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

1

The

GDL

Fund

Schedule

of

Investments

—

September

30,

2024

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

 —

63.6%

Aerospace

 —

1.0%

40,000‌

Heroux-Devtek

Inc.†

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

$

949,388‌

1,500‌

Hexcel

Corp.

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

92,745‌

20,000‌

Spirit

AeroSystems

Holdings

Inc.,

Cl. A†

.

650,200‌

1,692,333‌

Automotive

 —

0.1%

20,000‌

Iveco

Group

NV

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

200,768‌

Broadcasting

 —

1.0%

14,238‌

Sirius

XM

Holdings

Inc.

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

336,717‌

86,000‌

TEGNA

Inc.

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

1,357,080‌

1,693,797‌

Building

and

Construction

 —

3.5%

35,700‌

Lennar

Corp.,

Cl. B

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

6,173,958‌

Business

Services

 —

4.1%

8,000‌

McGrath

RentCorp

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

842,240‌

62,000‌

Perficient

Inc.†

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

4,679,760‌

170,000‌

The

Aaron's

Co.

Inc.

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

1,691,500‌

7,213,500‌

Cable

and

Satellite

 —

0.4%

120,000‌

WideOpenWest

Inc.†

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

630,000‌

Computer

Software

and

Services

 —

11.5%

50,000‌

Desktop

Metal

Inc.,

Cl. A†

...........

233,500‌

174,000‌

HashiCorp

Inc.,

Cl. A†

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

5,891,640‌

135,851‌

Instructure

Holdings

Inc.†

...........

3,199,291‌

20,000‌

Keywords

Studios

plc

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

651,362‌

205,000‌

PowerSchool

Holdings

Inc.,

Cl. A†

.....

4,676,050‌

24,000‌

Smartsheet

Inc.,

Cl. A†

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

1,328,640‌

63,000‌

Squarespace

Inc.,

Cl. A†

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

2,925,090‌

150,000‌

Thoughtworks

Holding

Inc.†

.........

663,000‌

35,700‌

WalkMe

Ltd.†

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

499,800‌

20,068,373‌

Consumer

Products

 —

2.0%

60,000‌

Capri

Holdings

Ltd.†

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

2,546,400‌

57,000‌

Vector

Group

Ltd.

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

850,440‌

3,396,840‌

Consumer

Services

 —

0.6%

200,000‌

ARC

Document

Solutions

Inc.

........

676,000‌

175,000‌

SPAR

Group

Inc.†

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

428,750‌

1,104,750‌

Diversified

Industrial

 —

1.9%

27,000‌

Haynes

International

Inc.

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

1,607,580‌

180,000‌

Iteris

Inc.†

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

1,285,200‌

6,000‌

Target

Hospitality

Corp.†

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

46,680‌

7,000‌

United

States

Steel

Corp.

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

247,310‌

Shares

Market

Value

30,000‌

Velan

Inc.†

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

$

181,892‌

3,368,662‌

Electronics

 —

2.4%

19,000‌

Bel

Fuse

Inc.,

Cl. A

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

1,889,170‌

210,000‌

Vizio

Holding

Corp.,

Cl. A†

...........

2,345,700‌

4,234,870‌

Energy

and

Utilities

 —

6.9%

40,000‌

ALLETE

Inc.

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

2,567,600‌

60,000‌

Atlantica

Sustainable

Infrastructure

plc

..

1,318,800‌

24,000‌

Avangrid

Inc.

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

858,960‌

9,000‌

Avista

Corp.

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

348,750‌

30,000‌

ChampionX

Corp.

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

904,500‌

30,000‌

DMC

Global

Inc.†

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

389,400‌

20,000‌

Encavis

AG†

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

387,376‌

6,000‌

EQT

Corp.

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

219,840‌

2,835‌

Green

Plains

Inc.†

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

38,386‌

30,000‌

Greenvolt-Energias

Renovaveis

SA†

....

277,175‌

460,000‌

Gulf

Coast

Ultra

Deep

Royalty

Trust†

....

6,095‌

3,000‌

Hess

Corp.

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

407,400‌

45,000‌

Marathon

Oil

Corp.

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

1,198,350‌

75,000‌

Southwestern

Energy

Co.†

...........

533,250‌

800,000‌

Tellurian

Inc.†

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

774,400‌

43,000‌

TXNM

Energy

Inc.

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

1,882,110‌

12,112,392‌

Entertainment

 —

2.0%

80,000‌

Endeavor

Group

Holdings

Inc.,

Cl. A

....

2,284,800‌

15,000‌

Fox

Corp.,

Cl. B

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

582,000‌

70,000‌

IMAX

China

Holding

Inc.†

...........

73,927‌

9,000‌

Manchester

United

plc,

Cl. A†

.........

