NPORT-P false 0001378701 XXXXXXXX GDL Fund 811-21969 0001378701 5493000XKGL8ZPN99479 One Corporate Center Rye 10580-1422 1-800-422-3554 GDL Fund 5493000XKGL8ZPN99479 2026-12-31 2026-06-30 N 123829326.34 8946999.60 114882326.74 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 4802000.00000000 540251.16000000 USD N CHINOOK THERAPEUTICS INC 549300X0O3003W5QYQ48 169CVR016 64000.00000000 NS USD 12800.00000000 0.011141835618 Long EC CORP US N 2 N N N TALKSPACE INC N/A 87427V103 172500.00000000 NS USD 897000.00000000 0.780798949197 Long EC CORP US N 1 N N N INTERRENT REAL ESTATE INVESTMENT TRUST N/A 46071W205 130000.00000000 NS 1187942.89000000 1.034051906598 Long EC CORP CA N 1 N N N AMBIT BIOSCIENCES CORP CVR N/A 000000000 79391.00000000 NS USD 0.08000000 0.000000069636 Long EC CORP US N 3 N N N Bapcor Ltd N/A 000000000 25000.00000000 NS 7529.31000000 0.006553932370 Long EC CORP AU N 1 N N N ENDEAVOR GROUP HOLDINGS INC N/A 29260Y109 35000.00000000 NS USD 962500.00000000 0.837813811151 Long EC CORP US N 2 N N N ESPERION THERAPEUTICS INC 549300OFU56UKEWVUS92 29664W105 187000.00000000 NS USD 590920.00000000 0.514369804972 Long EC CORP US N 1 N N N PAN AMERICAN SILVER CORP 549300MKTF5851TYIB83 697900132 419000.00000000 NS USD 230869.00000000 0.200961284952 Long EC CORP CA N 1 N N N ADVERUM BIOTECHNOLOGIES INC N/A 000000000 2000.00000000 NS USD 1200.00000000 0.001044547089 Long EC CORP US N 2 N N N LIVE RAMP HOLDINGS INC 254900GXS75LG1X7RF88 53815P108 69900.00000000 NS USD 2631036.00000000 2.290200829544 Long EC CORP US N 1 N N N ICOSAVAX INC N/A 451CVR021 30000.00000000 NS USD 9000.00000000 0.007834103169 Long EC CORP US N 2 N N N E.W. SCRIPPS COMPANY (THE) 549300U1OW41QPKYW028 811054402 20000.00000000 NS USD 55400.00000000 0.048223257286 Long EC CORP US N 1 N N N SIGILON THERAPEUTICS INC CVR N/A 000000000 1000.00000000 NS USD 7550.00000000 0.006571942103 Long EC CORP US N 2 N N N UNION PACIFIC CORP 549300LMMRSZZCZ8CL11 907818108 -2200.00000000 NS USD -598400.00000000 -0.52088081516 Short EC CORP US N 1 N N N CATALYST PHARMACEUTICALS INC 5299004O0R5XXLA5H544 14888U101 76100.00000000 NS USD 2391823.00000000 2.081976460498 Long EC CORP US N 1 N N N TREEHOUSE FOODS INC N/A 000000000 42000.00000000 NS USD 73500.00000000 0.063978509215 Long EC CORP US N 2 N N N BOEING COMPANY (THE) RVHJWBXLJ1RFUBSY1F30 097023105 3400.00000000 NS USD 735998.00000000 0.640653807147 Long EC CORP US N 1 N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 912797TW7 10180000.00000000 PA USD 10135800.37000000 8.822767311232 Long DBT UST US N 2 2026-08-13 None 0.00000000 N N N N N N DIGITALBRIDGE GROUP INC 549300XG87L902AGBO89 25401T603 151000.00000000 NS USD 2382780.00000000 2.074104927725 Long EC CORP US N 1 N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 912797RG4 8795000.00000000 PA USD 8763250.05000000 7.628022776586 Long DBT UST US N 2 2026-08-06 None 0.00000000 N N N N N N SIMULATIONS PLUS INC 529900KYRDJAQ8TJCG93 829214105 28800.00000000 NS USD 527328.00000000 0.459015772890 Long EC CORP US N 1 N N N AVADEL PHARMACEUTICALS PLC N/A 000000000 18000.00000000 NS USD 9900.00000000 0.008617513486 Long EC CORP IE N 2 N N N KENVUE INC 5493008HSF8L4M2LIJ82 49177J102 10000.00000000 NS USD 191100.00000000 0.166344123959 Long EC CORP US N 1 N N N ARCELLX INC N/A 03940C100 34800.00000000 NS USD 1740.00000000 0.001514593279 Long EC CORP US N 2 N N N TAYLOR MORRISON