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Long EC CORP US N 1 N N N TREASURY BILL 254900HROIFWPRGM1V77 United States Treasury Bill 912796V63 2460000.00000000 PA USD 2457098.73000000 1.864582594246 Long DBT UST US N 2 2022-10-20 None 0.00000000 N N N N N N Twitter Inc 549300I8RX485XMK6836 Twitter Inc 90184L102 450.00000000 NS USD 19728.00000000 0.014970698967 Long EC CORP US N 1 N N N Cowen Inc 5493008QI0EFC5WBED75 Cowen Inc 223622606 10000.00000000 NS USD 386400.00000000 0.293221719428 Long EC CORP US N 1 N N N SLM Solutions Group AG 5299004VIBQF63906C97 SLM Solutions Group AG 000000000 4000.00000000 NS 76992.73000000 0.058426347500 Long EC CORP DE N 1 N N N Lennar Corp 529900G61XVRLX5TJX09 Lennar Corp 526057302 37500.00000000 NS USD 2231625.00000000 1.693480640839 Long EC CORP US N 1 N N N NortonLifeLock Inc YF6ZV0M6AU4FY94MK914 NortonLifeLock Inc 668771108 3352.00000000 NS USD 67509.28000000 0.051229780432 Long EC CORP US N 1 N N N Zendesk Inc 549300SLI6BN94BKKO36 Zendesk Inc 98936J101 35000.00000000 NS USD 2663500.00000000 2.021211308744 Long EC CORP US N 1 N N N STORE Capital Corp 5493004EA6C9IHDZ7N66 STORE Capital Corp 862121100 8000.00000000 NS USD 250640.00000000 0.190199512830 Long EC CORP US N 1 N N N South Jersey Industries Inc 549300DJYWYT5VXLFA46 South Jersey Industries Inc 838518108 3500.00000000 NS USD 116970.00000000 0.088763313979 Long EC CORP US N 1 N N N Euromoney Institutional Invest 213800PZU2RGHMHE2S67 Euromoney Institutional Investor PLC 000000000 20000.00000000 NS 322013.02000000 0.244361313154 Long EC CORP GB N 1 N N N Brigham Minerals Inc 549300IQ6JCXW59RO175 Brigham Minerals Inc 10918L103 1000.00000000 NS USD 24670.00000000 0.018720962262 Long EC CORP US N 1 N N N Change Healthcare Inc 549300GS1BPJEDOZHM07 Change Healthcare Inc 15912K100 27500.00000000 NS USD 755975.00000000 0.573675697063 Long EC CORP US N 1 N N N Tenneco Inc 549300U0EXXFAQFAD785 Tenneco Inc 880349105 20000.00000000 NS USD 347800.00000000 0.263929901701 Long EC CORP US N 1 N N N WI TREASURY BILL 254900HROIFWPRGM1V77 United States Treasury Bill- When Issued 912796N96 21085000.00000000 PA USD 21036824.78000000 15.96390769491 Long DBT UST US N 2 2022-11-03 None 0.00000000 N N N N N N Aareal Bank AG EZKODONU5TYHW4PP1R34 Aareal Bank AG 000000000 17500.00000000 NS 552258.18000000 0.419084091895 Long EC CORP DE N 1 N N N Hexcel Corp S6Q7LW43WUBUHXY2QP69 Hexcel Corp 428291108 5000.00000000 NS USD 258600.00000000 0.196240001667 Long EC CORP US N 1 N N N TREASURY BILL 254900HROIFWPRGM1V77 United States Treasury Bill 912796W54 7290000.00000000 PA USD 7269150.38000000 5.516233885120 Long DBT UST US N 2 2022-11-10 None 0.00000000 N N N N N N Global Blood Therapeutics Inc 549300U4G0QKK99GRT15 Global Blood Therapeutics Inc 37890U108 40000.00000000 NS USD 2724000.00000000 2.067122059327 Long EC CORP US N 1 N N N Ework Group AB 549300WF2ILKHMGV9I45 Ework Group AB 000000000 2000.00000000 NS 16219.65000000 0.012308368689 Long EC CORP SE N 1 N N N 2022-11-18 GDL Fund John C. Ball John C. Ball Treasurer XXXX NPORT-EX 2 GB39GABELLI09302022.htm
1
The
GDL
Fund
Schedule
of
Investments
September
30,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
 —
39.3%
Aerospace
 —
2.2%
110,000‌
Aerojet
Rocketdyne
Holdings
Inc.†
.....
