# EDGAR Filing Document

**Accession Number:** 0001378701
**File Stem:** 0000940400-26-009519
**Filing Date:** 2026-3
**Character Count:** 50848
**Document Hash:** 72d859237ef00bd5958dba97319afe24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-009519.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000940400-26-009519

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20251231

**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:** 26703999

**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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $148017184.35

**Total Liabilities:** $32350101.60

**Net Assets:** $115667082.75

**Cash Not Reported:** $547804.33

**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 | -0.47%               | 0.47%                | 0.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $654181.83               | $-425155.06                                |
| Month 2  | $624752.48               | $661930.02                                 |
| Month 3  | $834902.89               | $-883757.93                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| State Street Bank and Trust Company | USD/EUR FORWARD                        | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $350.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Avadel Pharmaceuticals PLC          | Avadel Pharmaceuticals PLC             | CUSIP: 000000000<br>LEI: 549300E27PTSG2RHC762 | Long             | EC               | CORP              | IE        |     18000 | NS      | $387900.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                           | Amcor PLC                              | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Short            | EC               | CORP              | CH        |    -58000 | NS      | $-483720.00   | -0.42%            |  |  |  | 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      |
| 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      |
| Plymouth Industrial REIT Inc        | Plymouth Industrial REIT Inc           | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31000 | NS      | $678280.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Resolute Forest Products Inc        | Resolute Forest Products Inc           | CUSIP: 761CVR042<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24000 | NS      | $36000.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| EPIZYME INCCONTINGENT               | EPIZYME INCCONTINGENT                  | CUSIP: 294CVR014<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28000 | NS      | $560.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mersana Therapeutics Inc            | Mersana Therapeutics Inc               | CUSIP: 59045L205<br>LEI: 529900VWD5VDZ7PVOS22 | Long             | EC               | CORP              | US        |     13000 | NS      | $376090.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Iveco Group NV                      | Iveco Group NV                         | CUSIP: 000000000<br>LEI: 549300ZWF2ZJDD9EOR96 | Long             | EC               | CORP              | IT        |     20000 | NS      | $441287.60    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| New Gold Inc                        | New Gold Inc                           | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | CA        |     92000 | NS      | $801320.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                     | Hillenbrand Inc                        | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     53000 | NS      | $1681160.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ON24 Inc                            | ON24 Inc                               | CUSIP: 68339B104<br>LEI: 254900S6S9YKYTO9Q964 | Long             | EC               | CORP              | US        |      5052 | NS      | $40213.92     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2995000 | PA      | $2989087.66   | 2.58%             | 2026-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Shutterstock Inc                    | Shutterstock Inc                       | CUSIP: 825690100<br>LEI: 529900G2TDIS56V0LO22 | Long             | EC               | CORP              | US        |      6000 | NS      | $114600.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    268000 | PA      | $267844.86    | 0.23%             | 2026-01-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONTRA ADAMAS PHARMACE              | CONTRA ADAMAS PHARMACE                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    104000 | NS      | $1300.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SLB Ltd                             | SLB Ltd                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     22050 | NS      | $846279.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                         | Avista Corp                            | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      8000 | NS      | $308320.00    | 0.27%             |  |  |  | No            |                  1 | 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      |
| 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      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797SB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  19345000 | PA      | $19214365.15  | 16.61%            | 2026-03-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dynavax Technologies Corp           | Dynavax Technologies Corp              | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |     87000 | NS      | $1338060.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                 | Electronic Arts Inc                    | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     21300 | NS      | $4352229.00   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC         | James Hardie Industries PLC            | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |      4000 | NS      | $83000.00     | 0.07%             |  |  |  | No            |                  1 | 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      |
| CFT SpA                             | CFT SpA                                | CUSIP: 000000000<br>LEI: 8156006BD7F4AB008C54 | Long             | EC               | CORP              | IT        |     25000 | NS      | $135148.00    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| VIGIL NEUROSCIENCE INC              | VIGIL NEUROSCIENCE INC                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    245000 | NS      | $12250.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CSG Systems International Inc       | CSG Systems International Inc          | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |     22000 | NS      | $1687180.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| InterRent Real Estate Investme      | InterRent Real Estate Investment Trust | CUSIP: 46071W205<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    130000 | NS      | $1249280.54   | 1.08%             |  |  |  | No            |                  1 | 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      |
