# EDGAR Filing Document

**Accession Number:** 0001378701
**File Stem:** 0001752724-25-212165
**Filing Date:** 2025-8
**Character Count:** 45948
**Document Hash:** e4048dddd6facda956e8eb25f199668f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212165.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212165

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**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:** 251276651

**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:** 2025-06-30

**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:** $145791667.48

**Total Liabilities:** $29285391.89

**Net Assets:** $116506275.59

**Cash Not Reported:** $622148.28

**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 | -2.06%               | 3.84%                | 0.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $751666.38               | $-820125.51                                |
| Month 2  | $106964.46               | $803813.03                                 |
| Month 3  | $315733.94               | $828930.98                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHINOOK THERAPEUTICS INC CVR        | CHINOOK THERAPEUTICS INC CVR        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64000 | NS      | $12800.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TXNM Energy Inc                     | TXNM Energy Inc                     | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     23000 | NS      | $1295360.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| First Majestic Silver Corp          | First Majestic Silver Corp          | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Short            | EC               | CORP              | CA        |   -178500 | NS      | $-1476195.00  | -1.27%            |  |  |  | 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      | $365976.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CFT SpA                             | CFT SpA                             | CUSIP: 000000000<br>LEI: 8156006BD7F4AB008C54 | Long             | EC               | CORP              | IT        |     25000 | NS      | $135464.25    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| Shutterstock Inc                    | Shutterstock Inc                    | CUSIP: 825690100<br>LEI: 529900G2TDIS56V0LO22 | Long             | EC               | CORP              | US        |      6000 | NS      | $113760.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                        | Bel Fuse Inc                        | CUSIP: 077347201<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      4499 | NS      | $404235.15    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent      | Frontier Communications Parent Inc  | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85000 | NS      | $3094000.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                           | Amcor PLC                           | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Short            | EC               | CORP              | CH        |    -58000 | NS      | $-533020.00   | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Covestro AG                         | Covestro AG                         | CUSIP: 000000000<br>LEI: 3912005AWHKLQ1CPLV11 | Long             | EC               | CORP              | DE        |      5500 | NS      | $391314.99    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Deliveroo PLC                       | Deliveroo PLC                       | CUSIP: 000000000<br>LEI: 984500F6537F74DDEE77 | Long             | EC               | CORP              | GB        |     85000 | NS      | $205231.76    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                           | Amcor PLC                           | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | CH        |     58000 | NS      | $533020.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Couchbase Inc                       | Couchbase Inc                       | CUSIP: 22207T101<br>LEI: 5493004VX52ODFMQLF07 | Long             | EC               | CORP              | US        |     13000 | NS      | $316940.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp            | Blueprint Medicines Corp            | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |     26000 | NS      | $3332680.00   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MAC Copper Ltd                      | MAC Copper Ltd                      | CUSIP: 000000000<br>LEI: 984500A55FX8DC465F12 | Long             | EC               | CORP              | AU        |     20000 | NS      | $241800.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DMC Global Inc                      | DMC Global Inc                      | CUSIP: 23291C103<br>LEI: 549300CBDXD1Z5MRNG02 | Long             | EC               | CORP              | US        |     45000 | NS      | $362700.00    | 0.31%             |  |  |  | No            |                  1 | 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      |
| 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      |
| Global Blue Group Holding AG        | Global Blue Group Holding AG        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    265000 | NS      | $1979550.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                       | Boeing Co/The                       | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |     -1300 | NS      | $-272389.00   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc                    | Skechers USA Inc                    | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |     14000 | NS      | $883400.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                     | Gen Digital Inc                     | CUSIP: 668771116<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      6000 | NS      | $48960.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                | Chart Industries Inc                | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      4500 | NS      | $740925.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp      | Atlantic Union Bankshares Corp      | CUSIP: 04911A107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -11700 | NS      | $-365976.00   | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| MAG Silver Corp                     | MAG Silver Corp                     | CUSIP: 55903Q104<br>LEI: 254900LGL904N7F3EL14 | Long             | EC               | CORP              | CA        |     20000 | NS      | $422600.