# EDGAR Filing Document

**Accession Number:** 0001378701
**File Stem:** 0000940400-25-011964
**Filing Date:** 2025-11
**Character Count:** 51094
**Document Hash:** abcc3385da4b09ed41494ec5b7e2e41a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011964.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011964

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251535858

**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:** 2025-09-30

**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:** $156116990.12

**Total Liabilities:** $39621243.06

**Net Assets:** $116495747.06

**Cash Not Reported:** $351221.52

**Currency Risk Metrics (dv01):**

- 

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

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

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | -0.24%               | 2.52%                | 1.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $590482.83               | $344826.52                                 |
| Month 2  | $484906.33               | $1125761.83                                |
| Month 3  | $469308.17               | $-306004.68                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Atlantic Union Bankshares Corp      | Atlantic Union Bankshares Corp         | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11700 | NS      | $412893.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuren Corp                         | Acuren Corp                            | CUSIP: 00510N102<br>LEI: 213800ZDFRNC8QXEZ481 | Long             | EC               | CORP              | US        |      6000 | NS      | $79860.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                      | Air Lease Corp                         | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     20800 | NS      | $1323920.00   | 1.14%             |  |  |  | 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      |
| 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      |
| Schlumberger NV                     | Schlumberger NV                        | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     22050 | NS      | $757858.50    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc                      | Cantaloupe Inc                         | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |    175000 | NS      | $1849750.00   | 1.59%             |  |  |  | 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      |
| International Money Express In      | International Money Express Inc        | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91000 | NS      | $1271270.00   | 1.09%             |  |  |  | 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      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797RA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6930435.68   | 5.95%             | 2026-01-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1550000 | PA      | $1540061.06   | 1.32%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3370000 | PA      | $3346664.64   | 2.87%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                   | Herc Holdings Inc                      | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Long             | EC               | CORP              | US        |      1500 | NS      | $174990.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd                  | Sandstorm Gold Ltd                     | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |     35000 | NS      | $438200.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp          | Capital One Financial Corp             | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     26499 | NS      | $5633157.42   | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRATI THERAPEUTICS INC             | MIRATI THERAPEUTICS INC                | CUSIP: 604CVR027<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $5000.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| 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      |
| Iveco Group NV                      | Iveco Group NV                         | CUSIP: 000000000<br>LEI: 549300ZWF2ZJDD9EOR96 | Long             | EC               | CORP              | IT        |     20000 | NS      | $430993.76    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                         | Avista Corp                            | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     12000 | NS      | $453720.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                       | Renasant Corp                          | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Short            | EC               | CORP              | US        |    -25000 | NS      | $-922250.00   | -0.79%            |  |  |  | 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      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2560000 | PA      | $2540612.28   | 2.18%             | 2025-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Abertis Infraestructuras SA         | Abertis Infraestructuras SA            | CUSIP: 000000000<br>LEI: 549300GKFVWI02JQ5332 | Long             | EC               | CORP              | ES        |     40000 | NS      | $165775.86    | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| Atlantic Union Bankshares Corp      | Atlantic Union Bankshares Corp         | CUSIP: 04911A107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -11700 | NS      | $-412893.00   | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Potbelly Corp                       | Potbelly Corp                          | CUSIP: 73754Y100<br>LEI: 54930027NUULUR2P5W11 | Long             | EC               | CORP              | US        |     77700 | NS      | $1324008.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                | Chart Industries Inc                   | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     10000 | NS      | $2001500.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| 89bio Inc                           | 89bio Inc                              | CUSIP: 282559103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44000 | NS      | $646800.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797SD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4906191.65   | 4.21%             | 2026-04-02      | None          | 0.00%                 | 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      |
| International Paper Co              | International Paper Co                 | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Short            | EC               | CORP              | US        |    -10280 | NS      | $-476992.00   | -0.41%            |  |  |  | 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      |
| 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      |
