# EDGAR Filing Document

**Accession Number:** 0001378701
**File Stem:** 0000940400-26-023109
**Filing Date:** 2026-6
**Character Count:** 48651
**Document Hash:** 0ec070519fdfeef77ce28f9832102395
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-023109.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000940400-26-023109

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GDL FUND
- **CENTRAL INDEX KEY:** 0001378701

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21969
- **FILM NUMBER:** 261049103

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 914-921-5100

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Gabelli Global Deal Fund
- **DATE OF NAME CHANGE:** 20061019

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** GDL Fund

- **b. Investment Company Act file number:** 811-21969

- **c. CIK number of Registrant:** 0001378701

- **d. LEI of Registrant:** 5493000XKGL8ZPN99479

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Corporate Center

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580-1422

  - **Telephone number:** 1-800-422-3554

**Item A.2. Information about the Series.**

- **a. Name of Series:** GDL Fund

- **c. LEI of Series:** 5493000XKGL8ZPN99479

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $132096764.77

**Total Liabilities:** $17048457.60

**Net Assets:** $115048307.17

**Cash Not Reported:** $794806.52

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 1.18%                | 0.12%                | -1.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1547864.30              | $-242635.95                                |
| Month 2  | $476428.28               | $257075.99                                 |
| Month 3  | $871076.59               | $-1550171.42                               |

