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1
The GDL Fund
Schedule of Investments — March 31, 2025 (Unaudited)
Shares
Market
Value
COMMON STOCKS — 83.7%
Aerospace — 3.2%
36,000‌
Spirit AeroSystems Holdings Inc., Cl. A†
.
$ 1,240,560‌
115,000‌
Triumph Group Inc.†
...............
2,914,100‌
4,154,660‌
Automotive — 0.8%
20,000‌
Iveco Group NV
..................
325,904‌
270,000‌
TI Fluid Systems plc
...............
694,057‌
1,019,961‌
Broadcasting — 1.2%
14,237‌
Sirius XM Holdings Inc.
.............
320,973‌
65,600‌
TEGNA Inc.
.....................
1,195,232‌
1,516,205‌
Building and Construction — 3.2%
32,000‌
H&E Equipment Services Inc.
.........
3,033,280‌
11,000‌
Lennar Corp., Cl. B
................
1,199,770‌
4,233,050‌
Business Services — 4.2%
172,000‌
Despegar.com Corp.†
..............
3,231,880‌
115,000‌
Dun & Bradstreet Holdings Inc.
.......
1,028,100‌
40,000‌
Just Eat Takeaway.com NV†
..........
838,224‌
6,000‌
Shutterstock Inc.
.................
111,780‌
50,000‌
Vacasa Inc., Cl. A†
................
269,000‌
5,478,984‌
Cable and Satellite — 0.2%
60,000‌
WideOpenWest Inc.†
...............
297,000‌
Computer Software and Services — 7.4%
25,000‌
Desktop Metal Inc., Cl. A†
...........
122,750‌
230,000‌
Logility Supply Chain Solutions Inc.
....
3,279,800‌
70,000‌
Markforged Holding Corp.†
..........
327,600‌
150,000‌
Paycor HCM Inc.†
.................
3,366,000‌
140,000‌
SolarWinds Corp.
.................
2,580,200‌
9,676,350‌
Consumer Products — 2.3%
21,000‌
Capri Holdings Ltd.†
...............
414,330‌
141,000‌
Pactiv Evergreen Inc.
...............
2,539,410‌
2,953,740‌
Consumer Services — 0.2%
175,000‌
SPAR Group Inc.†
.................
231,000‌
Containers and Packaging — 0.4%
8,000‌
Berry Global Group Inc.
.............
558,480‌
Diversified Industrial — 0.6%
180,000‌
Intevac Inc.
.....................
720,000‌
2,000‌
United States Steel Corp.
............
84,520‌
804,520‌
Shares
Market
Value
Electronics — 2.4%
4,499‌
Bel Fuse Inc., Cl. A
................
$ 324,198‌
385,000‌
VOXX International Corp.†
...........
2,887,500‌
3,211,698‌
Energy and Utilities — 6.8%
51,000‌
ALLETE Inc.
.....................
3,350,700‌
500,000‌
Altus Power Inc.†
.................
2,475,000‌
12,000‌
Avista Corp.
.....................
502,440‌
30,000‌
ChampionX Corp.
.................
894,000‌
45,000‌
DMC Global Inc.†
.................
378,900‌
460,000‌
Gulf Coast Ultra Deep Royalty Trust†
....
11,500‌
3,000‌
Hess Corp.
......................
479,190‌
35,000‌
Innergex Renewable Energy Inc.
.......
329,071‌
8,000‌
TXNM Energy Inc.
.................
427,840‌
8,848,641‌
Entertainment — 1.0%
35,000‌
Endeavor Group Holdings Inc., Cl. A
....
962,500‌
70,000‌
IMAX China Holding Inc.†
...........
70,617‌
20,000‌
Manchester United plc, Cl. A†
.........
261,800‌
1,294,917‌
Financial Services — 8.4%
53,000‌
CI Financial Corp.
.................
1,147,987‌
26,000‌
Discover Financial Services
..........
4,438,200‌
9,000‌
Enstar Group Ltd.†
................
2,991,420‌
6,000‌
Moneylion Inc.†
..................
519,060‌
13,000‌
Sandy Spring Bancorp Inc.
...........
363,350‌
16,400‌
Steel Partners Holdings LP†
..........
672,482‌
25,000‌
The First Bancshares Inc.
............
845,250‌
10,977,749‌
Food and Beverage — 4.0%
62,000‌
Kellanova
.......................
5,114,380‌
7,000‌
Lifeway Foods Inc.†
...............