| Manchester United Plc               | Manchester United Plc                  | CUSIP: 000000000<br>LEI: 529900GWGZPE83MJOV59 | Long             | EC               | CORP              | GB        |      7000 | NS      | $105980.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SAGE THERAPEUTICS INC               | SAGE THERAPEUTICS INC                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $45000.00     | 0.04%             |  |  |  | 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      |
| Spirit AeroSystems Holdings In      | Spirit AeroSystems Holdings Inc        | CUSIP: 848574109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44000 | NS      | $1698400.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sapiens International Corp NV       | Sapiens International Corp NV          | CUSIP: 000000000<br>LEI: 2549009P4ZS02GC5QV68 | Long             | EC               | CORP              | IL        |     15000 | NS      | $645000.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Soho House & Co Inc                 | Soho House & Co Inc                    | CUSIP: 586001109<br>LEI: 213800XNSPPBRF2E5A41 | Long             | EC               | CORP              | GB        |     44500 | NS      | $393825.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| DMC Global Inc                      | DMC Global Inc                         | CUSIP: 23291C103<br>LEI: 549300CBDXD1Z5MRNG02 | Long             | EC               | CORP              | US        |     45000 | NS      | $380250.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Bio Inc                  | Tourmaline Bio Inc                     | CUSIP: 89157D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35000 | NS      | $1674050.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bapcor Ltd                          | Bapcor Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     25000 | NS      | $52439.72     | 0.05%             |  |  |  | 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      |
| 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      |
| Dayforce Inc                        | Dayforce Inc                           | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |     15000 | NS      | $1033350.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE INC        | WALGREENS BOOTS ALLIANCE INC           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140000 | NS      | $70000.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirent Communications PLC          | Spirent Communications PLC             | CUSIP: 000000000<br>LEI: 213800HKCUNWP1916L38 | Long             | EC               | CORP              | GB        |     50000 | NS      | $133414.08    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co              | International Paper Co                 | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     10280 | NS      | $476992.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                           | TEGNA Inc                              | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |    110000 | NS      | $2236300.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4125000 | PA      | $4087061.47   | 3.51%             | 2025-12-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8950000 | PA      | $8934899.83   | 7.67%             | 2025-10-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PROS Holdings Inc                   | PROS Holdings Inc                      | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |     28800 | NS      | $659808.00    | 0.57%             |  |  |  | No            |                  1 | 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      |
| Gulf Coast Ultra Deep Royalty       | Gulf Coast Ultra Deep Royalty Trust    | CUSIP: 40222T104<br>LEI: 549300LVVWU3NPP3DF95 | Long             | EC               | CORP              | US        |    460000 | NS      | $14996.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Andlauer Healthcare Group Inc       | Andlauer Healthcare Group Inc          | CUSIP: 034223107<br>LEI: 549300FEFF2VDKFOGG32 | Long             | EC               | CORP              | CA        |     22000 | NS      | $834188.40    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Metsera Inc                         | Metsera Inc                            | CUSIP: 59267L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $627960.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Performant Healthcare Inc           | Performant Healthcare Inc              | CUSIP: 71377E105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140000 | NS      | $1082200.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5300000 | PA      | $5241011.00   | 4.50%             | 2026-01-15      | None          | 0.00%                 | 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      |
| Yext Inc                            | Yext Inc                               | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |     15000 | NS      | $127800.00    | 0.11%             |  |  |  | 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      |
| 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      |
| Alphawave IP Group PLC              | Alphawave IP Group PLC                 | CUSIP: 000000000<br>LEI: 213800ZXTO21EU4VMH37 | Long             | EC               | CORP              | GB        |     55000 | NS      | $137953.12    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC         | James Hardie Industries PLC            | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |      4000 | NS      | $76840.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| First Majestic Silver Corp          | First Majestic Silver Corp             | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Short            | EC               | CORP              | CA        |   -178500 | NS      | $-2193765.00  | -1.88%            |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    425000 | PA      | $424618.11    | 0.36%             | 2025-10-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Shutterstock Inc                    | Shutterstock Inc                       | CUSIP: 825690100<br>LEI: 529900G2TDIS56V0LO22 | Long             | EC               | CORP              | US        |      6000 | NS      | $125100.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Surmodics Inc                       | Surmodics Inc                          | CUSIP: 868873100<br>LEI: 549300H76KXCAAGUS878 | Long             | EC               | CORP              | US        |     41700 | NS      | $1246413.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Deliveroo PLC                       | Deliveroo PLC                          | CUSIP: 000000000<br>LEI: 984500F6537F74DDEE77 | Long             | EC               | CORP              | GB        |    170000 | NS      | $410853.50    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Integral Ad Science Holding Co      | Integral Ad Science Holding Corp       | CUSIP: 45828L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32500 | NS      | $330525.00    | 0.28%             |  |  |  | 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      |