### Schedule of Portfolio Investments

| Name                                         | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PARAGON 28 INC                               | PARAGON 28 INC                                     | CUSIP: 609CVR022<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130000 | NS      | $6500.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Proassurance Corp                            | Proassurance Corp COM                              | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |      5000 | NS      | $123600.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Peakstone Realty Trust                       | Peakstone Realty Trust COMMON SHARES               | CUSIP: 39818P799<br>LEI: 549300EZQXWQI2YL1T80 | Long             | EC               | CORP              | US        |     64500 | NS      | $1347405.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Golden Entertainment Inc                     | Golden Entertainment Inc COM                       | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |     36000 | NS      | $960840.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Interrent Real Estate Investment Trust       | Interrent Real Estate Investment Trust TRUST UNITS | CUSIP: 46071W205<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    130000 | NS      | $1239163.25   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AMBIT BIOSCIENCES CORP CVR                   | AMBIT BIOSCIENCES CORP CVR                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79391 | NS      | $0.08         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BEL Fuse Inc                                 | BEL Fuse Inc CL A                                  | CUSIP: 077347201<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      3000 | NS      | $540600.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc                  | Kennedy-Wilson Holdings Inc COM                    | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |     82000 | NS      | $887240.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corporation                           | Masimo Corporation COM                             | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |     12800 | NS      | $2276736.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| DMC Global Inc.                              | DMC Global Inc. COM                                | CUSIP: 23291C103<br>LEI: 549300CBDXD1Z5MRNG02 | Long             | EC               | CORP              | US        |     45000 | NS      | $234450.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| E.W. Scripps Co.                             | E.W. Scripps Co. CL A NEW                          | CUSIP: 811054402<br>LEI: 549300U1OW41QPKYW028 | Long             | EC               | CORP              | US        |     20000 | NS      | $74400.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                 | B 0 06/11/26                                       | CUSIP: 912797QX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6040000 | PA      | $5997163.66   | 5.21%             | 2026-06-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| POSEIDA THERAPEUTICS INC                     | POSEIDA THERAPEUTICS INC                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41797 | NS      | $20898.50     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Paratek Pharmaceuticals CVR                  | Paratek Pharmaceuticals CVR                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $2000.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SIGILON THERAPEUTICS INC CVR                 | SIGILON THERAPEUTICS INC CVR                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $7550.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Terns Pharmaceuticals Inc.                   | Terns Pharmaceuticals Inc. COM                     | CUSIP: 880881107<br>LEI: 254900S1ZDQMF4MYP709 | Long             | EC               | CORP              | US        |     12500 | NS      | $659000.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathans Famous Inc                           | Nathans Famous Inc COM                             | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |      3300 | NS      | $332409.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TREEHOUSE FOODS INC                          | TREEHOUSE FOODS INC                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42000 | NS      | $73500.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Penumbra Inc.                                | Penumbra Inc. COM                                  | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |      1300 | NS      | $426881.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| FONAR CORP                                   | Fonar Corporation COM NEW                          | CUSIP: 344437405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $556800.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MERSANA THERAPEUTICS INC                     | MERSANA THERAPEUTICS INC                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13000 | NS      | $35750.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| European Wax Center Inc                      | European Wax Center Inc CLASS A COM                | CUSIP: 29882P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77500 | NS      | $447950.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ON24 Inc                                     | ON24 Inc COM                                       | CUSIP: 68339B104<br>LEI: 254900S6S9YKYTO9Q964 | Long             | EC               | CORP              | US        |     62000 | NS      | $502200.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                             | Coeur Mining Inc COM NEW                           | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     27423 | NS      | $514725.96    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings Inc            | Clearwater Analytics Holdings Inc CL A             | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120000 | NS      | $2838000.00   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                        | Air Lease Corporation CL A                         | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     40588 | NS      | $2635784.72   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMrush Holdings Inc.                        | SEMrush Holdings Inc. CL A COM                     | CUSIP: 81686C104<br>LEI: 254900WQEX0OLGK16D27 | Long             | EC               | CORP              | US        |     90000 | NS      | $1074600.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Surgery Partners Inc                         | Surgery Partners Inc COM                           | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Long             | EC               | CORP              | US        |     28000 | NS      | $333760.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                           | Avista Corporation COM                             | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      4000 | NS      | $160560.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Epizyme Inc                                  | Epizyme Inc SHS                                    | CUSIP: 294CVR014<br>LEI: 549300TNFWF88O4U4605 | Long             | EC               | CORP              | US        |     28000 | NS      | $560.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Diamond Hill Investment Group Inc.           | Diamond Hill Investment Group Inc. COM NEW         | CUSIP: 25264R207<br>LEI: 549300AQ6779A0B7VZ57 | Long             | EC               | CORP              | US        |      3000 | NS      | $516300.