| Gen Digital Inc                     | Gen Digital Inc                        | CUSIP: 668771116<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      5000 | NS      | $22050.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797PM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3935000 | PA      | $3916347.43   | 3.39%             | 2026-02-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEGNA Inc                           | TEGNA Inc                              | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |    110000 | NS      | $2135100.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext Inc                            | Yext Inc                               | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |     15000 | NS      | $120900.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cidara Therapeutics Inc             | Cidara Therapeutics Inc                | CUSIP: 171757206<br>LEI: 549300IHQ9Z7RI1X2D22 | Long             | EC               | CORP              | US        |     25000 | NS      | $5522250.00   | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                      | Air Lease Corp                         | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     22800 | NS      | $1464444.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Abertis Infraestructuras SA         | Abertis Infraestructuras SA            | CUSIP: 000000000<br>LEI: 549300GKFVWI02JQ5332 | Long             | EC               | CORP              | ES        |     40000 | NS      | $165938.24    | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| Synchronoss Technologies Inc        | Synchronoss Technologies Inc           | CUSIP: 87157B400<br>LEI: 5493007Z5J8Z2TA76376 | Long             | EC               | CORP              | US        |     20000 | NS      | $171200.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Hill Investment Group       | Diamond Hill Investment Group Inc      | CUSIP: 25264R207<br>LEI: 549300AQ6779A0B7VZ57 | Long             | EC               | CORP              | US        |      1000 | NS      | $169500.00    | 0.15%             |  |  |  | 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      |
| First Majestic Silver Corp          | First Majestic Silver Corp             | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Short            | EC               | CORP              | CA        |   -178500 | NS      | $-2973810.00  | -2.57%            |  |  |  | No            |                  1 | On Loan: No      |
| First Majestic Silver Corp          | First Majestic Silver Corp             | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Long             | EC               | CORP              | CA        |    178500 | NS      | $2973810.00   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc                      | Cantaloupe Inc                         | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |    120000 | NS      | $1274400.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                       | Renasant Corp                          | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Short            | EC               | CORP              | US        |    -25000 | NS      | $-880500.00   | -0.76%            |  |  |  | No            |                  1 | On Loan: No      |
| BLUEPRINT MEDICINES CORP            | BLUEPRINT MEDICINES CORP               | CUSIP: 096CVR048<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28000 | NS      | $11200.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Renasant Corp                       | Renasant Corp                          | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |     25000 | NS      | $880500.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                     | TXNM Energy Inc                        | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     30000 | NS      | $1766400.00   | 1.53%             |  |  |  | No            |                  1 | 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      |
| 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      |
| ProAssurance Corp                   | ProAssurance Corp                      | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |      5000 | NS      | $120800.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| JDE Peet's NV                       | JDE Peet's NV                          | CUSIP: 000000000<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |      9000 | NS      | $336976.85    | 0.29%             |  |  |  | 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      |
| Aspen Insurance Holdings Ltd        | Aspen Insurance Holdings Ltd           | CUSIP: 000000000<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EC               | CORP              | BM        |     45000 | NS      | $1669500.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMrush Holdings Inc                | SEMrush Holdings Inc                   | CUSIP: 81686C104<br>LEI: 254900WQEX0OLGK16D27 | Long             | EC               | CORP              | US        |     60000 | NS      | $713400.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| STAAR Surgical Co                   | STAAR Surgical Co                      | CUSIP: 852312305<br>LEI: 5299006LRHI7OJ8BY308 | Long             | EC               | CORP              | US        |     36000 | NS      | $831240.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company | CAD/USD FORWARD                        | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5620.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| International Paper Co              | International Paper Co                 | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     10280 | NS      | $404929.20    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co              | International Paper Co                 | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Short            | EC               | CORP              | US        |    -10280 | NS      | $-404929.20   | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp               | Norfolk Southern Corp                  | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      2200 | NS      | $635184.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods Inc                 | TreeHouse Foods Inc                    | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |     14000 | NS      | $330260.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                        | Dayforce Inc                           | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |     48500 | NS      | $3354260.00   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavor Group Holdings Inc         | Endeavor Group Holdings Inc            | CUSIP: 29260Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35000 | NS      | $962500.00    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Gulf Island Fabrication Inc         | Gulf Island Fabrication Inc            | CUSIP: 402307102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57142 | NS      | $683989.74    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Surgery Partners Inc                | Surgery Partners Inc                   | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Long             | EC               | CORP              | US        |     28000 | NS      | $432600.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797RV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1155000 | PA      | $1147985.20   | 0.99%             | 2026-03-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Steel Partners Holdings LP          | Steel Partners Holdings LP             | CUSIP: 85814R107<br>LEI: 5493009U8Z59G5SIZ389 | Long             | EC               | CORP              | US        |     16400 | NS      | $705364.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1682723.94   | 1.45%             | 2026-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INNOCOLL                            | INNOCOLL                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $0.30         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Frontier Communications Parent      | Frontier Communications Parent Inc     | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101800 | NS      | $3875526.00   | 3.35%             |  |  |  | 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      |