| Bel Fuse Inc                        | Bel Fuse Inc                           | CUSIP: 077347201<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      3000 | NS      | $349050.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Meridianlink Inc                    | Meridianlink Inc                       | CUSIP: 58985J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34000 | NS      | $677620.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                       | Renasant Corp                          | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |     25000 | NS      | $922250.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX China Holding Inc              | IMAX China Holding Inc                 | CUSIP: 000000000<br>LEI: 254900UPBAZQ2AIEQ396 | Long             | EC               | CORP              | KY        |     70000 | NS      | $73580.53     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                           | Amcor PLC                              | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Short            | EC               | CORP              | CH        |    -58000 | NS      | $-474440.00   | -0.41%            |  |  |  | No            |                  1 | On Loan: No      |
| InterRent Real Estate Investme      | InterRent Real Estate Investment Trust | CUSIP: 46071W205<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    110000 | NS      | $1056765.11   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                     | Gen Digital Inc                        | CUSIP: 668771116<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      5000 | NS      | $34850.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Big 5 Sporting Goods Corp           | Big 5 Sporting Goods Corp              | CUSIP: 08915P101<br>LEI: 529900BFAM7VKQMKUC49 | Long             | EC               | CORP              | US        |     25000 | NS      | $36000.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WideOpenWest Inc                    | WideOpenWest Inc                       | CUSIP: 96758W101<br>LEI: 549300RM6J2BWWOFU889 | Long             | EC               | CORP              | US        |    260000 | NS      | $1341600.00   | 1.15%             |  |  |  | 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      | $331366.18    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                 | Electronic Arts Inc                    | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      3300 | NS      | $665610.00    | 0.57%             |  |  |  | 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      |
| 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      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1375000 | PA      | $1367425.57   | 1.17%             | 2025-11-20      | 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      |
| Amcor PLC                           | Amcor PLC                              | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | CH        |     58000 | NS      | $474440.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CFSB Bancorp Inc                    | CFSB Bancorp Inc                       | CUSIP: 12530C107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7600 | NS      | $107464.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| City Office REIT Inc                | City Office REIT Inc                   | CUSIP: 178587101<br>LEI: 5493003J7157VP25NL57 | Long             | EC               | CORP              | CA        |    100000 | NS      | $696000.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimvie Inc                          | Zimvie Inc                             | CUSIP: 98888T107<br>LEI: 549300GFKURT1J6XR665 | Long             | EC               | CORP              | US        |    107400 | NS      | $2034156.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc        | Cross Country Healthcare Inc           | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |    107000 | NS      | $1519400.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp          | Capital One Financial Corp             | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Short            | EC               | CORP              | US        |    -26498 | NS      | $-5632944.84  | -4.84%            |  |  |  | No            |                  1 | On Loan: No      |
| CFT SpA                             | CFT SpA                                | CUSIP: 000000000<br>LEI: 8156006BD7F4AB008C54 | Long             | EC               | CORP              | IT        |     25000 | NS      | $135015.75    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| Verona Pharma PLC                   | Verona Pharma PLC                      | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |     43500 | NS      | $4641885.00   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Covestro AG                         | Covestro AG                            | CUSIP: 000000000<br>LEI: 3912005AWHKLQ1CPLV11 | Long             | EC               | CORP              | DE        |      9000 | NS      | $616024.04    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company | EUR/USD FORWARD                        | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $16527.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797RV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $983939.20    | 0.84%             | 2026-03-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797QG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4860000 | PA      | $4848049.89   | 4.16%             | 2025-10-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Merus NV                            | Merus NV                               | CUSIP: 000000000<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |      7000 | NS      | $659050.00    | 0.57%             |  |  |  | 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      |
| Pan American Silver Corp            | Pan American Silver Corp               | CUSIP: 697900132<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    419000 | NS      | $146608.10    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4536000 | PA      | $4521237.54   | 3.88%             | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Aris Water Solutions Inc            | Aris Water Solutions Inc               | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14000 | NS      | $345240.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLETE Inc                          | ALLETE Inc                             | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |     41000 | NS      | $2722400.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9955000 | PA      | $9953891.81   | 8.54%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | 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      |