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc.               | CSG Systems International Inc. COM                 | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |     27000 | NS      | $2158380.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| FUSION PHARMACEUTICALS INC                   | FUSION PHARMACEUTICALS INC                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60000 | NS      | $30000.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 0 04/16/26                                       | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1270000 | PA      | $1268080.71   | 1.10%             | 2026-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pan American Silver Corp.                    | Pan American Silver Corp. CONT VALUE RIGHT         | CUSIP: 697900132<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    419000 | NS      | $251400.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                                 | Lennar Corp. CL B                                  | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     11000 | NS      | $925320.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Iveco Group NV                               | Iveco Group NV EUR0.01                             | CUSIP: 000000000<br>LEI: 549300ZWF2ZJDD9EOR96 | Long             | EC               | CORP              | NL        |     20000 | NS      | $442459.38    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                    | Union Pacific Corporation COM                      | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Short            | EC               | CORP              | US        |     -2200 | NS      | $-533764.00   | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Staar Surgical Co                            | Staar Surgical Co COM PAR $0.01                    | CUSIP: 852312305<br>LEI: 5299006LRHI7OJ8BY308 | Long             | EC               | CORP              | US        |     36000 | NS      | $673200.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB LTD                                      | SLB Ltd. COM STK                                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      5500 | NS      | $282645.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                                  | Kenvue Inc. COM                                    | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     10000 | NS      | $172400.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Minto Apartment Real Estate Investment Trust | Minto Apartment Real Estate Investment Trust UNIT  | CUSIP: 60448E103<br>LEI: 8945004CL5S09C4BXW65 | Long             | EC               | CORP              | CA        |     50000 | NS      | $631514.63    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                 | B 0 05/14/26                                       | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    895000 | PA      | $891117.37    | 0.77%             | 2026-05-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REGULUS THERAPEUTICS INC                     | REGULUS THERAPEUTICS INC                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $40000.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SAGE THERAPEUTICS INC                        | SAGE THERAPEUTICS INC                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $105000.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                            | Kinross Gold Corp                                  | CUSIP: 496902198<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | US        |     10000 | NS      | $0.07         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Altaba Inc Escrow                            | Altaba Inc Escrow                                  | CUSIP: 021ESC017<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    425000 | NS      | $573750.00    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| VERVE THERAPEUTICS INC                       | VERVE THERAPEUTICS INC                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $15000.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ICOSAVAX INC                                 | ICOSAVAX INC                                       | CUSIP: 451CVR021<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $9000.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DAY ONE BIOPHARMACEUTICALS INC               | Day One Biopharmaceuticals Inc. COM                | CUSIP: 23954D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    104000 | NS      | $2229760.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TALKSPACE INC                                | Talkspace Inc. COM                                 | CUSIP: 87427V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86500 | NS      | $447637.50    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp.                                    | AES Corp. COM                                      | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    156600 | NS      | $2206494.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| JDE Peets N.V                                | JDE Peets N.V EUR0.01                              | CUSIP: 000000000<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |      9000 | NS      | $331220.38    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                              | Gen Digital Inc                                    | CUSIP: 668771116<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      5000 | NS      | $2413.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| METSERA INC                                  | METSERA INC                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $45000.00     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Abertis Infraestructuras SA                  | Abertis Infraestructuras SA                        | CUSIP: 000000000<br>LEI: 549300GKFVWI02JQ5332 | Long             | EC               | CORP              | ES        |     40000 | NS      | $163206.02    | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| CFT SpA                                      | CFT SpA                                            | CUSIP: 000000000<br>LEI: 8156006BD7F4AB008C54 | Long             | EC               | CORP              | IT        |     25000 | NS      | $132922.75    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| Terex Corporation                            | Terex Corporation COM                              | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |      3000 | NS      | $177300.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVERUM BIOTECHNOLOGIES INC                  | ADVERUM BIOTECHNOLOGIES INC                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2000 | NS      | $1200.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 0 05/28/26                                       | CUSIP: 912797SW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3450000 | PA      | $3430214.84   | 2.98%             | 2026-05-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RESOLUTE FOREST PRODUCTS INC                 | RESOLUTE FOREST PRODUCTS INC SHS                   | CUSIP: 761CVR042<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24000 | NS      | $36000.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| 89BIO INC                                    | 89BIO INC                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66000 | NS      | $19800.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ATRIUM THERAPEUTICS INC                      | Atrium Therapeutics Inc. COM                       | CUSIP: 04965N104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $33425.