NPORT-EX 2 GB39GB033123.htm
1
The
GDL
Fund
Schedule
of
Investments
—
March
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
34
.6
%
Aerospace
—
3
.4
%
110,000‌
Aerojet
Rocketdyne
Holdings
Inc.
†
.....
$
6,178,700‌
5,000‌
Hexcel
Corp.
.....................
341,250‌
8,700‌
Spire
Global
Inc.
†
.................
5,812‌
6,525,762‌
Automotive
—
0
.2
%
20,000‌
Iveco
Group
NV
†
.................
189,245‌
5,000‌
Uni-Select
Inc.
†
..................
172,401‌
361,646‌
Broadcasting
—
0
.8
%
90,000‌
TEGNA
Inc.
.....................
1,521,900‌
Building
and
Construction
—
1
.8
%
12,000‌
Atlas
Technical
Consultants
Inc.
†
......
146,280‌
37,500‌
Lennar
Corp.
,
Cl. B
................
3,349,125‌
3,495,405‌
Business
Services
—
0
.3
%
100,000‌
Clear
Channel
Outdoor
Holdings
Inc.
†
...
120,000‌
75,000‌
Dawson
Geophysical
Co.
†
...........
131,250‌
2,000‌
Ework
Group
AB
..................
32,296‌
4,000‌
Ritchie
Bros
Auctioneers
Inc.
.........
225,160‌
508,706‌
Cable
and
Satellite
—
1
.6
%
3,500‌
Lee
Enterprises
Inc.
†
...............
43,575‌
40,000‌
Liberty
Global
plc
,
Cl. A
†
............
780,000‌
30,000‌
Liberty
Latin
America
Ltd.
,
Cl. A
†
......
249,300‌
5,351‌
Liberty
Latin
America
Ltd.
,
Cl. C
†
......
44,199‌
65,000‌
Shaw
Communications
Inc.
,
Cl. B
......
1,944,950‌
3,062,024‌
Computer
Software
and
Services
—
1
.7
%
15,500‌
Black
Knight
Inc.
†
.................
892,180‌
7,500‌
Cvent
Holding
Corp.
†
..............
62,700‌
8,000‌
Dell
Technologies
Inc.
,
Cl. C
..........
321,680‌
4,000‌
EMIS
Group
plc
..................
74,016‌
25,000‌
ForgeRock
Inc.
,
Cl. A
†
..............
515,000‌
6,000‌
Gen
Digital
Inc.
...................
102,960‌
300‌
GK
Software
SE
†
.................
61,882‌
1,000‌
Magnet
Forensics
Inc.
†
.............
32,697‌
20,000‌
Momentive
Global
Inc.
†
.............
186,400‌
6,000‌
Playtech
plc
†
....................
39,006‌
16,000‌
Qualtrics
International
Inc.
,
Cl. A
†
......
285,280‌
600‌
Stratasys
Ltd.
†
...................
9,918‌
26,000‌
Sumo
Logic
Inc.
†
.................
311,480‌
2,500‌
VMware
Inc.
,
Cl. A
†
................
312,125‌
3,207,324‌
Consumer
Products
—
0
.8
%
37,000‌
iRobot
Corp.
†
....................
1,614,680‌
Shares
Market
Value
Diversified
Industrial
—
1
.0
%
35,000‌
Maxar
Technologies
Inc.
............
$
1,787,100‌
3,600‌
Valmet
Oyj
......................
116,501‌
8,000‌
Velan
Inc.
.......................
75,531‌
1,979,132‌
Electronics
—
2
.9
%
56,000‌
Bel
Fuse
Inc.
,
Cl. A
................
2,033,920‌
2,000‌
MKS
Instruments
Inc.
..............
177,240‌
19,300‌
Rogers
Corp.
†
...................
3,154,199‌
62,000‌
Yamada
Holdings
Co.
Ltd.
†
..........
212,932‌
5,578,291‌
Energy
and
Utilities
—
4
.4
%
13,333‌
Alvopetro
Energy
Ltd.
..............
71,030‌
12,000‌
Avista
Corp.