$
4,398,900‌
5,000‌
Hexcel
Corp.
.....................
258,600‌
8,700‌
Spire
Global
Inc.†
.................
9,396‌
4,666,896‌
Automotive
 —
0.1%
33,000‌
Iveco
Group
NV†
.................
157,504‌
Automotive:
Parts
and
Accessories
 —
0.2%
20,000‌
Tenneco
Inc.,
Cl. A†
...............
347,800‌
Broadcasting
 —
0.9%
88,000‌
TEGNA
Inc.
.....................
1,819,840‌
Building
and
Construction
 —
1.1%
13,000‌
Hill
International
Inc.†
..............
43,160‌
37,500‌
Lennar
Corp.,
Cl. B
................
2,231,625‌
2,274,785‌
Business
Services
 —
1.8%
12,500‌
Biffa
plc
........................
57,502‌
120,000‌
Clear
Channel
Outdoor
Holdings
Inc.†
...
164,400‌
75,000‌
Dawson
Geophysical
Co.†
...........
126,000‌
20,000‌
Euromoney
Institutional
Investor
plc
....
322,013‌
6,000‌
Evo
Payments
Inc.,
Cl. A†
...........
199,800‌
2,000‌
Ework
Group
AB
..................
16,220‌
100,000‌
Nielsen
Holdings
plc
...............
2,772,000‌
3,657,935‌
Cable
and
Satellite
 —
1.2%
3,500‌
Lee
Enterprises
Inc.†
...............
61,600‌
40,000‌
Liberty
Global
plc,
Cl. A†
............
623,600‌
25,000‌
Liberty
Latin
America
Ltd.,
Cl. A†
......
154,750‌
5,351‌
Liberty
Latin
America
Ltd.,
Cl. C†
......
32,908‌
64,000‌
Shaw
Communications
Inc.,
Cl. B
......
1,556,275‌
2,429,133‌
Computer
Software
and
Services
 —
5.1%
2,400‌
Aspen
Technology
Inc.†
.............
571,680‌
32,000‌
Avalara
Inc.†
....................
2,937,600‌
13,000‌
Black
Knight
Inc.†
.................
841,490‌
7,000‌
BTRS
Holdings
Inc.†
...............
64,820‌
20,000‌
Citrix
Systems
Inc.
................
2,080,000‌
4,000‌
Computer
Services
Inc.
.............
223,000‌
3,000‌
Convey
Health
Solutions
Holdings
Inc.†
..
31,530‌
9,700‌
Dell
Technologies
Inc.,
Cl. C
..........
331,449‌
4,000‌
EMIS
Group
plc
..................
84,411‌
3,352‌
NortonLifeLock
Inc.
................
67,509‌
10,000‌
Ping
Identity
Holding
Corp.†
.........
280,700‌
6,000‌
Playtech
plc†
....................
29,584‌
4,000‌
SLM
Solutions
Group
AG†
...........
76,993‌
450‌
Twitter
Inc.†
.....................
19,728‌
Shares
Market
Value
2,000‌
VMware
Inc.,
Cl. A
................
$
212,920‌
35,000‌
Zendesk
Inc.†
....................
2,663,500‌
10,516,914‌
Consumer
Products
 —
3.6%
8,200‌
Hunter
Douglas
NV†
...............
1,404,765‌
37,000‌
iRobot
Corp.†
....................