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC                    | Janus Henderson Group PLC ORD USD1.50              | CUSIP: 000000000<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |     49400 | NS      | $2537678.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Shutterstock Inc                             | Shutterstock Inc COM                               | CUSIP: 825690100<br>LEI: 529900G2TDIS56V0LO22 | Long             | EC               | CORP              | US        |      6000 | NS      | $99660.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Lakes Dredge & Dock Corporation        | Great Lakes Dredge & Dock Corporation COM          | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |    156500 | NS      | $2660500.00   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.          | Clear Channel Outdoor Holdings Inc. COM            | CUSIP: 18453H106<br>LEI: 254900XBEE6V1ENYS150 | Long             | EC               | CORP              | US        |    145890 | NS      | $345759.30    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corporation                 | Norfolk Southern Corporation COM                   | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      2200 | NS      | $631400.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CHECKPOINT THERAPEUTICS INC                  | CHECKPOINT THERAPEUTICS INC                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    315000 | NS      | $31500.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Veris Residential Inc                        | Veris Residential Inc COM                          | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |     47000 | NS      | $886890.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                                  | Arcellx Inc COMMON STOCK                           | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34800 | NS      | $3995736.00   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories, Inc.                   | Silicon Laboratories, Inc. COM                     | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |       700 | NS      | $145705.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc                  | Apellis Pharmaceuticals Inc COM                    | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |     24000 | NS      | $965520.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                      | DigitalBridge Group Inc CL A NEW                   | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    151000 | NS      | $2328420.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MEDICAL HOLDINGS CORP                 | Select Medical Holdings Corporation COM            | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $244350.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                 | B 0 09/10/26                                       | CUSIP: 912797UF2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3350000 | PA      | $3295915.42   | 2.86%             | 2026-09-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Amicus Therapeutics Inc.                     | Amicus Therapeutics Inc. COM                       | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |     98800 | NS      | $1428648.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Enhabit Inc                                  | Enhabit Inc COM                                    | CUSIP: 29332G102<br>LEI: 549300RFQ78SLDFSHF49 | Long             | EC               | CORP              | US        |     97500 | NS      | $1373775.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE INC                 | WALGREENS BOOTS ALLIANCE INC                       | CUSIP: 000000000<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |    140000 | NS      | $70000.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 0 04/30/26                                       | CUSIP: 912797SN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4265000 | PA      | $4252555.92   | 3.70%             | 2026-04-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cantaloupe Inc.                              | Cantaloupe Inc. COM                                | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |     95000 | NS      | $1026950.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTINGENT VALUE RIGHT                       | CONTINGENT VALUE RIGHT                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $100.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Abiomed Inc                                  | Abiomed Inc USD0.01 SUBS RTS                       | CUSIP: 003CVR016<br>LEI: 5493001EZN4ZTB4Z5887 | Long             | EC               | CORP              | US        |     21000 | NS      | $33600.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company          | CAD/USD FORWARD                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $27774.65     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| OneStream Inc                                | OneStream Inc CL A                                 | CUSIP: 68278B107<br>LEI: 254900CRBCHIYDC37W82 | Long             | EC               | CORP              | US        |     67000 | NS      | $1608000.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc.                | Cross Country Healthcare Inc. COM                  | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |    115000 | NS      | $1081000.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL MONEY EXPRESS INC              | International Money Express Inc. COM               | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91000 | NS      | $1437800.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                         | Chart Industries Inc COM                           | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     25000 | NS      | $5168750.00   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Two Harbors Investment Corp.                 | Two Harbors Investment Corp. COM                   | CUSIP: 90187B804<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EC               | CORP              | US        |     40000 | NS      | $456800.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRATI THERAPEUTICS INC                      | MIRATI THERAPEUTICS INC                            | CUSIP: 604CVR027<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $5000.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Boeing Co.                                   | Boeing Co. COM                                     | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      3400 | NS      | $676702.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Bapcor Ltd                                   | Bapcor Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     25000 | NS      | $10349.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OPTINOSE INC                                 | OPTINOSE INC                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70000 | NS      | $35000.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Electronic Arts Inc.                         | Electronic Arts Inc. COM                           | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     28800 | NS      | $5871456.00   | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PREVAIL THERAPEUTICS INC                     | PREVAIL THERAPEUTICS INC                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3000 | NS      | $600.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                    | Corebridge Financial Inc. COM                      | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     14000 | NS      | $334040.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AKOUOS INC                                   | AKOUOS INC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $20000.