.....................
509,400‌
44,600‌
DCP
Midstream
LP
................
1,860,712‌
40,000‌
Endesa
SA
......................
867,600‌
2,000‌
Evoqua
Water
Technologies
Corp.
†
.....
99,440‌
460,000‌
Gulf
Coast
Ultra
Deep
Royalty
Trust
.....
10,937‌
94,000‌
PNM
Resources
Inc.
...............
4,575,920‌
8,000‌
Southwest
Gas
Holdings
Inc.
.........
499,600‌
8,494,639‌
Entertainment
—
0
.8
%
4,000‌
Activision
Blizzard
Inc.
..............
342,360‌
35,000‌
Fox
Corp.
,
Cl. B
...................
1,095,850‌
15,000‌
Rovio
Entertainment
Oyj
............
126,968‌
1,565,178‌
Financial
Services
—
3
.6
%
17,500‌
Aareal
Bank
AG
†
..................
573,158‌
5,000‌
Argo
Group
International
Holdings
Ltd.
..
146,450‌
875‌
Brookfield
Asset
Management
Ltd.
,
Cl. A
.
28,630‌
3,500‌
Brookfield
Corp.
..................
114,065‌
12,000‌
Cadence
Bank
....................
249,120‌
2,237‌
CNFinance
Holdings
Ltd.
,
ADR
†
.......
5,526‌
8,000‌
Columbia
Banking
System
Inc.
........
171,360‌
11,000‌
Fanhua
Inc.
,
ADR
.................
95,480‌
33,000‌
First
Horizon
Corp.
................
586,740‌
4,000‌
Focus
Financial
Partners
Inc.
,
Cl. A
†
....
207,480‌
8,000‌
Malvern
Bancorp
Inc.
†
.............
121,560‌
275,000‌
MoneyGram
International
Inc.
†
.......
2,865,500‌
23,600‌
Steel
Partners
Holdings
LP
†
..........
1,035,792‌
2,000‌
The
Community
Financial
Corp.
.......
66,260‌
100,000‌
Trean
Insurance
Group
Inc.
†
.........
612,000‌
2,000‌
Webster
Financial
Corp.
.............
78,840‌
6,957,961‌
Food
and
Beverage
—
0
.3
%
5,500‌
Chr.
Hansen
Holding
A/S
............
417,143‌
325,000‌
Yashili
International
Holdings
Ltd.
†
.....
48,854‌
465,997‌
2
The
GDL
Fund
Schedule
of
Investments
(Continued)
—
March
31,
2023
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Health
Care
—
5
.9
%
7,000‌
Amryt
Pharma
plc
,
ADR
†
............
$
102,060‌
100,000‌
Apollo
Endosurgery
Inc.
†
............
992,000‌
5,700‌
AstraZeneca
plc
,
ADR
..............
395,637‌
9,000‌
Biohaven
Ltd.
†
...................
122,940‌
8,000‌
Bioventus
Inc.
,
Cl. A
†
..............
8,560‌
120,000‌
Cardiovascular
Systems
Inc.
†
........
2,383,200‌
20,000‌
Horizon
Therapeutics
plc
†
...........
2,182,800‌
35,000‌
Idorsia
Ltd.
†
.....................
383,300‌
104,400‌
Oak
Street
Health
Inc.
†
.............
4,038,192‌
8,000‌
Provention
Bio
Inc.
†
...............
192,800‌
7,000‌
QIAGEN
NV
†
....................
321,510‌
1,300‌
Seagen
Inc.
†
....................
263,211‌
17,000‌
TherapeuticsMD
Inc.
†
..............
63,750‌
11,449,960‌
Hotels
and
Gaming
—
0
.1
%
500‌
Flutter
Entertainment
plc
†
...........
90,238‌
Machinery
—
0
.3
%
25,000‌
CFT
SpA
†
(a)
.....................
124,717‌
12,000‌
CIRCOR
International
Inc.
†
..........
373,440‌
10,000‌
CNH
Industrial
NV
.................