2,084,210‌
375,000‌
Swedish
Match
AB
................
3,717,003‌
5,000‌
Terminix
Global
Holdings
Inc.†
........
191,450‌
7,397,428‌
Diversified
Industrial
 —
0.0%
4,586‌
Valmet
Oyj
......................
93,621‌
Electronics
 —
4.2%
59,200‌
Bel
Fuse
Inc.,
Cl. A
................
1,654,640‌
32,701‌
CyberOptics
Corp.†
................
1,758,660‌
2,208‌
MKS
Instruments
Inc.
..............
182,469‌
20,000‌
Rogers
Corp.†
...................
4,837,600‌
62,000‌
Yamada
Holdings
Co.
Ltd.
...........
203,911‌
8,637,280‌
Energy
and
Utilities
 —
3.6%
13,333‌
Alvopetro
Energy
Ltd.
..............
67,565‌
12,000‌
Avista
Corp.
.....................
444,600‌
1,000‌
Brigham
Minerals
Inc.,
Cl. A
..........
24,670‌
465,000‌
ContourGlobal
plc
.................
1,308,373‌
300‌
DCP
Midstream
LP
................
11,271‌
40,000‌
Endesa
SA
......................
604,495‌
460,000‌
Gulf
Coast
Ultra
Deep
Royalty
Trust
.....
21,620‌
100,000‌
PNM
Resources
Inc.
...............
4,573,000‌
24,000‌
Shell
Midstream
Partners
LP
.........
379,440‌
3,500‌
South
Jersey
Industries
Inc.
..........
116,970‌
200‌
Southwest
Gas
Holdings
Inc.
.........
13,950‌
7,565,954‌
Entertainment
 —
0.6%
3,800‌
Activision
Blizzard
Inc.
..............
282,492‌
32,000‌
Fox
Corp.,
Cl. B
...................
912,000‌
1,194,492‌
Financial
Services
 —
3.7%
17,500‌
Aareal
Bank
AG†
..................
552,258‌
3,500‌
Alleghany
Corp.†
.................
2,937,795‌
3,247‌
Brookfield
Asset
Management
Inc.,
Cl. A
.
132,770‌
12,000‌
Cadence
Bank
....................
304,920‌
2,237‌
CNFinance
Holdings
Ltd.,
ADR†
.......
5,637‌
3,000‌
Columbia
Banking
System
Inc.
........
86,670‌
10,000‌
Cowen
Inc.,
Cl. A
.................
386,400‌
11,000‌
Fanhua
Inc.,
ADR
.................
56,650‌
33,000‌
First
Horizon
Corp.
................
755,700‌
10,000‌
Intertrust
NV†
...................
191,502‌
50,000‌
MoneyGram
International
Inc.†
.......
520,000‌
30,000‌
Pzena
Investment
Management
Inc.,
Cl. A
284,400‌
2
The
GDL
Fund
Schedule
of
Investments
(Continued)
September
30,
2022
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Financial
Services
(Continued)
8,000‌
Randolph
Bancorp
Inc.
.............
$
215,680‌
1,800‌
SouthState
Corp.
.................
142,416‌
23,600‌
Steel
Partners
Holdings
LP†
..........
979,400‌
4,890‌
Webster
Financial
Corp.
.............
221,028‌
7,773,226‌
Food
and
Beverage
 —
0.0%
325,000‌
Yashili
International
Holdings
Ltd.†
.....
48,028‌
Health
Care
 —
6.3%
55,000‌
1Life
Healthcare
Inc.†
..............
943,250‌
37,500‌
Aerie
Pharmaceuticals
Inc.†
..........
567,375‌
7,500‌
AstraZeneca
plc,
ADR
..............
411,300‌
18,000‌
Biohaven
Pharmaceutical
Holding
Co.
Ltd.†
2,721,060‌
9,000‌
Bioventus
Inc.,
Cl. A†
..............
63,000‌
27,500‌
Change
Healthcare
Inc.†
............
