NPORT-EX 2 GB39TheGDLFund.htm

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The GDL Fund

Schedule of Investments — March 31, 2021 (Unaudited)

Shares						Market Value
				COMMON STOCKS — 48.2%
				Aerospace — 2.2%
	83,000			Aerojet Rocketdyne Holdings Inc.		$	3,897,680
	5,400			Hexcel Corp.†			302,400
							4,200,080
				Automotive: Parts and Accessories — 4.0%
	40,000			Haldex AB†			211,829
	170,000			Navistar International Corp.†			7,485,100
							7,696,929
				Building and Construction — 1.8%
	2,000			Hinokiya Group Co. Ltd.			45,374
	2,000			Huttig Building Products Inc.†			7,320
	42,000			Lennar Corp., Cl. B			3,458,280
							3,510,974
				Business Services — 1.1%
	135,000			Clear Channel Outdoor Holdings Inc.†			243,000
	1,775			Devoteam SA†			221,476
	2,000			eWork Group AB			22,694
	87,000			exactEarth Ltd.†			93,459
	3,000			IHS Markit Ltd.			290,340
	2,000			MDC Partners Inc., Cl. A†.			6,240
	50,000			Sogou Inc., ADR†			377,500
	40,000			Sportsman’s Warehouse Holdings Inc.†			689,600
	300,000			WPP AUNZ Ltd.			148,112
							2,092,421
				Cable and Satellite — 1.2%
	30,000			Euskaltel SA			390,509
	30,000			Liberty Global plc, Cl. A†			769,800
	19,000			Liberty Global plc, Cl. C†			485,260
	18,000			Liberty Latin America Ltd., Cl. A†			230,940
	5,351			Liberty Latin America Ltd., Cl. C†			69,456
	2,000			Shaw Communications Inc., Cl. B			52,009
	80,000			Tele Columbus AG†			296,458
							2,294,432
				Computer Software and Services — 5.9%
	40,800			NIC Inc.			1,384,344
	6,000			NortonLifeLock Inc.			127,560
	90,000			Perspecta Inc.			2,614,500
	15,000			Pluralsight Inc., Cl. A†			335,100
	46,000			RealPage Inc.†			4,011,200
	4,000			Slack Technologies Inc., Cl. A†			162,520
	4,000			Synacor Inc.†			8,760
	16,500			Talend SA, ADR†			1,050,060
	12,000			Xilinx Inc.†			1,486,800
							11,180,844
				Consumer Products — 0.3%
	75,000			Asaleo Care Ltd.			79,753
	4,000			Dorel Industries Inc., Cl. B†			40,391

Shares						Market Value
	5,000			Hunter Douglas NV†		$	394,027
							514,171
				Diversified Industrial — 0.1%
	1,000			Aegion Corp.†			28,750
	2,500			Forterra Inc.†			58,125
	11,900			Houston Wire & Cable Co.†			62,118
							148,993
				Electronics — 0.9%
	65,500			Bel Fuse Inc., Cl. A			1,171,140
	1,000			Coherent Inc.†			252,890
	4,000			FLIR Systems Inc.			225,880
	15,000			SMTC Corp.†			90,150
							1,740,060
				Energy and Utilities — 4.0%
	400			Akasol AG†			56,027
	20,000			Alvopetro Energy Ltd.†			14,960
	20,000			Atlantic Power Corp.†			57,800
	8,000			Avista Corp.			382,000
	1,500			Chevron Corp.			157,185
	13,500			Enable Midstream Partners LP			87,480
	40,000			Endesa SA			1,058,244
	1,000			GasLog Ltd.			5,770
	460,000			Gulf Coast Ultra Deep Royalty Trust			18,400
	100,000			Hoegh LNG Holdings Ltd.†			272,414
	110,000			PNM Resources Inc.			5,395,500
	10,000			Tilt Renewables Ltd.			52,869
							7,558,649
				Entertainment — 0.7%
	36,000			Fox Corp., Cl. B.			1,257,480
				Equipment and Supplies — 0.7%
	22,000			MTS Systems Corp.†			1,280,400
				Financial Services — 3.6%
	60,000			Cardtronics plc, Cl. A†			2,328,000
	3,000			Cerved Group SpA†			33,176
	3,000			CoreLogic Inc.			237,750
	2,000			FBL Financial Group Inc., Cl. A			111,840
	4,000			Infront ASA†			18,286
	40,000			MoneyGram International Inc.†			262,800
	500			ProSight Global Inc.†			6,300
	10,000			Protective Insurance Corp., Cl. B			228,700
	1,000			Standard AVB Financial Corp.			32,650
	24,000			Steel Partners Holdings LP†			330,000
	200			The Hartford Financial Services Group Inc.			13,358
	65,000			Waddell & Reed Financial Inc., Cl. A			1,628,250
	7,000			Willis Towers Watson plc			1,602,160
							6,833,270
				Food and Beverage — 0.1%
	22,000			Coca-Cola Amatil Ltd.			224,417