152,698‌
650,855‌
Metals
and
Mining
—
0
.3
%
46,000‌
Alamos
Gold
Inc.
,
Cl. A
.............
562,580‌
20,000‌
Artemis
Gold
Inc.
†
................
66,297‌
80,000‌
Sierra
Metals
Inc.
†
................
23,520‌
652,397‌
Real
Estate
—
1
.2
%
10,000‌
Corem
Property
Group
AB
,
Cl. B
.......
6,971‌
3,000‌
Healthcare
Realty
Trust
Inc.
,
REIT
......
57,990‌
35,000‌
Indus
Realty
Trust
Inc.
,
REIT
.........
2,320,150‌
2,385,111‌
Retail
—
1
.3
%
4,000‌
Albertsons
Companies
Inc.
,
Cl. A
......
83,120‌
100‌
Franchise
Group
Inc.
...............
2,725‌
2,000‌
Home24
SE
†
....................
15,964‌
64,000‌
Sportsman's
Warehouse
Holdings
Inc.
†
.
542,720‌
69,000‌
The
Fresh
Market
Inc.
†
(a)
...........
0‌
3,000‌
Tod's
SpA
†
.....................
124,153‌
19,000‌
TravelCenters
of
America
Inc.
†
........
1,643,500‌
2,412,182‌
Semiconductors
—
0
.1
%
800‌
Entegris
Inc.
.....................
65,608‌
2,500‌
Siltronic
AG
.....................
182,196‌
200‌
Tower
Semiconductor
Ltd.
†
..........
8,494‌
256,298‌
Shares
Market
Value
Specialty
Chemicals
—
0
.5
%
44,000‌
Diversey
Holdings
Ltd.
†
.............
$
355,960‌
10,000‌
Mativ
Holdings
Inc.
................
214,700‌
4,000‌
SGL
Carbon
SE
†
..................
39,432‌
400‌
Tronox
Holdings
plc
...............
5,752‌
10,000‌
Univar
Solutions
Inc.
†
..............
350,300‌
966,144‌
Telecommunications
—
1
.1
%
280,000‌
HKBN
Ltd.
......................
207,239‌
175,000‌
Koninklijke
KPN
NV
................
617,948‌
47,000‌
Orange
Belgium
SA
†
...............
777,825‌
21,000‌
Parrot
SA
†
......................
95,653‌
40,047‌
Telesat
Corp.
†
...................
344,404‌
2,043,069‌
Transportation
—
0
.1
%
40,000‌
Abertis
Infraestructuras
SA
†
(a)
.......
210,393‌
5,000‌
US
Xpress
Enterprises
Inc.
,
Cl. A
†
.....
29,700‌
240,093‌
Wireless
Communications
—
0
.1
%
713,121‌
NII
Holdings
Inc.,
Escrow
†
...........
249,592‌
TOTAL
COMMON
STOCKS
...........
66,734,584‌
CLOSED-END
FUNDS
—
0
.5
%
425,000‌
Altaba
Inc.,
Escrow
†
...............
1,000,875‌
PREFERRED
STOCKS
—
0.0
%
Financial
Services
—
0.0
%
2,000‌
Steel
Partners
Holdings
LP
,
Ser.
A
,
6.000
%
,
02/07/26
......................
46,320‌
RIGHTS
—
0
.3
%
Computer
Software
and
Services
—
0.0
%
1,000‌
Flexion
Therapeutics
Inc.
,
CVR
†
.......
650‌
Health
Care
—
0
.2
%
21,000‌
ABIOMED
Inc.
,
CVR
†
...............
36,750‌
70,000‌
Achillion
Pharmaceuticals
Inc.
,
CVR
†
...
35,000‌
104,000‌
Adamas
Pharmaceuticals
Inc.
,
CVR
†
....
5,200‌
104,000‌
Adamas
Pharmaceuticals
Inc.
,
CVR
†
....
5,200‌
40,000‌
Akouos
Inc.
,
CVR
†
................
30,000‌
79,391‌
Ambit
Biosciences
Corp.
,
CVR
†
(a)
.....