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Innergex Renewable Energy Inc       | Innergex Renewable Energy Inc       | CUSIP: 45790B104<br>LEI: 549300EORYEC4J59SU80 | Long             | EC               | CORP              | CA        |     35000 | NS      | $352634.48    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Surgery Partners Inc                | Surgery Partners Inc                | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Long             | EC               | CORP              | US        |     14000 | NS      | $311220.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SpringWorks Therapeutics Inc        | SpringWorks Therapeutics Inc        | CUSIP: 85205L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77000 | NS      | $3618230.00   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Enstar Group Ltd                    | Enstar Group Ltd                    | CUSIP: 000000000<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EC               | CORP              | BM        |      9000 | NS      | $3027240.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Vigil Neuroscience Inc              | Vigil Neuroscience Inc              | CUSIP: 92673K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    245000 | NS      | $1947750.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| HKBN Ltd                            | HKBN Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    280000 | NS      | $177275.01    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Group Inc                   | Triumph Group Inc                   | CUSIP: 896818101<br>LEI: 5493007L6S47Q14SL582 | Long             | EC               | CORP              | US        |    132000 | NS      | $3399000.00   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS Inc                             | GMS Inc                             | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |       500 | NS      | $54375.00     | 0.05%             |  |  |  | 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    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| AZEK Co Inc/The                     | AZEK Co Inc/The                     | CUSIP: 05478C105<br>LEI: 5493002LDDDU1RX46815 | Long             | EC               | CORP              | US        |     14000 | NS      | $760900.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3525000 | PA      | $3497966.42   | 3.00%             | 2025-09-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                   | Kinross Gold Corp                   | CUSIP: 496902198<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | US        |     10000 | NS      | $0.07         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| EPIZYME INCCONTINGENT               | EPIZYME INCCONTINGENT               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28000 | NS      | $560.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan American Silver CVR             | Pan American Silver CVR             | CUSIP: 697900132<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    419000 | NS      | $102655.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Partners Holdings LP          | Steel Partners Holdings LP          | CUSIP: 85814R107<br>LEI: 5493009U8Z59G5SIZ389 | Long             | EC               | CORP              | US        |     16400 | NS      | $648620.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Iveco Group NV                      | Iveco Group NV                      | CUSIP: 000000000<br>LEI: 549300ZWF2ZJDD9EOR96 | Long             | EC               | CORP              | IT        |     20000 | NS      | $393435.30    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                        | Chevron Corp                        | CUSIP: 166764100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2500 | NS      | $-357975.00   | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance Inc        | Walgreens Boots Alliance Inc        | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |    140000 | NS      | $1607200.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                       | Renasant Corp                       | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |     25000 | NS      | $898250.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings Inc              | Sirius XM Holdings Inc              | CUSIP: 829933100<br>LEI: 54930055RWDMVXAGZK98 | Long             | EC               | CORP              | US        |     14237 | NS      | $327023.89    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                         | Avista Corp                         | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     12000 | NS      | $455400.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                       | Renasant Corp                       | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Short            | EC               | CORP              | US        |    -25000 | NS      | $-898250.00   | -0.77%            |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp          | Capital One Financial Corp          | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Short            | EC               | CORP              | US        |    -26498 | NS      | $-5637714.48  | -4.84%            |  |  |  | No            |                  1 | On Loan: No      |
| First Majestic Silver Corp          | First Majestic Silver Corp          | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Long             | EC               | CORP              | CA        |    178500 | NS      | $1476195.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| FARO Technologies Inc               | FARO Technologies Inc               | CUSIP: 311642102<br>LEI: 529900MFEFNOFP3YR823 | Long             | EC               | CORP              | US        |     45000 | NS      | $1976400.00   | 1.70%             |  |  |  | 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      |
| CFSB Bancorp Inc                    | CFSB Bancorp Inc                    | CUSIP: 12530C107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5125 | NS      | $70315.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Inozyme Pharma Inc                  | Inozyme Pharma Inc                  | CUSIP: 45790W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    250164 | NS      | $1000656.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| PlayAGS Inc                         | PlayAGS Inc                         | CUSIP: 72814N104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105000 | NS      | $1311450.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Andlauer Healthcare Group Inc       | Andlauer Healthcare Group Inc       | CUSIP: 034223107<br>LEI: 549300FEFF2VDKFOGG32 | Long             | EC               | CORP              | CA        |     22000 | NS      | $849950.43    | 0.73%             |  |  |  | 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      |
