The GDL Fund

Schedule of Investments — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 74.1%
		Automotive: Parts and Accessories — 1.9%
	44,510	Haldex AB	$	296,820
	45,000	WABCO Holdings Inc.†		5,932,350
				6,229,170
		Building and Construction — 1.1%
	40,000	Lennar Corp., Cl. B		1,564,800
	50,000	USG Corp.		2,165,000
				3,729,800
		Business Services — 0.8%
	92,138	Clear Channel Outdoor Holdings Inc., Cl. A†		492,938
	87,000	exactEarth Ltd.†		28,971
	26,029	Nice SpA		101,902
	121,888	Travelport Worldwide Ltd.		1,917,298
				2,541,109
		Cable and Satellite — 0.9%
	27,628	Liberty Global plc, Cl. A†		688,490
	60,000	Liberty Global plc, Cl. C†		1,452,600
	14,000	Liberty Latin America Ltd., Cl. A†		270,760
	31,000	Liberty Latin America Ltd., Cl. C†		602,950
				3,014,800
		Computer Software and Services — 9.3%
	150,000	Attunity Ltd.†		3,517,500
	10,000	Business & Decision†		83,122
	59,000	First Data Corp., Cl. A†		1,549,930
	70,000	Gemalto NV†		4,003,096
	54,000	Luxoft Holding Inc.†		3,170,340
	200,000	MYOB Group Ltd.		472,894
	45,000	Red Hat Inc.†		8,221,500
	3,300	Rockwell Automation Inc.		579,018
	28,500	The Ultimate Software Group Inc.†		9,408,705
				31,006,105
		Diversified Industrial — 2.5%
	166,453	Multi-Color Corp.		8,304,340
		Electronics — 0.5%
	3,400	Alimco Financial Corp.†		31,433
	73,000	Bel Fuse Inc., Cl. A		1,564,390
				1,595,823
		Energy and Utilities — 2.9%
	35,000	Alvopetro Energy Ltd.†		12,048
	62,400	American Midstream Partners LP		322,608
	4,700	Avista Corp.		190,914
	6,000	Connecticut Water Service Inc.		411,900
	45,000	Endesa SA		1,147,892
	460,000	Gulf Coast Ultra Deep Royalty Trust		12,880
	150,000	InfraREIT Inc., REIT†		3,145,500
	20,000	Noble Energy Inc.		494,600
	2,500	NRG Energy Inc.		106,200

Shares			Market Value
	1,500	Valener Inc.	$	29,352
	500,000	ZCL Composites Inc.		3,734,052
				9,607,946
		Entertainment — 2.2%
	1,666	Fox Corp., Cl. A†		61,159
	55,000	Fox Corp., Cl. B†		1,973,400
	40,000	International Speedway Corp., Cl. A		1,745,200
	2,000	SFX Entertainment Inc.†(a)		0
	80,000	Tribune Media Co., Cl. A		3,691,200
				7,470,959
		Financial Services — 15.4%
	5,379,886	Earthport plc†		2,557,580
	100,000	Ellie Mae Inc.†		9,869,000
	70,000	Gluskin Sheff + Associates Inc.		751,674
	400,000	Jardine Lloyd Thompson Group plc		9,971,606
	110,000	MoneyGram International Inc.†		224,400
	5,000	Navient Corp.		57,850
	50,000	Oaktree Capital Group LLC		2,482,500
	2,500	Oslo Bors VPS Holding ASA		45,797
	2,500	SLM Corp.		24,775
	700,000	Solium Capital Inc.†		9,994,388
	220,000	The Navigators Group Inc.		15,371,400
				51,350,970
		Food and Beverage — 0.4%
	9,000	Dairy Crest Group plc		72,794
	20,000	Keurig Dr Pepper Inc.		559,400
	1,400,000	Premier Foods plc†		663,732
	1,500,000	Yashili International Holdings Ltd.†		204,460
				1,500,386
		Health Care — 14.8%
	100,000	Akorn Inc.†		352,000
	50,000	AstraZeneca plc, ADR		2,021,500
	925,000	BTG plc†		10,053,824
	140,000	Celgene Corp.†		13,207,600
	50,000	Clementia Pharmaceuticals Inc.†		1,305,000
	400,000	Healthscope Ltd.		690,169
	35,000	Idorsia Ltd.†		615,817
	481,280	Immune Design Corp.†		2,815,488
	200,000	Nightstar Therapeutics plc, ADR†		5,074,000
	50,000	Osiris Therapeutics Inc.†		950,000
	450,000	Pacific Biosciences of California Inc.†		3,253,500
	75,000	Spark Therapeutics Inc.†		8,541,000
	10,000	Stallergenes Greer plc†		409,441
				49,289,339
		Hotels and Gaming — 3.4%
	420,000	Belmond Ltd., Cl. A†		10,470,600
	36,554	Bluegreen Vacations Corp.		543,192
	18,000	Cherry AB, Cl. B†		168,630