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The GDL Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares						Market Value
				COMMON STOCKS (Continued)
				Food and Beverage (Continued)
	500,000			Yashili International Holdings Ltd.†		$	43,092
							267,509
				Health Care — 9.2%
	12,000			Alexion Pharmaceuticals Inc.†			1,834,920
	3,000			AstraZeneca plc, ADR.			149,160
	16,000			Change Healthcare Inc.†			353,600
	60,000			Five Prime Therapeutics Inc.†			2,260,200
	41,000			HMS Holdings Corp.†			1,515,975
	35,000			Idorsia Ltd.†			938,369
	20,000			Kiadis Pharma NV†			127,355
	17,000			Magellan Health Inc.†			1,585,080
	51,655			Pandion Therapeutics Inc.†			3,101,883
	7,000			QIAGEN NV†			340,830
	30,000			Scapa Group plc†			88,713
	30,000			Varian Medical Systems Inc.†			5,295,900
							17,591,985
				Health Care Equipment and Supplies —0.4%
	35,000			GenMark Diagnostics Inc.†			836,500
				Hotels and Gaming — 0.5%
	18,000			Cherry AB, Cl. B†(a)			179,311
	5,000			Extended Stay America Inc			98,750
	1,000			Flutter Entertainment plc†			213,752
	10,000			Gamesys Group plc.			266,345
	4,000			Great Canadian Gaming Corp.†			137,726
	20,000			William Hill plc†			74,996
							970,880
				Machinery — 0.3%
	25,000			CFT SpA†			76,519
	6,000			CIRCOR International Inc.†			208,920
	15,000			CNH Industrial NV†			232,107
	3,500			Neles Oyj.			44,451
							561,997
				Metals and Mining — 0.3%
	50,000			Alamos Gold Inc., Cl. A			390,500
	20,000			Artemis Gold Inc.†			81,961
	1,000			Battle North Gold Corp.†			2,069
	25,000			Sierra Metals Inc.†			78,750
							553,280
				Paper and Forest Products — 0.3%
	28,000			Canfor Corp.†			579,963
				Real Estate — 0.7%
	255,000			Atrium European Real Estate Ltd.			829,832
	4,000			Brookfield Property Partners LP			71,160
	10,000			Corem Property Group AB, Cl. B			21,355
	14,500			Rayonier Inc., REIT			467,625

Shares						Market Value
	1,000			S IMMO AG		$	25,154
							1,415,126
				Retail — 0.5%
	40,000			The Michaels Companies Inc.†			877,600
				Semiconductors — 2.3%
	2,000			Dialog Semiconductor plc†			150,622
	20,600			Inphi Corp.†.			3,675,246
	2,400			Siltronic AG†			386,991
	600			Siltronic AG			94,989
							4,307,848
				Specialty Chemicals — 1.4%
	27,000			Pla Matels Corp.†			187,762
	4,000			SGL Carbon SE†			28,332
	50,000			Tikkurila Oyj†			1,984,795
	7,000			W R Grace & Co.			419,020
							2,619,909
				Telecommunications — 1.0%
	15,000			Cincinnati Bell Inc.†			230,250
	175,000			Koninklijke KPN NV			593,914
	2,000			Loral Space & Communications Inc.			75,340
	30,000			Orange Belgium SA			805,645
	21,000			Parrot SA†			154,656
							1,859,805
				Transportation — 3.8%
	40,000			Abertis Infraestructuras SA†(a)			258,463
	28,000			Cubic Corp			2,087,960
	700			Kansas City Southern			184,744
	100,000			SEACOR Holdings Inc.†			4,075,000
	2,000			XPO Logistics Europe SA†			703,620
							7,309,787
				Wireless Communications — 0.9%
	14,500			Boingo Wireless Inc.†			204,015
	713,121			NII Holdings Inc., Escrow†(a)			1,547,473
							1,751,488
				TOTAL COMMON STOCKS			91,812,380
				CLOSED-END FUNDS — 3.3%
	425,000			Altaba Inc., Escrow†			6,183,750
				PREFERRED STOCKS — 0.0%
				Financial Services — 0.0%
	2,000			Steel Partners Holdings LP,
				Ser. A, 6.000%, 02/07/26			40,100
				CONVERTIBLE PREFERRED STOCKS — 0.0%
				Telecommunications — 0.0%
	1,000			Cincinnati Bell Inc.
				6.750%, Ser. B			49,940