| STAAR Surgical Co                   | STAAR Surgical Co                      | CUSIP: 852312305<br>LEI: 5299006LRHI7OJ8BY308 | Long             | EC               | CORP              | US        |     24000 | NS      | $644880.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd        | Aspen Insurance Holdings Ltd           | CUSIP: 000000000<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EC               | CORP              | BM        |     27000 | NS      | $991170.00    | 0.85%             |  |  |  | No            |                  1 | 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      |
| 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      |
| 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      |
| 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      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797RU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4430995.02   | 3.80%             | 2026-02-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MAC Copper Ltd                      | MAC Copper Ltd                         | CUSIP: 000000000<br>LEI: 984500A55FX8DC465F12 | Long             | EC               | CORP              | AU        |     55000 | NS      | $671550.00    | 0.58%             |  |  |  | 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      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1770000 | PA      | $1761532.76   | 1.51%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WNS Holdings Ltd                    | WNS Holdings Ltd                       | CUSIP: 000000000<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | IN        |     37000 | NS      | $2821990.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Partners Holdings LP          | Steel Partners Holdings LP             | CUSIP: 85814R107<br>LEI: 5493009U8Z59G5SIZ389 | Long             | EC               | CORP              | US        |     16400 | NS      | $693064.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                         | Lennar Corp                            | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     11000 | NS      | $1319890.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Informatica Inc                     | Informatica Inc                        | CUSIP: 45674M101<br>LEI: 984500E0DEFFE6DE9588 | Long             | EC               | CORP              | US        |    117000 | NS      | $2906280.00   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SPAR Group Inc                      | SPAR Group Inc                         | CUSIP: 784933103<br>LEI: 529900GHU4LESX3IFN94 | Long             | EC               | CORP              | US        |     45000 | NS      | $46350.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA            | Towne Bank/Portsmouth VA               | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |      5630 | NS      | $194629.10    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company | USD/CAD FORWARD                        | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $10264.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TXNM Energy Inc                     | TXNM Energy Inc                        | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     26500 | NS      | $1498575.00   | 1.29%             |  |  |  | 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      |
| Chevron Corp                        | Chevron Corp                           | CUSIP: 166764100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2500 | NS      | $-388225.00   | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                       | Boeing Co/The                          | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |     -1300 | NS      | $-280579.00   | -0.24%            |  |  |  | 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      |
| Lifeway Foods Inc                   | Lifeway Foods Inc                      | CUSIP: 531914109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6000 | NS      | $166560.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                        | Chevron Corp                           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $388225.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Group Inc                 | Paramount Group Inc                    | CUSIP: 69924R108<br>LEI: 5493006GJU1CFI7Z5J17 | Long             | EC               | CORP              | US        |     10725 | NS      | $70141.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Surgery Partners Inc                | Surgery Partners Inc                   | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Long             | EC               | CORP              | US        |     14000 | NS      | $302960.00    | 0.26%             |  |  |  | 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      |
| Kellanova                           | Kellanova                              | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     62000 | NS      | $5085240.00   | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3750000 | PA      | $3711101.25   | 3.19%             | 2026-01-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LENSAR Inc                          | LENSAR Inc                             | CUSIP: 52634L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $185250.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vimeo Inc                           | Vimeo Inc                              | CUSIP: 92719V100<br>LEI: 25490061AWYWC90UIJ68 | Long             | EC               | CORP              | US        |    149000 | NS      | $1154750.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                       | United States Treasury Bill            | CUSIP: 912797RM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1896000 | PA      | $1888829.73   | 1.62%             | 2025-11-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JDE Peet's NV                       | JDE Peet's NV                          | CUSIP: 000000000<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |      9000 | NS      | $329673.24    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AvidXchange Holdings Inc            | AvidXchange Holdings Inc               | CUSIP: 05368X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    230000 | NS      | $2288500.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent      | Frontier Communications Parent Inc     | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101800 | NS      | $3802230.00   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| First Majestic Silver Corp          | First Majestic Silver Corp             | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Long             | EC               | CORP              | CA        |    178500 | NS      | $2193765.00   | 1.88%             |  |  |  | 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      |
| Just Eat Takeaway.com NV            | Just Eat Takeaway.com NV               | CUSIP: 000000000<br>LEI: 724500FVZIBSSQ7SHI95 | Long             | EC               | CORP              | NL        |    110000 | NS      | $2607447.65   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** GDL Fund

**Signature:** John C. Ball

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

**Title:** Treasurer