| TEGNA Inc                           | TEGNA Inc                           | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     65600 | NS      | $1099456.00   | 0.94%             |  |  |  | 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      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797PQ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6500000 | PA      | $6454760.00   | 5.54%             | 2025-08-28      | 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      |
| 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      |
| MIRATI THERAPEUTICS INC             | MIRATI THERAPEUTICS INC             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $5000.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Manchester United Plc               | Manchester United Plc               | CUSIP: 000000000<br>LEI: 529900GWGZPE83MJOV59 | Long             | EC               | CORP              | GB        |      7000 | NS      | $124670.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AvidXchange Holdings Inc            | AvidXchange Holdings Inc            | CUSIP: 05368X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $1958000.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifeway Foods Inc                   | Lifeway Foods Inc                   | CUSIP: 531914109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7000 | NS      | $172550.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Dun & Bradstreet Holdings Inc       | Dun & Bradstreet Holdings Inc       | CUSIP: 26484T106<br>LEI: 254900LNALVKD1ZX7U27 | Long             | EC               | CORP              | US        |    285000 | NS      | $2590650.00   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797NX1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3850000 | PA      | $3849102.72   | 3.30%             | 2025-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cantaloupe Inc                      | Cantaloupe Inc                      | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |     75000 | NS      | $824250.00    | 0.71%             |  |  |  | No            |                  1 | 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      |
| Lennar Corp                         | Lennar Corp                         | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     11000 | NS      | $1157750.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker Inc                     | Foot Locker Inc                     | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |     15000 | NS      | $367500.00    | 0.32%             |  |  |  | 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      |
| 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      | $14260.00     | 0.01%             |  |  |  | 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      |
| Surmodics Inc                       | Surmodics Inc                       | CUSIP: 868873100<br>LEI: 549300H76KXCAAGUS878 | Long             | EC               | CORP              | US        |     42915 | NS      | $1275004.65   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Resolute Forest Products Inc        | Resolute Forest Products Inc        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24000 | NS      | $36000.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| WideOpenWest Inc                    | WideOpenWest Inc                    | CUSIP: 96758W101<br>LEI: 549300RM6J2BWWOFU889 | Long             | EC               | CORP              | US        |     60000 | NS      | $243600.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797RA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1958265.84   | 1.68%             | 2026-01-02      | 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      |
| Hess Corp                           | Hess Corp                           | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |      3000 | NS      | $415620.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Abertis Infraestructuras SA         | Abertis Infraestructuras SA         | CUSIP: 000000000<br>LEI: 549300GKFVWI02JQ5332 | Long             | EC               | CORP              | ES        |     40000 | NS      | $166326.54    | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| IMAX China Holding Inc              | IMAX China Holding Inc              | CUSIP: 000000000<br>LEI: 254900UPBAZQ2AIEQ396 | Long             | EC               | CORP              | KY        |     70000 | NS      | $75618.32     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8710000 | PA      | $8700890.82   | 7.47%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company | USD/EUR FORWARD                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-36755.88    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LENSAR Inc                          | LENSAR Inc                          | CUSIP: 52634L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $197550.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797PE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14140000 | PA      | $14113982.40  | 12.11%            | 2025-07-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALLETE Inc                          | ALLETE Inc                          | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |     51000 | NS      | $3267570.00   | 2.80%             |  |  |  | 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      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797PW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2495000 | PA      | $2473842.40   | 2.12%             | 2025-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bapcor Ltd                          | Bapcor Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     25000 | NS      | $82268.75     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797MG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $149346.03    | 0.13%             | 2025-08-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                   | Herc Holdings Inc                   | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Long             | EC               | CORP              | US        |      3000 | NS      | $395122.68    | 0.34%             |  |  |  | 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      |