755,975‌
22,519‌
ChemoCentryx
Inc.†
...............
1,163,332‌
60,000‌
Covetrus
Inc.†
...................
1,252,800‌
5,000‌
Forma
Therapeutics
Holdings
Inc.†
.....
99,750‌
2,000‌
F-star
Therapeutics
Inc.†
............
10,240‌
40,000‌
Global
Blood
Therapeutics
Inc.†
.......
2,724,000‌
66,800‌
Hanger
Inc.†
....................
1,250,496‌
35,000‌
Idorsia
Ltd.†
.....................
456,167‌
200‌
LHC
Group
Inc.†
..................
32,732‌
3,500‌
Meridian
Bioscience
Inc.†
...........
110,355‌
7,000‌
QIAGEN
NV†
....................
288,960‌
3,000‌
Signify
Health
Inc.,
Cl. A†
...........
87,450‌
17,000‌
TherapeuticsMD
Inc.†
..............
112,880‌
13,051,122‌
Hotels
and
Gaming
 —
0.0%
500‌
Flutter
Entertainment
plc†
...........
55,481‌
Machinery
 —
0.2%
25,000‌
CFT
SpA†(a)
.....................
112,706‌
10,000‌
CIRCOR
International
Inc.†
..........
164,900‌
8,000‌
CNH
Industrial
NV
.................
91,184‌
368,790‌
Metals
and
Mining
 —
0.3%
46,000‌
Alamos
Gold
Inc.,
Cl. A
.............
340,860‌
20,000‌
Artemis
Gold
Inc.†
................
61,824‌
70,000‌
Sierra
Metals
Inc.
.................
34,618‌
10,000‌
Turquoise
Hill
Resources
Ltd.†
........
296,087‌
733,389‌
Paper
and
Forest
Products
 —
0.2%
24,000‌
Resolute
Forest
Products
Inc.†
........
480,000‌
Real
Estate
 —
0.3%
10,000‌
Bluerock
Residential
Growth
REIT
Inc.
...
267,500‌
10,000‌
Corem
Property
Group
AB,
Cl. B
.......
7,551‌
Shares
Market
Value
3,000‌
Healthcare
Realty
Trust
Inc.,
REIT
......
$
62,550‌
8,000‌
STORE
Capital
Corp.,
REIT
...........
250,640‌
588,241‌
Retail
 —
1.2%
4,500‌
Recipe
Unlimited
Corp.†
............
67,173‌
65,000‌
Sportsman's
Warehouse
Holdings
Inc.†
.
539,500‌
5,000‌
Ted
Baker
plc†
...................
6,130‌
69,000‌
The
Fresh
Market
Inc.†
.............
0‌
2,000‌
Tod's
SpA†
.....................
82,285‌
6,400‌
Valora
Holding
AG†
................
1,735,077‌
2,430,165‌
Semiconductors
 —
0.2%
2,000‌
Entegris
Inc.
.....................
166,040‌
3,200‌
Siltronic
AG
.....................
182,681‌
348,721‌
Specialty
Chemicals
 —
0.1%
10,030‌
Mativ
Holdings
Inc.
................
221,463‌
4,000‌
SGL
Carbon
SE†
..................
23,521‌
400‌
Tronox
Holdings
plc
...............
4,900‌
249,884‌
Telecommunications
 —
0.9%
175,000‌
Koninklijke
KPN
NV
................
475,422‌
50,000‌
Orange
Belgium
SA†
...............
882,045‌
21,000‌
Parrot
SA†
......................
80,472‌
3,000‌
Switch
Inc.,
Cl. A
.................
101,070‌
35,047‌
Telesat
Corp.†
...................
273,717‌
1,812,726‌
Transportation
 —
1.2%
40,000‌
Abertis
Infraestructuras
SA†(a)
.......
190,130‌
4,500‌
Atlantia
SpA
.....................