1

The GDL Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Hotels and Gaming (Continued)
	5,000	Mr. Green & Co. AB.	$	37,108
				11,219,530
		Machinery — 0.2%
	19,000	CNH Industrial NV		193,184
	300,000	UQM Technologies Inc.†		495,000
				688,184
		Metals and Mining — 3.1%
	65,000	Alamos Gold Inc., Cl. A		330,200
	880,000	Goldcorp Inc.		10,067,200
				10,397,400
		Publishing — 0.0%
	10,000	Telegraaf Media Groep NV†(a)		67,305
		Real Estate — 0.7%
	150,000	MedEquities Realty Trust Inc., REIT		1,669,500
	2,000	Tier REIT Inc., REIT.		57,320
	8,000	Vastned Retail Belgium NV, REIT		445,113
				2,171,933
		Semiconductors — 6.8%
	350,000	Integrated Device Technology Inc.†		17,146,500
	32,000	Mellanox Technologies Ltd.†		3,787,520
	21,000	NXP Semiconductors NV		1,856,190
				22,790,210
		Specialty Chemicals — 0.0%
	8,900	SGL Carbon SE†		78,621
	200	Versum Materials Inc.		10,062
				88,683
		Telecommunications — 6.2%
	402,000	ARRIS International plc†		12,707,220
	550,000	Asia Satellite Telecommunications Holdings Ltd.		455,417
	2,500	Finisar Corp.†		57,925
	100,000	Inmarsat plc.		722,863
	175,000	Koninklijke KPN NV		554,764
	1,000	Loral Space & Communications Inc.†		36,050
	21,000	Parrot SA†		75,146
	6,200	Quantenna Communications Inc.†		150,846
	58,000	Sprint Corp.†		327,700
	119,600	Telenet Group Holding NV		5,752,864
				20,840,795
		Transportation — 0.4%
	40,000	Abertis Infraestructuras SA†		823,817
	2,000	XPO Logistics Europe SA		646,131
				1,469,948

Shares			Market Value
		Wireless Communications — 0.6%
	30,000	T-Mobile US Inc.†	$	2,073,000
		TOTAL COMMON STOCKS		247,447,735
		CLOSED-END FUNDS — 0.2%
	10,000	Altaba Inc.†		741,200
		PREFERRED STOCKS — 0.0%
		Financial Services — 0.0%
	2,968	Steel Partners Holdings LP, Ser. A, 6.000%		64,198
		RIGHTS — 0.1%
		Entertainment — 0.0%
	225,000	Media General Inc., CVR†(a)		0
		Health Care — 0.1%
	187,200	Adolor Corp., CPR, expire 07/01/19†(a)		0
	79,391	Ambit Biosciences Corp., CVR†(a)		160,767
	201,600	American Medical Alert Corp., CPR†(a)		2,016
	30,000	Corium International CVR†(a)		5,400
	300,000	Innocoll, CVR†(a)		3
	23,000	Ocera Therapeutics, CVR†(a)		8,970
	100	Omthera Pharmaceuticals Inc.†(a)		0
	346,322	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(a)		0
	11,000	Tobira Therapeutics Inc.†(a)		660
				177,816
		Metals and Mining — 0.0%
	419,000	Pan American Silver Corp., CVR†		125,700
		Specialty Chemicals — 0.0%
	25,772	A. Schulman Inc., CVR†(a)		13,479
		TOTAL RIGHTS		316,995
Principal Amount
		CORPORATE BONDS — 0.0%
		Health Care — 0.0%
	$17,000	Constellation Health Promissory Note, PIK, 5.000%, 01/31/24(a)(b)		7,310