| LENSAR Inc                          | LENSAR Inc                             | CUSIP: 52634L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $174450.00    | 0.15%             |  |  |  | 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      |
| 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      |
| Altaba Inc Escrow                   | Altaba Inc Escrow                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    425000 | NS      | $573750.00    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Janus Henderson Group PLC           | Janus Henderson Group PLC              | CUSIP: 000000000<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | GB        |     27000 | NS      | $1284390.00   | 1.11%             |  |  |  | No            |                  1 | 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      |
| Gulf Coast Ultra Deep Royalty       | Gulf Coast Ultra Deep Royalty Trust    | CUSIP: 40222T104<br>LEI: 549300LVVWU3NPP3DF95 | Long             | EC               | CORP              | US        |    460000 | NS      | $13570.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                     | Sealed Air Corp                        | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |     33000 | NS      | $1367190.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797SN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3085000 | PA      | $3049556.37   | 2.64%             | 2026-04-30      | None          | 0.00%                 | 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      |
| IMAX China Holding Inc              | IMAX China Holding Inc                 | CUSIP: 000000000<br>LEI: 254900UPBAZQ2AIEQ396 | Long             | EC               | CORP              | KY        |     70000 | NS      | $73303.61     | 0.06%             |  |  |  | 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      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797RU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6715000 | PA      | $6678216.24   | 5.77%             | 2026-02-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Avidity Biosciences Inc             | Avidity Biosciences Inc                | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22000 | NS      | $1586860.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp          | Capital One Financial Corp             | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Short            | EC               | CORP              | US        |    -26498 | NS      | $-6422055.28  | -5.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp          | Capital One Financial Corp             | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     26499 | NS      | $6422297.64   | 5.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifeway Foods Inc                   | Lifeway Foods Inc                      | CUSIP: 531914109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6000 | NS      | $145380.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings Inc              | Sirius XM Holdings Inc                 | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14237 | NS      | $284668.82    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NII Holdings Escrow                 | NII Holdings Escrow                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    713121 | NS      | $249592.35    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| ADVERUM BIOTECHNOLOGIES INC         | ADVERUM BIOTECHNOLOGIES INC            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2000 | NS      | $1600.00      | 0.00%             |  |  |  | No            |                  2 | 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      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797RK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1695000 | PA      | $1690523.93   | 1.46%             | 2026-01-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Golden Entertainment Inc            | Golden Entertainment Inc               | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |     36000 | NS      | $978840.00    | 0.85%             |  |  |  | No            |                  1 | 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      |
| dentalcorp Holdings Ltd             | dentalcorp Holdings Ltd                | CUSIP: 24874B108<br>LEI: 894500QEMGMRG67KP804 | Long             | EC               | CORP              | CA        |     40000 | NS      | $319405.49    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc           | Brighthouse Financial Inc              | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |     11000 | NS      | $712690.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Eventbrite Inc                      | Eventbrite Inc                         | CUSIP: 29975E109<br>LEI: 549300N6XBV2B1FAUF55 | Long             | EC               | CORP              | US        |    150000 | NS      | $667500.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Forge Global Holdings Inc           | Forge Global Holdings Inc              | CUSIP: 34629L202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18836 | NS      | $839332.16    | 0.73%             |  |  |  | No            |                  1 | 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      |
| 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      |
| Atlantic Union Bankshares Corp      | Atlantic Union Bankshares Corp         | CUSIP: 04911A107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -11700 | NS      | $-413010.00   | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp      | Atlantic Union Bankshares Corp         | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11700 | NS      | $413010.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| 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      |