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The GDL Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares						Market Value
				RIGHTS — 0.4%
				Entertainment — 0.0%
	225,000			Media General Inc., CVR†(a)		$	0
				Health Care — 0.2%
	70,000			Achillion Pharmaceuticals Inc., CVR†			35,000
	215,942			Alder BioPharmaceuticals Inc. – H. Lundbeck A/S, CVR†			215,942
	79,391			Ambit Biosciences Corp., CVR†(a)			134,171
	103,040			Dova Pharmaceuticals Inc., CVR†			12,880
	400,000			Elanco Animal Health Inc., CVR†			4,000
	300,000			Innocoll, CVR†(a)			3
	125,000			Ipsen SA/Clementia, CVR†(a)			0
	23,000			Ocera Therapeutics, CVR†(a)			3,910
	3,000			Prevail Therapeutics Inc., CVR†(a)			1,500
	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
							408,066
				Metals and Mining — 0.2%
	419,000			Pan American Silver Corp., CVR†			364,530
				TOTAL RIGHTS			772,596

Principal Amount						Market Value
				U.S. GOVERNMENT OBLIGATIONS —48.1%
				U.S. Treasury Bills — 48.1%
	$91,721,000			0.014% to 0.115%††, 04/15/21 to 09/23/21(b)		$	91,717,754
				TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT —100.0%
				(Cost $188,012,137)		$	190,576,520
Shares
				SECURITIES SOLD SHORT — (4.7)%
				Building and Construction — (1.7)%
	31,500			Lennar Corp., Cl. A		$	3,188,745
				Computer Software and Services — 0.0%
	310			salesforce.com Inc			65,680
				Electronics — (1.2)%
	47,853			Marvell Technology Group Ltd			2,343,840
				Financial Services — (1.0)%
	7,560			Aon plc, Cl. A.			1,739,631
	426			S&P Global Inc.			150,323
							1,889,954
				Semiconductors — (0.7)%
	17,234			Advanced Micro Devices Inc.			1,352,869
	700			II-VI Inc.			47,859
							1,400,728
				Transportation — (0.1)%
	200			Canadian Pacific Railway Ltd.			75,858
				TOTAL SECURITIES SOLD SHORT
				(Proceeds received $7,133,152)(c)		$	8,964,805

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

(b) At March 31, 2021, $18,700,000 of the principal amount was pledged as collateral for securities sold short and forward foreign exchange contracts.

(c) At March 31, 2021, these proceeds were being held at Pershing LLC.

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

3

The GDL Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

ADR    AmericanDepositary Receipt

CCCP    ContingentCash Consideration Payment

CVR    ContingentValue Right

REIT    RealEstate Investment Trust

Geographic Diversification		% of Total Investments*				Market Value
Long Positions
North America			90.4	%			$172,190,895
Europe.			9.0				17,226,747
Asia/Pacific			0.5				925,742
Japan			0.1				233,136
Total Investments — Long Positions			100.0	%			$190,576,520
Short Positions
North America			(4.7	)%			$   (8,964,805)
Total Investments — Short Positions			(4.7	)%			$   (8,964,805)

* Total investments exclude securities sold short.

As of March 31, 2021, forward foreign exchange contracts outstanding were as follows:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized Appreciation/ (Depreciation)

USD

8,046,603

EUR

6,800,000

State Street Bank and Trust Co.

04/29/21

$67,445

USD

442,024

SEK

3,800,000

State Street Bank and Trust Co.

04/29/21

6,799

USD

398,263

CAD

500,000

State Street Bank and Trust Co.

04/29/21

371

USD

137,164

GBP

100,000

State Street Bank and Trust Co.

04/29/21

(710)

TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS

$73,905

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