HOME CORP 5299009UDLLGLKOOJE30 87724P106 58300.00000000 NS USD 4182442.00000000 3.640631347470 Long EC CORP US N 1 N N N SILICON LABORATORIES INC 4PRDF8Q9TDHRVZKZSZ47 826919102 700.00000000 NS USD 152992.00000000 0.133172790229 Long EC CORP US N 1 N N N AVISTA CORP Q0IK63NITJD6RJ47SW96 05379B107 4000.00000000 NS USD 163640.00000000 0.142441404734 Long EC CORP US N 1 N N N EPIZYME INC 549300TNFWF88O4U4605 294CVR014 28000.00000000 NS USD 560.00000000 0.000487455308 Long EC CORP US N 2 N N N Abertis Infraestructuras SA 549300GKFVWI02JQ5332 000000000 40000.00000000 NS 161335.12000000 0.140435108321 Long EC CORP ES N 3 N N N VIGIL NEUROSCIENCE INC N/A 926CVR010 245000.00000000 NS USD 12250.00000000 0.010663084869 Long EC CORP US N 2 N N N CHART INDUSTRIES INC EM7QGKC1GYOF3LSZSL80 16115Q308 26000.00000000 NS USD 5432440.00000000 4.728699491171 Long EC CORP US N 1 N N N VICI PROPERTIES INC 254900RKH6RY9KCJQH63 925652109 32472.00000000 NS USD 862131.60000000 0.750447544426 Long EC CORP US N 1 N N N ABIOMED INC 5493001EZN4ZTB4Z5887 003CVR016 21000.00000000 NS USD 33600.00000000 0.029247318498 Long EC CORP US N 2 N N N KNEAT.COM INC N/A 498824101 93400.00000000 NS 424769.96000000 0.369743521091 Long EC CORP CA N 1 N N N RESOLUTE FOREST PRODUCTS INC N/A 761CVR042 24000.00000000 NS USD 36000.00000000 0.031336412676 Long EC CORP US N 2 N N N BIO-TECHNE CORP 54930073RLKQ51TILZ35 09073M104 18300.00000000 NS USD 1292895.00000000 1.125408090772 Long EC CORP US N 1 N N N NORFOLK SOUTHERN CORP 54930036C8MWP850MI84 655844108 2200.00000000 NS USD 692098.00000000 0.602440792800 Long EC CORP US N 1 N N N AVANOS MEDICAL INC 549300YCXWOM7NEWMQ58 05350V106 66200.00000000 NS USD 1647056.00000000 1.433689625496 Long EC CORP US N 1 N N N LAURENTIAN BANK OF CANADA HO0K6ZULL3QE6S6SFW60 51925D106 20000.00000000 NS 566331.75000000 0.492966817499 Long EC CORP CA N 1 N N N MINTO APARTMENT REAL ESTATE INVESTMENT TRUST 8945004CL5S09C4BXW65 60448E103 50000.00000000 NS 615194.78000000 0.535499930631 Long EC CORP CA N 1 N N N WARNER BROS. DISCOVERY INC 5493006ZCRFWKF6B1K26 934423104 163200.00000000 NS USD 4350912.00000000 3.787277054239 Long EC CORP US N 1 N N N JAMES HARDIE INDUSTRIES PLC 635400NSGXKTVOO7JU45 000000000 4000.00000000 NS USD 104720.00000000 0.091154142653 Long EC CORP IE N 1 N N N REGULUS THERAPEUTICS INC N/A 000000000 40000.00000000 NS USD 40000.00000000 0.034818236307 Long EC CORP US N 2 N N N Kinross Gold Corp 254900O9KHF2A1ZXPT47 496902198 10000.00000000 NS 0.07000000 0.000000060931 Long EC CORP US N 3 N N N PARAGON 28 INC N/A 609CVR022 130000.00000000 NS USD 6500.00000000 0.005657963399 Long EC CORP US N 2 N N N PAYONEER GLOBAL INC 984500491C64C70FF033 70451X104 186300.00000000 NS USD 1326456.00000000 1.154621461490 Long EC CORP US N 1 N N N POSEIDA THERAPEUTICS INC N/A 000000000 41797.00000000 NS USD 20898.50000000 0.018191222786 Long EC CORP US N 2 N N N ELECTRONIC ARTS INC 549300O7A67PUEYKDL45 285512109 28800.00000000 NS USD 5905152.00000000 5.140174444207 Long EC CORP US N 1 N N N PREVAIL THERAPEUTICS INC N/A 000000000 3000.00000000 NS USD 600.00000000 0.000522273544 Long EC CORP US N 2 N N N Gen Digital Inc YF6ZV0M6AU4FY94MK914 668771116 5000.00000000 NS USD 6450.00000000 0.005614440604 Long EC CORP US N 1 N N N Altaba Inc Escrow N/A 021ESC017 425000.00000000 NS USD 552500.00000000 0.480926888998 Long EC CORP US N 2 N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 