NPORT-EX 2 GB39GDLFd.htm

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The GDL Fund

Schedule of Investments — March 31, 2020 (Unaudited)

Shares						Market Value
				COMMON STOCKS — 74.8%
				Aerospace — 3.4%
	91,000			Hexcel Corp.		$	3,384,290
	150,000			Showa Aircraft Industry Co. Ltd.			2,954,662
							6,338,952
				Automotive: Parts and Accessories — 5.6%
	52,000			Haldex AB			134,303
	6,000			Navistar International Corp.†			98,940
	76,000			WABCO Holdings Inc.†			10,263,800
							10,497,043
				Building and Construction — 0.9%
	40,000			Lennar Corp., Cl. B			1,156,800
	14,000			RIB Software SE			440,984
	4,000			Taylor Morrison Home Corp.†			44,000
							1,641,784
				Business Services — 5.4%
	120,038			Clear Channel Outdoor Holdings Inc.†			76,824
	87,000			exactEarth Ltd.†			17,619
	78,000			Tech Data Corp.†			10,206,300
							10,300,743
				Cable and Satellite — 0.8%
	200			Gilat Satellite Networks Ltd.			1,418
	23,000			Liberty Global plc, Cl. A†			379,730
	48,000			Liberty Global plc, Cl. C†			754,080
	16,000			Liberty Latin America Ltd., Cl. A†			168,320
	16,000			Liberty Latin America Ltd., Cl. C†			164,160
							1,467,708
				Computer Software and Services — 2.1%
	44,625			Altran Technologies SA			733,332
	10,000			Business & Decision†			87,129
	75,000			ForeScout Technologies Inc.†			2,369,250
	7,300			LogMeIn Inc.			607,944
	6,000			NortonLifeLock Inc.			112,260
							3,909,915
				Diversified Industrial — 0.0%
	500			Anixter International Inc.†			43,935
				Electronics — 1.6%
	71,000			Bel Fuse Inc., Cl. A			497,000
	315,000			Fitbit Inc., Cl. A†			2,097,900
	21,000			KEMET Corp.			507,360
							3,102,260
				Energy and Utilities — 15.5%
	39,000			AltaGas Canada Inc.			928,373
	20,000			Alvopetro Energy Ltd.†			8,527
	3,500			Avista Corp.			148,715
	150,000			El Paso Electric Co.(a)			10,194,000
	45,000			Endesa SA			966,306

Shares						Market Value
	727			Energy Transfer LP		$	3,344
	5,000			EQM Midstream Partners LP			59,000
	460,000			Gulf Coast Ultra Deep Royalty Trust			7,590
	10,000			Noble Energy Inc.			60,400
	46,469			Primo Water Corp.			421,009
	670,000			Tallgrass Energy LP, Cl. A			11,028,200
	348,937			TerraForm Power Inc., Cl. A			5,502,736
							29,328,200
				Entertainment — 1.5%
	500,054			Central European Media Enterprises Ltd., Cl. A†			1,565,169
	3,500			Fox Corp., Cl. A			82,705
	55,000			Fox Corp., Cl. B			1,258,400
							2,906,274
				Financial Services — 0.4%
	3,000			Bolsas y Mercados Espanoles SHMSF SA			109,386
	1,000			Legg Mason Inc.			48,850
	45,000			MoneyGram International Inc.†			58,950
	10,000			Steuben Trust Co.			585,000
							802,186
				Food and Beverage — 3.4%
	405,888			Craft Brew Alliance Inc.†			6,047,731
	1,300,000			Premier Foods plc†			389,956
	950,000			Yashili International Holdings Ltd.			61,269
							6,498,956
				Health Care — 11.3%
	100,000			Akorn Inc.†			56,120
	68,500			Allergan plc			12,131,350
	14,000			AstraZeneca plc, ADR			625,240
	200			Forty Seven Inc.†			19,084
	30,000			Idorsia Ltd.†			785,455
	300,000			Pacific Biosciences of California Inc.†			918,000
	29,000			QIAGEN NV†			1,206,400
	54,000			Ra Pharmaceuticals Inc.†			2,592,540
	103,032			Wright Medical Group NV†			2,951,867
							21,286,056
				Hotels and Gaming — 3.5%
	723,000			Caesars Entertainment Corp.†			4,887,480
	18,000			Cherry AB, Cl. B†(b)			158,301
	463,000			Funcom Se†			756,640
	36,000			The Stars Group Inc.†			735,120
							6,537,541
				Machinery — 0.1%
	14,000			CIRCOR International Inc.†			162,820
	15,000			CNH Industrial NV			86,291
							249,111
				Metals and Mining — 0.2%
	55,000			Alamos Gold Inc., Cl. A			275,000