99,715‌
20,000‌
Atlas
Air
Worldwide
Holdings
Inc.†
.....
1,911,400‌
22,000‌
Atlas
Corp.
......................
305,800‌
2,507,045‌
Wireless
Communications
 —
0.1%
713,121‌
NII
Holdings
Inc.,
Escrow†
...........
249,592‌
TOTAL
COMMON
STOCKS
.........
81,455,992‌
CLOSED-END
FUNDS
 —
0.8%
425,000‌
Altaba
Inc.,
Escrow†
...............
1,615,000‌
PREFERRED
STOCKS
 —
0.0%
Financial
Services
 —
0.0%
2,000‌
Steel
Partners
Holdings
LP,
Ser.
A,
6.000%,
02/07/26
......................
46,560‌
3
The
GDL
Fund
Schedule
of
Investments
(Continued)
September
30,
2022
(Unaudited)
Shares
Market
Value
RIGHTS
 —
0.2%
Computer
Software
and
Services
 —
0.0%
1,000‌
Flexion
Therapeutics
Inc.,
CVR†
.......
$
650‌
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†(a)
.....
134,171‌
103,040‌
Dova
Pharmaceuticals
Inc.,
CVR†
......
12,880‌
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
Prevail
Therapeutics
Inc.,
CVR†
.......
1,500‌
2,000‌
Radius
Health
Inc.,
CVR†
............
160‌
346,322‌
Teva
Pharmaceutical
Industries
Ltd.,
CCCP,
expire
02/20/23†(a)
..............
0‌
11,000‌
Tobira
Therapeutics
Inc.,
CVR†(a)
......
0‌
1,500‌
Zogenix
Inc.,
CVR†
................
1,125‌
199,706‌
Metals
and
Mining
 —
0.1%
10,000‌
Kinross
Gold
Corp.,
CVR†
...........
0‌
419,000‌
Pan
American
Silver
Corp.,
CVR†
......
241,344‌
241,344‌
TOTAL
RIGHTS
................
441,700‌
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
 —
59.7%
$
124,493,000‌
U.S.
Treasury
Bills,
1.593%
to
3.297%††,
10/06/22
to
12/29/22(b)
...................
123,914,784‌
TOTAL
INVESTMENTS
BEFORE
SECURITIES
SOLD
SHORT
100.0%
(Cost
$212,128,689)
.............
$
207,474,036‌
Shares
Market
Value
SECURITIES
SOLD
SHORT
(0.9)%
Building
and
Construction
(0.9)%
24,500‌
Lennar
Corp.,
Cl. A
.........................
$
1,826,475‌
Energy
and
Utilities
(0.0)%
1,000‌
Sitio
Royalties
Corp.
.......................
22,110‌
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
received
$1,475,888)(c)
......
$
1,848,585‌
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(b)
At
September
30,
2022,
$13,000,000
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,
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
......................
92.9‌
%
$
192,739,140‌
Europe
..............................
6.9‌
14,420,670‌
Japan
...............................
0.1‌
203,911‌
Asia/Pacific
.........................
0.1‌
110,315‌
Total
Investments
Long
Positions
100.0‌%
$
207,474,036‌
Short
Positions
North
America
......................
(0.9‌)
%
$
(1,848,585‌)
Total
Investments
Short
Positions
(0.9‌)%
$
(1,848,585‌)
As
of
September
30,
2022,
forward
foreign
exchange
contracts
outstanding
were
as
follows:
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation/
(Depreciation)
USD
3,517,917
SEK
39,750,000
State
Street
Bank
and
Trust
Co.
10/28/22
$
(68,346‌)
USD
5,211,967
EUR
5,400,000
State
Street
Bank
and
Trust
Co.
10/28/22
(90,500‌)
USD
292,512
CAD
400,000
State
Street
Bank
and
Trust
Co.
10/28/22
2,963‌
TOTAL
FORWARD
FOREIGN
EXCHANGE
CONTRACTS
$
(155,883‌)