145,620‌

30,000‌

Paramount

Global,

Cl. B

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

318,600‌

3,404,947‌

Environmental

Services

 —

1.8%

51,000‌

Stericycle

Inc.†

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

3,111,000‌

Equipment

and

Supplies

 —

0.8%

30,000‌

Cepton

Inc.†

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

93,600‌

80,000‌

DS

Smith

plc

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

493,923‌

140,000‌

Manitex

International

Inc.†

...........

788,200‌

1,375,723‌

Financial

Services

 —

4.6%

6,565‌

Enstar

Group

Ltd.†

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

2,111,239‌

34,000‌

Envestnet

Inc.†

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

2,129,080‌

12,000‌

ICC

Holdings

Inc.†

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

275,640‌

50,000‌

Nuvei

Corp.

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

1,667,500‌

23,200‌

Steel

Partners

Holdings

LP†

..........

950,040‌

25,000‌

The

First

Bancshares

Inc.

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

803,250‌

7,936,749‌

Food

and

Beverage

 —

2.3%

60,000‌

Britvic

plc

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

1,022,767‌

2

The

GDL

Fund

Schedule

of

Investments

(Continued)

—

September

30,

2024

(Unaudited)

Shares

Market

Value

COMMON

STOCKS

(Continued)

Food

and

Beverage

(Continued)

38,000‌

Kellanova

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

$

3,066,980‌

4,089,747‌

Health

Care

 —

7.4%

12,000‌

Amedisys

Inc.†

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

1,158,120‌

230,000‌

Augmedix

Inc.†

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

540,500‌

18,000‌

Axonics

Inc.†

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

1,252,800‌

125,000‌

PetIQ

Inc.†

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

3,846,250‌

120,000‌

R1

RCM

Inc.†

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

1,700,400‌

330,000‌

Revance

Therapeutics

Inc.†

..........

1,712,700‌

600,000‌

Sharecare

Inc.†

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

852,000‌

48,000‌

SurModics

Inc.†

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

1,861,440‌

12,924,210‌

Hotels

and

Gaming

 —

1.3%

50,000‌

Bally's

Corp.†

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

862,500‌

50,000‌

Everi

Holdings

Inc.†

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

657,000‌

50,000‌

GAN

Ltd.†

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

88,500‌

65,000‌

PlayAGS

Inc.†

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

740,350‌

2,348,350‌

Machinery

 —

0.1%

25,000‌

CFT

SpA†(a)

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

128,012‌

Metals

and

Mining

 —

0.6%

35,000‌

Gatos

Silver

Inc.†

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

527,800‌

125,000‌

Osisko

Mining

Inc.†

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

450,109‌

977,909‌

Paper

and

Forest

Products

 —

1.1%

40,000‌

Smurfit

WestRock

plc

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

1,976,800‌

Retail

 —

2.8%

15,000‌

Albertsons

Companies

Inc.,

Cl. A

......

277,200‌

25,000‌

Bapcor

Ltd.

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

91,777‌

117,324‌

Chuy's

Holdings

Inc.†

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

4,387,917‌

17,000‌

Sportsman's

Warehouse

Holdings

Inc.†

.

46,070‌

4,802,964‌

Telecommunications

 —

3.2%

20,000‌

Consolidated

Communications

Holdings

Inc.†

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

92,800‌

16,000‌

Frontier

Communications

Parent

Inc.†

...

568,480‌

280,000‌

HKBN

Ltd.

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

111,656‌

100,000‌

Juniper

Networks

Inc.

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

3,898,000‌

35,000‌

Orange

Belgium

SA†

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

577,391‌

50,000‌

Spirent

Communications

plc†

.........

114,042‌

6,000‌

Telephone

and

Data

Systems

Inc.

......

139,500‌

5,501,869‌

Transportation

 —

0.1%

40,000‌

Abertis

Infraestructuras

SA†(a)

.......

157,177‌

Shares

Market

Value

Wireless

Communications

 —

0.1%

713,121‌

NII

Holdings

Inc.,

Escrow†

...........

$

249,592‌

TOTAL

COMMON

STOCKS

.........

110,875,292‌

CLOSED-END

FUNDS

 —

0.3%

425,000‌

Altaba

Inc.,

Escrow†

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

605,625‌

RIGHTS

 —

0.3%

Computer

Software

and

Services

 —

0.0%

1,000‌

Flexion

Therapeutics

Inc.,

CVR†

.......

200‌

Health

Care

 —

0.1%

21,000‌

ABIOMED

Inc.,

CVR†

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

36,750‌

104,000‌

Adamas

Pharmaceuticals

Inc.,

CVR†

....

5,200‌

104,000‌

Adamas

Pharmaceuticals

Inc.,

CVR†

....

5,200‌

40,000‌

Akouos

Inc.,

CVR†

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

20,000‌

6,000‌

Albireo

Pharma

Inc.,

CVR†

...........

