NPORT-EX 2 GB39GDLFd.htm.htm

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The GDL Fund

Schedule of Investments — September 30, 2020 (Unaudited)

Shares						Market Value
				COMMON STOCKS — 40.0%
				Aerospace — 0.4%
	20,600			Hexcel Corp.		$	691,130
				Automotive: Parts and Accessories — 0.4%
	40,000			Haldex AB†			186,694
	14,000			Navistar International Corp.†			609,560
							796,254
				Building and Construction — 1.4%
	2,000			Hinokiya Group Co. Ltd.			37,245
	2,000			Huttig Building Products Inc.†			4,380
	40,000			Lennar Corp., Cl. B			2,626,400
							2,668,025
				Business Services — 0.9%
	35,000			Advanced Disposal Services Inc.†			1,058,050
	6,000			Ahlstrom-Munksjo Oyj			126,485
	160,000			Clear Channel Outdoor Holdings Inc.†			160,000
	1,000			Devoteam SA†			114,197
	2,000			eWork Group AB			16,727
	87,000			exactEarth Ltd.†			50,636
	500			Internationella Engelska Skolan i Sverige Holding II AB			4,444
	2,000			MDC Partners Inc., Cl. A†			3,220
	20,000			Perceptron Inc.			136,000
							1,669,759
				Cable and Satellite — 0.9%
	23,000			Liberty Global plc, Cl. A†.			483,230
	48,000			Liberty Global plc, Cl. C†.			985,680
	18,000			Liberty Latin America Ltd., Cl. A†			148,500
	4,842			Liberty Latin America Ltd., Cl. C†			39,414
							1,656,824
				Computer Software and Services — 2.3%
	41,400			MobileIron Inc.†			290,214
	6,000			NortonLifeLock Inc.			125,040
	130,000			Rosetta Stone Inc.†			3,897,400
							4,312,654
				Electronics — 1.5%
	72,000			Bel Fuse Inc., Cl. A			802,800
	292,000			Fitbit Inc., Cl. A†			2,032,320
	2,500			Gunnebo AB†			6,937
							2,842,057
				Energy and Utilities — 0.9%
	20,000			Alvopetro Energy Ltd.†			8,561
	3,000			Avista Corp.			102,360
	40,000			Endesa SA			1,070,687
	200			Equitrans Midstream Corp.			1,692
	460,000			Gulf Coast Ultra Deep Royalty Trust			3,220
	20,000			Noble Energy Inc.			171,000

Shares						Market Value
	25,000			Primo Water Corp.		$	355,000
							1,712,520
				Entertainment — 1.9%
	495,000			Central European Media Enterprises Ltd., Cl. A†			2,074,050
	3,500			Fox Corp., Cl. A			97,405
	49,000			Fox Corp., Cl. B			1,370,530
							3,541,985
				Financial Services — 3.5%
	2,000			E*TRADE Financial Corp.			100,100
	200,000			Hastings Group Holdings plc			651,372
	45,000			MoneyGram International Inc.†			127,125
	8,000			National General Holdings Corp.			270,000
	4,000			NIBC Holding NV			34,752
	1,000			Standard AVB Financial Corp.			32,650
	15,000			Steel Partners Holdings LP†			92,609
	100,000			TD Ameritrade Holding Corp.			3,915,000
	7,000			Willis Towers Watson plc			1,461,740
							6,685,348
				Food and Beverage — 3.7%
	391,000			Craft Brew Alliance Inc.†			6,451,500
	30,000			Massimo Zanetti Beverage Group SpA			174,461
	350,000			Premier Foods plc†			417,753
	700,000			Yashili International Holdings Ltd.†			46,064
							7,089,778
				Health Care — 14.5%
	110,000			Aimmune Therapeutics Inc.†			3,789,500
	60,000			Akcea Therapeutics Inc.†			1,088,400
	150,000			Akorn Inc.†			4,275
	10,000			AstraZeneca plc, ADR			548,000
	30,000			Idorsia Ltd.†			805,819
	35,000			Immunomedics Inc.†			2,976,050
	5,500			Intersect ENT Inc.†			89,705
	4,000			Livongo Health Inc.†			560,200
	40,000			Medicrea International†			325,474
	170,000			Momenta Pharmaceuticals Inc.†			8,921,600
	100,000			Pacific Biosciences of California Inc.†			987,000
	23,000			QIAGEN NV†			1,201,980
	20,000			Varian Medical Systems Inc.†			3,440,000
	96,000			Wright Medical Group NV†			2,931,840
							27,669,843
				Hotels and Gaming — 0.2%
	18,000			Cherry AB, Cl. B†(a)			174,858
	1,000			Flutter Entertainment plc†			158,069
	20,000			William Hill plc			71,744
							404,671
				Machinery — 0.3%
	13,000			CIRCOR International Inc.†			355,550
	15,000			CNH Industrial NV†			116,917