2

The GDL Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Principal Amount			Market Value
		U.S. GOVERNMENT OBLIGATIONS — 25.6%
	$85,908,000	U.S. Treasury Bills,     2.382% to 2.537%††,     04/11/19 to 09/19/19(c)	$	85,414,795
		PURCHASED OPTIONS — 0.0%     (Cost $283,047)		80,550
		TOTAL INVESTMENTS BEFORE SECURITIES     SOLD SHORT — 100.0%     (Cost $336,405,178)	$	334,072,783
Shares
		SECURITIES SOLD SHORT — (6.7)%
		Building and Construction — (0.5)%
	32,500	Lennar Corp., Cl. A	$	1,595,425
		Computer Software and Services — (0.4)%
	14,998	Fiserv Inc.†		1,324,023
		Financial Services — (0.4)%
	26,925	Brookfield Asset Management Inc., Cl. A		1,256,051
		Health Care — (1.9)%
	135,000	Bristol-Myers Squibb Co.		6,440,850
		Metals and Mining — (3.1)%
	288,640	Newmont Mining Corp.		10,324,653
		Real Estate — (0.4)%
	35,250	Omega Healthcare Investors Inc., REIT		1,344,788
		TOTAL SECURITIES SOLD SHORT         (Proceeds received $21,654,253)(d)	$	22,285,790

(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(b) Payment-in-kind (PIK) security. 5.00% PIK interest income will be paid as additional securities at the discretion of the issuer.

(c) At March 31, 2019, $76,360,000 of the principal amount was pledged as collateral for securities sold short, equity contract for difference swap agreements, and forward foreign exchange contracts.

(d) At March 31, 2019, these proceeds were 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

CPR Contingent Payment Right

REIT Real Estate Investment Trust

Geographic Diversification	% of Total Investments*			Market Value
Long Positions
North America		77.4	%		$	258,704,836
Europe.		22.0				73,545,007
Asia/Pacific		0.6				1,822,940
Total Investments — Long Positions		100.0	%		$	334,072,783
Short Positions
North America		(6.7	)%		$	(22,285,790	)
Total Investments — Short Positions		(6.7	)%		$	(22,285,790	)

* Total investments exclude securities sold short.

3

The GDL Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

As of March 31, 2019, options purchased outstanding were as follows:

OPTIONS
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Market Value
Exchange Traded Call Options Purchased — 0.0%
Bristol-Myers Squibb Co.		60	$	286,260	$	52.50		04/18/19	$	720
Bristol-Myers Squibb Co.		650		3,101,150		52.50		05/17/19		30,550
Bristol-Myers Squibb Co.		640		3,053,440		52.50		06/21/19		49,280
TOTAL EXCHANGE TRADED CALL OPTIONS PURCHASED									$	80,550
TOTAL OPTIONS PURCHASED									$	80,550

As of March 31, 2019, forward foreign exchange contracts outstanding were as follows:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation/ (Depreciation)
USD	13,532,295		CAD	18,100,000	State Street Bank and Trust Co.		04/26/19	$	(21,405	)
USD	23,799,582		GBP	18,000,000	State Street Bank and Trust Co.		04/26/19		323,330
USD	13,799,310		EUR	12,200,000	State Street Bank and Trust Co.		04/26/19		82,625
USD	412,747		SEK	3,800,000	State Street Bank and Trust Co.		04/26/19		3,201
USD	357,262		AUD	500,000	State Street Bank and Trust Co.		04/26/19		2,047
								$	389,798

As of March 31, 2019, equity contract for difference swap agreements outstanding were as follows:

Market Value Appreciation Received

One Month LIBOR Plus 90 bps plus Market Value Depreciation Paid

Counterparty

Payment Frequency

Termination Date

Notional Amount

Value

Upfront Payments/ Receipts

Unrealized Depreciation

Premier Foods plc

Premier Foods plc

The Goldman Sachs Group, Inc.

1 month

04/01/2020

$156,519

$(68)

—

$(68)

$(68)

4