13,500‌

25,000‌

Alimera

Sciences

Inc.,

CVR†

.........

250‌

79,391‌

Ambit

Biosciences

Corp.,

CVR†(a)

.....

0‌

64,000‌

Chinook

Therapeutics

Inc.,

CVR†

......

32,000‌

4,000‌

CinCor

Pharma

Inc.,

CVR†

...........

12,000‌

25,000‌

Decibel

Therapeutics

Inc.,

CVR†

.......

7,500‌

28,000‌

Epizyme

Inc.,

CVR†

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

560‌

60,000‌

Fusion

Pharmaceuticals

Inc.,

CVR†

.....

30,000‌

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

10,000‌

Mirati

Therapeutics

Inc.,

CVR†

........

5,000‌

23,000‌

Ocera

Therapeutics,

CVR†

...........

1,438‌

3,000‌

Opiant

Pharmaceuticals

Inc.,

CVR†

.....

1,500‌

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

210,248‌

Metals

and

Mining

 —

0.1%

10,000‌

Kinross

Gold

Corp.,

CVR†(a)

.........

0‌

419,000‌

Pan

American

Silver

Corp.,

CVR†

......

178,075‌

178,075‌

Paper

and

Forest

Products

 —

0.1%

24,000‌

Resolute

Forest

Products

Inc.,

CVR†

....

48,000‌

TOTAL

RIGHTS

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

436,523‌

3

The

GDL

Fund

Schedule

of

Investments

(Continued)

—

September

30,

2024

(Unaudited)

Principal

Amount

Market

Value

U.S.

GOVERNMENT

OBLIGATIONS

 —

35.8%

$

62,963,000‌

U.S.

Treasury

Bills,

4.593%

to

5.310%††,

10/03/24

to

04/03/25(b)

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

$

62,453,067‌

TOTAL

INVESTMENTS

BEFORE

SECURITIES

SOLD

SHORT

—

100.0%

(Cost

$167,367,365)

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

$

174,370,507‌

Shares

Market

Value

SECURITIES

SOLD

SHORT

—

(5.6)%

Building

and

Construction

—

(2.6)%

24,000‌

Lennar

Corp.,

Cl. A

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

$

4,499,520‌

Energy

and

Utilities

—

(0.9)%

2,500‌

Chevron

Corp.

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

368,175‌

11,475‌

ConocoPhillips

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

1,208,088‌

1,576,263‌

Financial

Services

—

(0.5)%

25,000‌

Renasant

Corp.

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

812,500‌

Metals

and

Mining

—

(0.3)%

89,250‌

First

Majestic

Silver

Corp.

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

535,500‌

Paper

and

Forest

Products

—

(1.3)%

5,000‌

International

Paper

Co.

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

244,250‌

Shares

Market

Value

40,000‌

Smurfit

WestRock

plc

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

$

1,999,008‌

2,243,258‌

TOTAL

SECURITIES

SOLD

SHORT

(Proceeds

received

$6,406,697)(c)

......

$

9,667,041‌

(a)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(b)

At

September

30,

2024,

$6,000,000

of

the

principal

amount

was

reserved

and/or

pledged

with

the

custodian

for

securities

sold

short

and

forward

foreign

exchange

contracts.

(c)

At

September

30,

2024,

these

proceeds

are

being

held

at

Pershing

LLC.

†

Non-income

producing

security.

††

Represents

annualized

yields

at

dates

of

purchase.

CVR

Contingent

Value

Right

Geographic

Diversification

%

of

Total

Investments

Market

Value

Long

Positions

North

America

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

92.6‌

%

$

161,464,496‌

Europe

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

6.0‌

10,497,412‌

Latin

America

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

1.2‌

2,131,238‌

Asia/Pacific

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

0.2‌

277,361‌

Total

Investments

—

Long

Positions

100.0‌%

$

174,370,507‌

Short

Positions

North

America

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

(4.4‌)

%

$

(7,668,033‌)

Europe

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

(1.1‌)

(1,999,008‌)

Total

Investments

—

Short

Positions

(5.5‌)%

$

(9,667,041‌)

As

of

September

30,

2024,

forward

foreign

exchange

contracts

outstanding

were

as

follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation/

(Depreciation)

USD

1,109,346

CAD

1,500,000

State

Street

Bank

and

Trust

Co.

10/31/24

$

(574‌)

USD

1,226,288

EUR

1,100,000

State

Street

Bank

and

Trust

Co.

10/31/24

139‌

USD

1,332,732

GBP

1,000,000

State

Street

Bank

and

Trust

Co.

10/31/24

(4,197‌)

TOTAL

FORWARD

FOREIGN

EXCHANGE

CONTRACTS

$

(4,632‌)