NPORT-EX 2 GB39_GB093021.htm

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