171,150‌
5,285,530‌
Health Care — 17.3%
85,000‌
2seventy bio Inc.†
.................
419,900‌
110,000‌
Accolade Inc.†
...................
767,800‌
8,000‌
Amedisys Inc.†
...................
741,040‌
205,000‌
Checkpoint Therapeutics Inc.†
........
828,200‌
150,000‌
Chimerix Inc.†
...................
1,276,500‌
115,000‌
Cross Country Healthcare Inc.†
.......
1,712,350‌
46,500‌
Intra-Cellular Therapies Inc.†
.........
6,134,280‌
565,000‌
Nevro Corp.†
....................
3,299,600‌
35,000‌
Optinose Inc.†
...................
320,950‌
130,000‌
Paragon 28 Inc.†
.................
1,697,800‌
120,000‌
Patterson Cos. Inc.
................
3,748,800‌
14,000‌
Surgery Partners Inc.†
.............
332,500‌
44,000‌
SurModics Inc.†
..................
1,343,320‌
22,623,040‌
2
The GDL Fund
Schedule of Investments (Continued) — March 31, 2025 (Unaudited)
Shares
Market
Value
COMMON STOCKS (Continued)
Hotels and Gaming — 3.2%
65,000‌
Everi Holdings Inc.†
...............
$ 888,550‌
50,000‌
GAN Ltd.†
......................
88,500‌
185,000‌
Playa Hotels & Resorts NV†
..........
2,466,050‌
65,000‌
PlayAGS Inc.†
...................
787,150‌
4,230,250‌
Machinery — 0.1%
25,000‌
CFT SpA†(a)
.....................
124,349‌
Metals and Mining — 0.9%
178,500‌
First Majestic Silver Corp.
...........
1,194,165‌
Paper and Forest Products — 0.4%
10,280‌
International Paper Co.
.............
548,438‌
Retail — 6.6%
25,000‌
Bapcor Ltd.
.....................
70,608‌
31,500‌
Beacon Roofing Supply Inc.†
.........
3,896,550‌
225,000‌
Global Blue Group Holding AG†
.......
1,656,000‌
68,000‌
Nordstrom Inc.
...................
1,662,600‌
120,000‌
Walgreens Boots Alliance Inc.
........
1,340,400‌
8,626,158‌
Specialty Chemicals — 0.3%
5,500‌
Covestro AG†
....................
353,261‌
Telecommunications — 5.1%
85,000‌
Frontier Communications Parent Inc.†
...
3,048,100‌
280,000‌
HKBN Ltd.
......................
186,392‌
93,000‌
Juniper Networks Inc.
..............
3,365,670‌
50,000‌
Spirent Communications plc†
.........
121,747‌
6,721,909‌
Transportation — 3.3%
40,000‌
Abertis Infraestructuras SA†(a)
.......
152,680‌
185,000‌
Air Transport Services Group Inc.†
.....
4,151,400‌
4,304,080‌
Wireless Communications — 0.2%
713,121‌
NII Holdings Inc., Escrow†
...........
249,592‌
TOTAL COMMON STOCKS
.........
109,517,727‌
CLOSED-END FUNDS — 0.5%
425,000‌
Altaba Inc., Escrow†
...............
648,125‌
RIGHTS — 0.3%
Computer Software and Services — 0.0%
1,000‌
Flexion Therapeutics Inc., CVR†
.......
100‌
Health Care — 0.2%
21,000‌
ABIOMED Inc., CVR†
...............
33,600‌
Shares
Market
Value
104,000‌
Adamas Pharmaceuticals Inc., CVR†
....
$ 1,300‌
104,000‌
Adamas Pharmaceuticals Inc., CVR†
....
1,300‌
40,000‌
Akouos Inc., CVR†
................
20,000‌
6,000‌
Albireo Pharma Inc., CVR†
...........
13,500‌
25,000‌
Alimera Sciences Inc., CVR†
.........
250‌
79,391‌
Ambit Biosciences Corp., CVR†(a)
.....
0‌
64,000‌
Chinook Therapeutics Inc., CVR†
......
32,000‌
4,000‌
CinCor Pharma Inc., CVR†
...........
12,000‌
25,000‌
Decibel Therapeutics Inc., CVR†(a)
.....
0‌
28,000‌
Epizyme Inc., CVR†
................
560‌
60,000‌
Fusion Pharmaceuticals Inc., CVR†
.....
