The GDL Fund
Schedule of Investments — September 30, 2020 (Unaudited)
Shares | Market | |||||||
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 | |||||||
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 |
1
The GDL Fund
Schedule of Investments (Continued) — September 30, 2020 (Unaudited)
Shares | Market | |||||||
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 | |||||||
PREFERRED STOCKS — 0.0% |
| |||||||
Electronics — 0.0% |
| |||||||
317 | WESCO International Inc., | $ | 8,876 | |||||
|
| |||||||
Financial Services — 0.0% |
| |||||||
3,004 | Steel Partners Holdings LP, | 57,196 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 66,072 | |||||||
|
| |||||||
CONVERTIBLE PREFERRED STOCKS— 0.0% |
| |||||||
Telecommunications — 0.0% |
| |||||||
1,000 | Cincinnati Bell Inc. | 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 | |||||||
|
|
2
The GDL Fund
Schedule of Investments (Continued) — September 30, 2020 (Unaudited)
Principal | Market | |||||||
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%†††, | 102,668,704 | ||||||
|
| |||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS | 103,104,671 | |||||||
|
| |||||||
TOTAL INVESTMENTS BEFORE SECURITIES | $ | 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 | $ | 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 | ||||||
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 | ) | ||||||||||||||||||||||||||||||||||||||||
|
|
3