| Everi Holdings Inc                  | Everi Holdings Inc                  | CUSIP: 30034T103<br>LEI: 5299006DK5S7BG10K532 | Long             | EC               | CORP              | US        |     65000 | NS      | $925600.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| E2open Parent Holdings Inc          | E2open Parent Holdings Inc          | CUSIP: 29788T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    400000 | NS      | $1292000.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Point Financial Corp            | Old Point Financial Corp            | CUSIP: 680194107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $196250.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Amedisys Inc                        | Amedisys Inc                        | CUSIP: 023436108<br>LEI: 5299001RBS9GK9STN379 | Long             | EC               | CORP              | US        |      7000 | NS      | $688730.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797PP6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8330000 | PA      | $8279321.28   | 7.11%             | 2025-08-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp          | Capital One Financial Corp          | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     26499 | NS      | $5637969.79   | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1978199.24   | 1.70%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SPAR Group Inc                      | SPAR Group Inc                      | CUSIP: 784933103<br>LEI: 529900GHU4LESX3IFN94 | Long             | EC               | CORP              | US        |    175000 | NS      | $168000.00    | 0.14%             |  |  |  | No            |                  1 | 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      |
| ChampionX Corp                      | ChampionX Corp                      | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |     30000 | NS      | $745200.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797PN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2930000 | PA      | $2914608.39   | 2.50%             | 2025-08-14      | None          | 0.00%                 | No            |                  2 | 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      |
| Spirent Communications PLC          | Spirent Communications PLC          | CUSIP: 000000000<br>LEI: 213800HKCUNWP1916L38 | Long             | EC               | CORP              | GB        |     50000 | NS      | $133833.37    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Informatica Inc                     | Informatica Inc                     | CUSIP: 45674M101<br>LEI: 984500E0DEFFE6DE9588 | Long             | EC               | CORP              | US        |     18000 | NS      | $438300.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CINCOR                              | CINCOR                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4000 | NS      | $12000.00     | 0.01%             |  |  |  | No            |                  2 | 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      |
| State Street Bank and Trust Company | USD/CAD FORWARD                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-14391.99    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797PY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1155000 | PA      | $1143424.27   | 0.98%             | 2025-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SpartanNash Co                      | SpartanNash Co                      | CUSIP: 847215100<br>LEI: 549300TV3QCCSQLF5X16 | Long             | EC               | CORP              | US        |     12000 | NS      | $317880.00    | 0.27%             |  |  |  | No            |                  1 | 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      |
| Cross Country Healthcare Inc        | Cross Country Healthcare Inc        | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |    107000 | NS      | $1396350.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 Global Inc                      | NV5 Global Inc                      | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $692700.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd                  | Capri Holdings Ltd                  | CUSIP: 000000000<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | GB        |      9000 | NS      | $159300.00    | 0.14%             |  |  |  | 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      |
| 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      |
| Juniper Networks Inc                | Juniper Networks Inc                | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |     90000 | NS      | $3593700.00   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Just Eat Takeaway.com NV            | Just Eat Takeaway.com NV            | CUSIP: 000000000<br>LEI: 724500FVZIBSSQ7SHI95 | Long             | EC               | CORP              | NL        |     90000 | NS      | $2059351.09   | 1.77%             |  |  |  | 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      |
| Alphawave IP Group PLC              | Alphawave IP Group PLC              | CUSIP: 000000000<br>LEI: 213800ZXTO21EU4VMH37 | Long             | EC               | CORP              | GB        |     55000 | NS      | $131513.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill         | CUSIP: 912797PG6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6220000 | PA      | $6198521.53   | 5.32%             | 2025-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kellanova                           | Kellanova                           | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     62000 | NS      | $4930860.00   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co              | International Paper Co              | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     10280 | NS      | $481412.40    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co              | International Paper Co              | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Short            | EC               | CORP              | US        |    -10280 | NS      | $-481412.40   | -0.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Altaba Inc Escrow                   | Altaba Inc Escrow                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    425000 | NS      | $573750.00    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirit AeroSystems Holdings In      | Spirit AeroSystems Holdings Inc     | CUSIP: 848574109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44000 | NS      | $1678600.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CI Financial Corp                   | CI Financial Corp                   | CUSIP: 125491100<br>LEI: 549300M9W7JJQSVCEM78 | Long             | EC               | CORP              | CA        |     53000 | NS      | $1233390.86   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** GDL Fund

**Signature:** John C. Ball

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

**Title:** Treasurer