134,171‌
4,000‌
CinCor
Pharma
Inc.
,
CVR
†
...........
12,000‌
28,000‌
Epizyme
Inc.
,
CVR
†
................
560‌
300,000‌
Innocoll
,
CVR
†
(a)
.................
0‌
6,000‌
Ipsen
,
CVR
†
(a)
...................
13,500‌
125,000‌
Ipsen
SA/Clementia
,
CVR
†
(a)
.........
0‌
23,000‌
Ocera
Therapeutics
,
CVR
†
(a)
.........
3,910‌
3,000‌
Opiant
Pharmaceuticals
Inc.
,
CVR
†
.....
1,500‌
115,000‌
Oyster
Point
Pharma
Inc.
,
CVR
†
(a)
.....
1‌
3,000‌
Prevail
Therapeutics
Inc.
,
CVR
†
.......
1,500‌
3
The
GDL
Fund
Schedule
of
Investments
(Continued)
—
March
31,
2023
(Unaudited)
Shares
Market
Value
RIGHTS
(Continued)
Health
Care
(Continued)
2,000‌
Radius
Health
Inc.
,
CVR
†
............
$
200‌
346,322‌
Teva
Pharmaceutical
Industries
Ltd.
,
CCCP
,
expire
01/02/24
†
(a)
..............
0‌
11,000‌
Tobira
Therapeutics
Inc.
,
CVR
†
(a)
......
0‌
279,492‌
Metals
and
Mining
—
0
.1
%
10,000‌
Kinross
Gold
Corp.
,
CVR
†
(a)
.........
0‌
419,000‌
Pan
American
Silver
Corp.
,
CVR
†
......
230,450‌
230,450‌
Paper
and
Forest
Products
—
0.0
%
24,000‌
Resolute
Forest
Products
Inc.
,
CVR
†
....
48,000‌
TOTAL
RIGHTS
...................
558,592‌
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
64
.6
%
$
125,525,000‌
U.S.
Treasury
Bills,
4.493
%
to
5.098
%
††
,
04/13/23
to
09/07/23
......................
124,397,982‌
TOTAL
INVESTMENTS
BEFORE
SECURITIES
SOLD
SHORT
—
100
.0
%
(Cost
$
193,695,942
)
.............
$
192,738,353‌
Shares
Market
Value
SECURITIES
SOLD
SHORT
—
(
1
.4
)
%
Building
and
Construction
—
(
1
.3
)
%
24,500‌
Lennar
Corp.
,
Cl. A
.........................
$
2,575,195‌
Shares
Market
Value
Financial
Services
—
(
0
.1
)
%
6,186‌
First
Bank
..................................
$
62,479‌
4,657‌
Shore
Bancshares
Inc.
.....................
66,502‌
128,981‌
Machinery
—
(0.0)
%
500‌
Xylem
Inc.
.................................
52,350‌
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
received
$
1,666,947
)
(b)
.....
$
2,756,526‌
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(b)
At
March
31,
2023,
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
......................
96
.0‌
%
$
185,094,869‌
Europe
..............................
3
.6‌
6,927,005‌
Asia/Pacific
.........................
0
.2‌
357,098‌
Japan
...............................
0
.1‌
212,931‌
Latin
America
.......................
0
.1‌
146,450‌
Total
Investments
—
Long
Positions
100.0‌%
$
192,738,353‌
Short
Positions
North
America
......................
(
1
.4‌
)
%
$
(
2,756,526‌
)
Total
Investments
—
Short
Positions
(1.4‌)%
$
(2,756,526‌)
As
of
March
31,
2023,
forward
foreign
exchange
contracts
outstanding
were
as
follows:
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation/
(Depreciation)
USD
3,695,356
EUR
3,400,000
State
Street
Bank
and
Trust
Co.
04/28/23
$
2,269‌
USD
1,914,705
CAD
2,600,000
State
Street
Bank
and
Trust
Co.
04/28/23
(
9,872‌
)
TOTAL
FORWARD
FOREIGN
EXCHANGE
CONTRACTS
$
(
7,603‌
)