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The GDL Fund

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				Machinery (Continued)
	2,000			IMA Industria Macchine Automatiche SpA		$	157,813
	3,000			Neles Oyj			40,643
							670,923
				Metals and Mining — 0.3%
	50,000			Alamos Gold Inc., Cl. A			440,500
	20,000			Artemis Gold Inc.†			93,124
							533,624
				Paper and Forest Products — 0.7%
	115,000			Canfor Corp.†			1,294,619
				Real Estate — 1.6%
	255,000			Atrium European Real Estate Ltd.			711,564
	12,000			Condor Hospitality Trust Inc., REIT			31,440
	100,000			Jernigan Capital Inc., REIT			1,714,000
	20,000			Rayonier Inc., REIT			528,800
							2,985,804
				Retail — 0.8%
	191,166			Hudson Ltd., Cl. A†			1,452,862
	3,000			METRO AG			29,968
							1,482,830
				Specialty Chemicals — 0.0%
	4,000			SGL Carbon SE†			14,773
				Telecommunications — 2.6%
	9,000			Acacia Communications Inc.†			606,600
	15,000			Cincinnati Bell Inc.†			225,000
	175,000			Koninklijke KPN NV			411,796
	1,200			Loral Space & Communications Inc.			21,960
	15,000			NTT DOCOMO Inc., ADR			550,200
	21,000			Parrot SA†			105,873
	26,000			Sunrise Communications Group AG			3,076,923
							4,998,352
				Transportation — 0.4%
	40,000			Abertis Infraestructuras SA†(a)			280,921
	2,000			XPO Logistics Europe SA†			555,744
							836,665
				Wireless Communications — 0.8%
	713,121			NII Holdings Inc., Escrow†			1,547,473
				TOTAL COMMON STOCKS			76,105,911
				CLOSED-END FUNDS — 5.0%
	415,000			Altaba Inc., Escrow†			9,399,750
	2,000			MVC Capital Inc.			15,620
				TOTAL CLOSED-END FUNDS			9,415,370

Shares						Market Value
				PREFERRED STOCKS — 0.0%
				Electronics — 0.0%
	317			WESCO International Inc., Ser. A, 10.625%		$	8,876
				Financial Services — 0.0%
	3,004			Steel Partners Holdings LP, Ser. A, 6.000%, 02/07/26			57,196
				TOTAL PREFERRED STOCKS			66,072
				CONVERTIBLE PREFERRED STOCKS— 0.0%
				Telecommunications — 0.0%
	1,000			Cincinnati Bell Inc. 6.750%, Ser. B			48,500
				RIGHTS — 0.7%
				Entertainment — 0.0%
	225,000			Media General Inc., CVR†(a)			0
				Health Care — 0.5%
	70,000			Achillion Pharmaceuticals Inc., CVR†			35,000
	215,942			Alder BioPharmaceuticals Inc. – H. Lundbeck A/S, CVR†			269,927
	79,391			Ambit Biosciences Corp., CVR†(a)			160,767
	109,000			Bristol-Myers Squibb Co., CVR†			245,250
	103,040			Dova Pharmaceuticals Inc., CVR†			51,520
	400,000			Elanco Animal Health Inc., CVR†			4,000
	300,000			Innocoll, CVR†(a)			3
	125,000			Ipsen SA/Clementia, CVR†(a)			168,750
	23,000			Ocera Therapeutics, CVR†(a)			3,450
	100			Omthera Pharmaceuticals Inc., CVR†(a)			0
	18,000			Stemline Therapeutics Inc., CVR†(a)			0
	346,322			Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(a)			0
	11,000			Tobira Therapeutics Inc., CVR†(a)			660
							939,327
				Metals and Mining — 0.2%
	419,000			Pan American Silver Corp., CVR†			326,778
				TOTAL RIGHTS			1,266,105

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The GDL Fund

Schedule of Investments (Continued) — September 30, 2020 (Unaudited)

Principal Amount						Market Value
				U.S. GOVERNMENT OBLIGATIONS — 54.3%
				U.S. Cash Management Bills — 0.2%
	$       436,000			0.094%††, 11/10/20		$	435,967
				U.S. Treasury Bills — 54.1%
	102,681,000			0.080% to 0.165%†††, 10/01/20 to 03/25/21(b)			102,668,704
				TOTAL U.S. GOVERNMENT OBLIGATIONS			103,104,671
				TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT — 100.0% (Cost $191,075,988)		$	190,006,629
Shares
				SECURITIES SOLD SHORT — (4.2)%
				Building and Construction — (1.3)%
	30,000			Lennar Corp., Cl. A		$	2,450,400
				Financial Services — (2.9)%
	7,560			Aon plc, Cl. A			1,559,628
	2,086			Morgan Stanley			100,858
	108,370			The Charles Schwab Corp.			3,926,245
							5,586,731
				TOTAL SECURITIES SOLD SHORT (Proceeds received $6,865,724)(c)		$	8,037,131

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

(b) At September 30, 2020, $17,700,000 of the principal amount was pledged as collateral for securities sold short, and forward foreign exchange contracts.

(c) At September 30, 2020, these proceeds were being held at Pershing LLC.

† Non-income producing security.

†† Represents annualized yield at date of purchase.

††† 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			89.4	%		$	169,843,193
Europe			10.3				19,529,927
Japan			0.3				587,445
Asia/Pacific			0.0				46,064
Total Investments — Long Positions			100.0	%		$	190,006,629
Short Positions
North America			(4.2	)%		$	(8,037,131	)
Total Investments — Short Positions			(4.2	)%		$	(8,037,131	)

* Total investments exclude securities sold short.

As of September 30, 2020, forward foreign exchange contracts outstanding were as follows:

Currency Purchased														Currency Sold														Counterparty		Settlement Date												Unrealized Appreciation/ (Depreciation)
USD			3,110,894											CHF			2,860,000											State Street Bank and Trust Co.			10/29/20											$	3,185
USD			313,928											SEK			2,800,000											State Street Bank and Trust Co.			10/29/20												1,191
USD			3,396,335											EUR			2,900,000											State Street Bank and Trust Co.			10/29/20												(5,804	)
USD			1,050,637											CAD			1,400,000											State Street Bank and Trust Co.			10/29/20												(866	)
USD			508,844											GBP			400,000											State Street Bank and Trust Co.			10/29/20												(7,373	)
TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS																																										$	(9,667	)

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