30,000‌
500,000‌
Gracell Biotechnologies Inc., CVR†
.....
20,000‌
30,000‌
Icosavax Inc., CVR†
...............
9,000‌
300,000‌
Innocoll, CVR†(a)
.................
0‌
10,000‌
Mirati Therapeutics Inc., CVR†
........
5,000‌
23,000‌
Ocera Therapeutics, CVR†
...........
2‌
3,000‌
Opiant Pharmaceuticals Inc., CVR†
.....
1,500‌
100,000‌
Paratek Pharmaceuticals Inc., CVR†
....
2,000‌
41,797‌
Poseida Therapeutics Inc., CVR†
......
20,899‌
3,000‌
Prevail Therapeutics Inc., CVR†
.......
600‌
2,000‌
Radius Health Inc., CVR†(a)
..........
0‌
1,000‌
Sigilon Therapeutics Inc., CVR†
.......
7,550‌
211,061‌
Metals and Mining — 0.1%
10,000‌
Kinross Gold Corp., CVR†(a)
.........
0‌
419,000‌
Pan American Silver Corp., CVR†
......
179,081‌
179,081‌
Paper and Forest Products — 0.0%
24,000‌
Resolute Forest Products Inc., CVR†
....
36,000‌
TOTAL RIGHTS
................
426,242‌
Principal
Amount
U.S. GOVERNMENT OBLIGATIONS — 15.5%
$ 20,540,000‌
U.S. Treasury Bills,
4.227% to 4.312%††, 05/29/25 to
08/28/25(b)
...................
20,307,825‌
TOTAL INVESTMENTS BEFORE
SECURITIES SOLD SHORT — 100.0%
(Cost $129,780,786)
.............
$ 130,899,919‌
Shares
Market
Value
SECURITIES SOLD SHORT — (6.8)%
Aerospace — (0.2)%
1,300‌
The Boeing Co.
.............................
$ 221,715‌
Containers and Packaging — (0.4)%
58,000‌
Amcor plc
..................................
562,600‌
3
The GDL Fund
Schedule of Investments (Continued) — March 31, 2025 (Unaudited)
Shares
Market
Value
Energy and Utilities — (0.3)%
2,500‌
Chevron Corp.
.............................
$ 418,225‌
Financial Services — (4.6)%
11,700‌
Atlantic Union Bankshares Corp.
...........
364,338‌
26,498‌
Capital One Financial Corp.
................
4,751,091‌
25,000‌
Renasant Corp.
............................
848,250‌
5,963,679‌
Metals and Mining — (0.9)%
178,500‌
First Majestic Silver Corp.
..................
1,194,165‌
Paper and Forest Products — (0.4)%
10,280‌
International Paper Co.
....................
548,438‌
TOTAL SECURITIES SOLD SHORT
(Proceeds received $9,015,388)(c)
......
$ 8,908,822‌
(a) Security is valued using significant unobservable inputs and is classified
as Level 3 in the fair value hierarchy.
(b) At March 31, 2025, $5,250,000 of the principal amount was reserved
and/or pledged with the custodian for securities sold short and forward
foreign exchange contracts.
(c) At March 31, 2025, these proceeds are being held at Pershing LLC.
† Non-income producing security.
†† Represents annualized yields at dates of purchase.
CVR
Contingent Value Right
Geographic Diversification
% of Total
Investments
Market
Value
Long Positions
North America
......................
91.2‌%
$ 119,386,650‌
Latin America
.......................
4.8‌ 
6,313,917‌
Europe
..............................
3.8‌ 
4,942,352‌
Asia/Pacific
.........................
0.2‌ 
257,000‌
Total Investments — Long Positions
100.0‌%
$ 130,899,919‌
Short Positions
North America
......................
(6.4‌)%
$ (8,346,222‌)
Europe
..............................
(0.4‌) 
(562,600‌)
Total Investments — Short Positions
(6.8‌)%
$ (8,908,822‌)
As of March 31, 2025, forward foreign exchange contracts outstanding were as follows:
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation/
(Depreciation)
USD
1,119,335
CAD
1,600,000
State Street Bank and Trust Co.
04/30/25
$ 5,860‌
USD
1,296,289
EUR
1,200,000
State Street Bank and Trust Co.
04/30/25
(3,370‌)
USD
129,098
GBP
100,000
State Street Bank and Trust Co.
04/30/25
(69‌)
TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS
$ 2,421‌