3‌)

%

$

(8,814,259‌)

Total

Investments

—

Short

Positions

(5.3‌)%

$

(8,814,259‌)

*

Amount

represents

less

than

0.05%.

As

of

March

31,

2024,

forward

foreign

exchange

contracts

outstanding

were

as

follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

USD

2,929,380

EUR

2,700,000

State

Street

Bank

and

Trust

Co.

04/26/24

$

13,209‌