1

The GDL Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				Metals and Mining (Continued)
	20,000			Artemis Gold Inc.†		$	15,348
							290,348
				Paper and Forest Products — 0.8%
	150,000			Canfor Corp.†			778,086
	9,000			Pope Resources a Delaware LP			772,110
							1,550,196
				Real Estate — 1.1%
	288,745			Atrium European Real Estate Ltd.			863,019
	26,990			Condor Hospitality Trust Inc., REIT			110,929
	18,500			Taubman Centers Inc., REIT			774,780
	8,000			Vastned Retail Belgium NV, REIT			260,285
							2,009,013
				Retail — 0.0%
	20,000			Swedol AB, Cl. B			94,010
				Semiconductors — 2.6%
	20,000			Adesto Technologies Corp.†			223,800
	77,000			Cypress Semiconductor Corp.			1,795,640
	24,000			Mellanox Technologies Ltd.†			2,911,680
							4,931,120
				Specialty Chemicals — 4.6%
	855,000			OMNOVA Solutions Inc.†			8,669,700
	5,000			SGL Carbon SE†			13,698
							8,683,398
				Telecommunications — 8.7%
	30,000			Acacia Communications Inc.†			2,015,400
	3,000			Cincinnati Bell Inc.†			43,920
	175,000			Koninklijke KPN NV			419,985
	1,200			Loral Space & Communications Inc.†			19,500
	2,400			North State Telecommunications Corp., Cl. B			177,600
	21,000			Parrot SA†			57,671
	1,600,000			Sprint Corp.†			13,792,000
							16,526,076
				Transportation — 0.5%
	40,000			Abertis Infraestructuras SA†(b)			285,431
	2,000			XPO Logistics Europe SA			582,331
							867,762
				Wireless Telecommunications Services — 0.8%
	713,121			NII Holdings Inc., Escrow†			1,547,473
				TOTAL COMMON STOCKS			141,410,060
				CLOSED-END FUNDS — 4.6%
	415,000			Altaba Inc., Escrow†			8,611,250

Shares						Market Value
				PREFERRED STOCKS — 0.0%
				Financial Services — 0.0%
	2,369			Steel Partners Holdings LP, Ser. A, 6.000%, 02/07/26		$	40,107
				CONVERTIBLE PREFERRED STOCKS — 0.0%
				Telecommunications — 0.0%
	1,000			Cincinnati Bell Inc. 6.750%, Ser. B			44,050
				RIGHTS — 0.7%
				Entertainment — 0.0%
	225,000			Media General Inc., CVR†(b)			0
				Health Care — 0.6%
	70,000			Achillion Pharmaceuticals Inc., CVR†			35,000
	215,942			Alder BioPharmaceuticals Inc. – H. Lundbeck A/S, CVR†(b)			302,319
	79,391			Ambit Biosciences Corp., CVR†(b)			160,767
	136,000			Bristol-Myers Squibb Co., CVR†			516,800
	30,000			Corium International, CVR†(b)			5,400
	103,040			Dova Pharmaceuticals Inc., CVR†			51,520
	400,000			Elanco Animal Health Inc., CVR†			4,000
	300,000			Innocoll, CVR†(b)			3
	125,000			Ipsen SA/Clementia, CVR†(b)			168,750
	23,000			Ocera Therapeutics, CVR†(b)			6,210
	100			Omthera Pharmaceuticals Inc., CVR†(b)			0
	346,322			Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(b)			0
	11,000			Tobira Therapeutics Inc., CVR†(b)			660
							1,251,429
				Metals and Mining — 0.1%
	419,000			Pan American Silver Corp., CVR†			142,460
				TOTAL RIGHTS			1,393,889
Principal Amount
				U.S. GOVERNMENT OBLIGATIONS — 19.9%
$	37,550,000			U.S. Treasury Bills, 0.020% to 1.534%††, 04/30/20 to 08/27/20(c)			37,548,017
				TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT — 100.0% (Cost $217,621,712)		$	189,047,373

2

The GDL Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares
				SECURITIES SOLD SHORT — (14.4)%
				Aerospace — (1.0)%
	33,000			Woodward Inc.		$	1,961,520
				Building and Construction — (0.6)%
	30,000			Lennar Corp., Cl. A			1,146,000
				Energy and Utilities — (2.4)%
	106,775			Brookfield Renewable Partners LP			4,536,870
				Financial Services — (0.3)%
	8,054			Community Bank System Inc.			473,575
				Health Care — (2.4)%
	60,187			AbbVie Inc.			4,585,647
				Hotels and Gaming — (0.4)%
	56,000			Eldorado Resorts Inc.			806,400
				Wireless Communications — (7.3)%
	164,160			T-Mobile US Inc.			13,773,024
				TOTAL SECURITIES SOLD SHORT (Proceeds received $35,223,320)(d)		$	27,283,036

(a) Securities, or a portion thereof, with a value of $3,398,000 were pledged as collateral for equity contract for difference swap agreements, securities sold short, and forward foreign exchange contracts.

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

(c) At March 31, 2020, $31,385,000 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, 2020, 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

REIT Real Estate Investment Trust

Geographic Diversification		% of Total Investments*					Market Value
Long Positions
North America				89.1	%			$	168,411,346
Europe				9.3					17,620,096
Japan				1.6					2,954,662
Asia/Pacific				0.0	**				61,269
Total Investments — Long Positions				100.0	%			$	189,047,373
Short Positions
North America				(14.4	)%			$	(27,283,036	)
Total Investments — Short Positions				(14.4	)%			$	(27,283,036	)

* Total investments exclude securities sold short.

** Amount represents less than 0.05%.

As of March 31, 2020, forward foreign exchange contracts outstanding were as follows:

Currency Purchased						Currency Sold						Counterparty		Settlement Date				Unrealized Depreciation
USD			506,781			SEK			5,100,000			State Street Bank and Trust Co.			04/29/20			$	(9,128)
USD			5,334,728			EUR			4,900,000			State Street Bank and Trust Co.			04/29/20				(75,946)
USD			1,337,538			CAD			1,900,000			State Street Bank and Trust Co.			04/29/20				(13,056)
USD			119,011			GBP			100,000			State Street Bank and Trust Co.			04/29/20				(5,284)
																		$	(103,414)

3

The GDL Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

As of March 31, 2020, 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 Appreciation

Premier Foods plc

Premier Foods plc

The Goldman Sachs Group, Inc.

1 month

04/02/2021

$68,517

$475

—

$475

$475

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