NPORT-EX 2 GB39GB033122.htm

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)