| Confluent Inc                       | Confluent Inc                          | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |     23000 | NS      | $695520.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Amicus Therapeutics Inc             | Amicus Therapeutics Inc                | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |     71000 | NS      | $1011040.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc             | DigitalBridge Group Inc                | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |     29000 | NS      | $444860.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINOOK THERAPEUTICS INC CVR        | CHINOOK THERAPEUTICS INC CVR           | CUSIP: 169CVR016<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64000 | NS      | $12800.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Denny's Corp                        | Denny's Corp                           | CUSIP: 24869P104<br>LEI: 54930037V56XOULXM917 | Long             | EC               | CORP              | US        |    200000 | NS      | $1244000.00   | 1.08%             |  |  |  | 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      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797RT6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $398366.60    | 0.34%             | 2026-02-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Exact Sciences Corp                 | Exact Sciences Corp                    | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     33000 | NS      | $3351480.00   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                  | Union Pacific Corp                     | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Short            | EC               | CORP              | US        |     -2200 | NS      | $-508904.00   | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| DMC Global Inc                      | DMC Global Inc                         | CUSIP: 23291C103<br>LEI: 549300CBDXD1Z5MRNG02 | Long             | EC               | CORP              | US        |     45000 | NS      | $301050.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Soho House & Co Inc                 | Soho House & Co Inc                    | CUSIP: 586001109<br>LEI: 213800XNSPPBRF2E5A41 | Long             | EC               | CORP              | GB        |     60000 | NS      | $537600.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Quipt Home Medical Corp             | Quipt Home Medical Corp                | CUSIP: 74880P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95000 | NS      | $335350.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                         | Lennar Corp                            | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     11000 | NS      | $1046320.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12340000 | PA      | $12324228.37  | 10.65%            | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797SD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4955656.25   | 4.28%             | 2026-04-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pan American Silver Corp            | Pan American Silver Corp               | CUSIP: 697900132<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    419000 | NS      | $207405.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                       | REV Group Inc                          | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |      6400 | NS      | $389184.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED Inc                         | ABIOMED Inc                            | CUSIP: 003CVR016<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21000 | NS      | $33600.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Akero Therapeutics Inc              | Akero Therapeutics Inc                 | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |     37000 | NS      | $18500.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Clearwater Analytics Holdings       | Clearwater Analytics Holdings Inc      | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69000 | NS      | $1664280.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                          | Kenvue Inc                             | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     10000 | NS      | $172500.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc             | Alexander & Baldwin Inc                | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23141 | NS      | $477630.24    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                        | Chevron Corp                           | CUSIP: 166764100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2500 | NS      | $-381025.00   | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                        | Chevron Corp                           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $381025.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Jamf Holding Corp                   | Jamf Holding Corp                      | CUSIP: 47074L105<br>LEI: 254900IHLXZU4Z5ANA12 | Long             | EC               | CORP              | US        |     78000 | NS      | $1014780.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                         | Hologic Inc                            | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     30000 | NS      | $2234700.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                       | Boeing Co/The                          | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |     -1300 | NS      | $-282256.00   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                       | Boeing Co/The                          | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      8602 | NS      | $1867666.24   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| International Money Express In      | International Money Express Inc        | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91000 | NS      | $1397760.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                | Chart Industries Inc                   | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     10000 | NS      | $2062300.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797SM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $741885.44    | 0.64%             | 2026-04-23      | None          | 0.00%                 | 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      |
| Bel Fuse Inc                        | Bel Fuse Inc                           | CUSIP: 077347201<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      3000 | NS      | $455400.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc        | Cross Country Healthcare Inc           | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |    115000 | NS      | $931500.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| City Office REIT Inc                | City Office REIT Inc                   | CUSIP: 178587101<br>LEI: 5493003J7157VP25NL57 | Long             | EC               | CORP              | CA        |    110000 | NS      | $768900.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ADAMAS PHARMACE              | CONTRA ADAMAS PHARMACE                 | CUSIP: 005CVR022<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    104000 | NS      | $1300.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Manchester United Plc               | Manchester United Plc                  | CUSIP: 000000000<br>LEI: 529900GWGZPE83MJOV59 | Long             | EC               | CORP              | GB        |     13000 | NS      | $206960.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bapcor Ltd                          | Bapcor Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     25000 | NS      | $34535.36     | 0.03%             |  |  |  | No            |                  1 | 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      |
| Amcor PLC                           | Amcor PLC                              | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | CH        |     58000 | NS      | $483720.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

**Name of Applicant:** GDL Fund

**Signature:** John C. Ball

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

**Title:** Treasurer