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chinook Therapeutics Inc                     | Chinook Therapeutics Inc SHS                       | CUSIP: 169CVR016<br>LEI: 549300X0O3003W5QYQ48 | Long             | EC               | CORP              | US        |     64000 | NS      | $12800.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 0 05/07/26                                       | CUSIP: 912797SP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5300000 | PA      | $5280681.50   | 4.59%             | 2026-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gulf Coast Ultra Deep Royalty                | Gulf Coast Ultra Deep Royalty Trust                | CUSIP: 40222T104<br>LEI: 549300LVVWU3NPP3DF95 | Long             | EC               | CORP              | US        |    460000 | NS      | $16090.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC                  | James Hardie Industries PLC COM EUR0.59            | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |      4000 | NS      | $75760.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GRACELL BIOTECHNOLOGIES INC                  | GRACELL BIOTECHNOLOGIES INC                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    500000 | NS      | $20000.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ALBIREO PHARMA INC                           | ALBIREO PHARMA INC                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6000 | NS      | $13500.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 0 06/18/26                                       | CUSIP: 912797TD9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7795000 | PA      | $7734367.92   | 6.72%             | 2026-06-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 0 06/04/26                                       | CUSIP: 912797SX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2540000 | PA      | $2523693.20   | 2.19%             | 2026-06-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 0 07/16/26                                       | CUSIP: 912797TN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3957859.80   | 3.44%             | 2026-07-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Akero Therapeutics Inc                       | Akero Therapeutics Inc                             | CUSIP: 009CVR044<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |     37000 | NS      | $18500.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIMERA SCIENCES INC                         | ALIMERA SCIENCES INC                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $250.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AVADEL PHARMACEUTICALS PLC                   | AVADEL PHARMACEUTICALS PLC                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18000 | NS      | $9900.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company          | EUR/USD FORWARD                                    | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2587.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tri Pointe Homes Inc                         | Tri Pointe Homes Inc COM                           | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59700 | NS      | $2789781.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Laurentian Bank of Canada                    | Laurentian Bank of Canada COM NPV                  | CUSIP: 51925D106<br>LEI: HO0K6ZULL3QE6S6SFW60 | Long             | EC               | CORP              | CA        |     10000 | NS      | $291064.63    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                 | B 0 04/23/26                                       | CUSIP: 912797SM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5340000 | PA      | $5328157.38   | 4.63%             | 2026-04-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Manchester United PLC                        | Manchester United PLC COM USD0.0005 CL 'A'         | CUSIP: 000000000<br>LEI: 529900GWGZPE83MJOV59 | Long             | EC               | CORP              | KY        |     13000 | NS      | $218660.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros. Discovery Inc.                  | Warner Bros. Discovery Inc. COM SER A              | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |    128500 | NS      | $3528610.00   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                  | Hologic Inc COM                                    | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     41700 | NS      | $3152103.00   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc.                             | TXNM Energy Inc. COM                               | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     30000 | NS      | $1753800.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavor Group Holdings Inc                  | Endeavor Group Holdings Inc CL A COM               | CUSIP: 29260Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35000 | NS      | $962500.00    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| SIRIUS XM HOLDINGS INC                       | SiriusXM Holdings Inc COMMON STOCK                 | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14237 | NS      | $328589.96    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| OPIANT PHARMACEUTICALS INC                   | OPIANT PHARMACEUTICALS INC                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3000 | NS      | $1500.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VIGIL NEUROSCIENCE INC                       | VIGIL NEUROSCIENCE INC                             | CUSIP: 926CVR010<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    245000 | NS      | $12250.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lensar Inc                                   | Lensar Inc COM                                     | CUSIP: 52634L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $89400.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX China Holding Inc                       | IMAX China Holding Inc                             | CUSIP: 000000000<br>LEI: 254900UPBAZQ2AIEQ396 | Long             | EC               | CORP              | KY        |     70000 | NS      | $69185.84     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifeway Foods Inc                            | Lifeway Foods Inc COM                              | CUSIP: 531914109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6000 | NS      | $116040.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext Inc                                     | Yext Inc COM                                       | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |     30000 | NS      | $115200.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUEPRINT MEDICINES CORP                     | Blueprint Medicines Corporation NPV                | CUSIP: 096CVR048<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |     28000 | NS      | $11200.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunopta Inc                                  | Sunopta Inc COM                                    | CUSIP: 8676EP108<br>LEI: 54930010CP0KEPPRPA40 | Long             | EC               | CORP              | CA        |     69000 | NS      | $447120.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp.                             | Sealed Air Corp. COM                               | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |    109800 | NS      | $4617090.00   | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc.                   | Brighthouse Financial Inc. COM                     | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |     30000 | NS      | $1796400.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-29

**Name of Applicant:** GDL Fund

**Signature:** John C. Ball

**Name of Signer:** John C. Ball

**Title:** Treasurer