912797UM7 2300000.00000000 PA USD 2269593.20000000 1.975580808992 Long DBT UST US N 2 2026-11-05 None 0.00000000 N N N N N N SAGE THERAPEUTICS INC N/A 000000000 300000.00000000 NS USD 30000.00000000 0.026113677230 Long EC CORP US N 2 N N N ASTRONOVA INC 549300D8PFP62QX00223 04638F108 9200.00000000 NS USD 261924.00000000 0.227993293165 Long EC CORP US N 1 N N N OPIANT PHARMACEUTICALS INC N/A 000000000 3000.00000000 NS USD 1500.00000000 0.001305683861 Long EC CORP US N 2 N N N OPEN LENDING CORP N/A 68373J104 168200.00000000 NS USD 523102.00000000 0.455337226224 Long EC CORP US N 1 N N N CAESARS ENTERTAINMENT INC 549300FA4CTCW903Y781 12769G100 33600.00000000 NS USD 1014048.00000000 0.882684072281 Long EC CORP US N 1 N N N WALGREENS BOOTS ALLIANCE INC 549300RPTUOIXG4LIH86 000000000 140000.00000000 NS USD 70000.00000000 0.060931913538 Long EC CORP US N 2 N N N BIOGEN INC - CVR N/A 000000000 34000.00000000 NS USD 340.00000000 0.000295955008 Long EC CORP US N 2 N N N Paratek Pharmaceuticals CVR N/A 000000000 100000.00000000 NS USD 2000.00000000 0.001740911815 Long EC CORP US N 2 N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 912797UF2 13785000.00000000 PA USD 13686174.92000000 11.91321181279 Long DBT UST US N 2 2026-09-10 None 0.00000000 N N N N N N TXNM ENERGY INC 5493003JOBJGLZSDDQ28 69349H107 30000.00000000 NS USD 1703400.00000000 1.482734593159 Long EC CORP US N 1 N N N ARCOSA INC 549300WFHLTCZV7D6V29 039653100 7000.00000000 NS USD 1017030.00000000 0.885279771797 Long EC CORP US N 1 N N N LENNAR CORP 529900G61XVRLX5TJX09 526057302 11000.00000000 NS USD 975810.00000000 0.849399579282 Long EC CORP US N 1 N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 912797TY3 1255000.00000000 PA USD 1247707.41000000 1.086074286103 Long DBT UST US N 2 2026-08-27 None 0.00000000 N N N N N N AES CORP (THE) 2NUNNB7D43COUIRE5295 00130H105 156600.00000000 NS USD 2295756.00000000 1.998354372814 Long EC CORP US N 1 N N N METSERA INC N/A 000000000 10000.00000000 NS USD 45000.00000000 0.039170515846 Long EC CORP US N 2 N N N GLOBAL BUSINESS TRAVEL GROUP INC N/A 37890B100 209400.00000000 NS USD 1966266.00000000 1.711547855789 Long EC CORP US N 1 N N N CHECKPOINT THERAPEUTICS INC N/A 000000000 315000.00000000 NS USD 31500.00000000 0.027419361092 Long EC CORP US N 2 N N N GULF COAST ULTRA DEEP ROYALTY TRUST 549300LVVWU3NPP3DF95 40222T104 460000.00000000 NS USD 17066.00000000 0.014855200520 Long EC RF US N 1 N N N SHUTTERSTOCK INC 529900G2TDIS56V0LO22 825690100 6000.00000000 NS USD 83700.00000000 0.072857159473 Long EC CORP US N 1 N N N EMERALD HOLDING INC N/A 29103W104 7558.00000000 NS USD 38092.32000000 0.033157684981 Long EC CORP US N 1 N N N MIRATI THERAPEUTICS INC N/A 604CVR027 10000.00000000 NS USD 5000.00000000 0.004352279538 Long EC CORP US N 2 N N N HOLOGIC INC N/A 436CVR021 41700.00000000 NS USD 417.00000000 0.000362980113 Long EC CORP US N 2 N N N OPTINOSE INC N/A 000000000 70000.00000000 NS USD 35000.00000000 0.030465956769 Long EC CORP US N 2 N N N VERVE THERAPEUTICS INC N/A 000000000 30000.00000000 NS USD 15000.00000000 0.013056838615 Long EC CORP US N 2 N N N SELECT MEDICAL HOLDINGS CORP N/A 81619Q105 15000.00000000 NS USD 247650.00000000 0.215568405539 Long EC CORP US N 1 N N N BORALEX INC 5493004UT7HNQU2SVR90 09950M300 5000.00000000 NS 130442.45000000 0.113544401216 Long EC CORP CA N 1 N N N FUSION PHARMACEUTICALS INC N/A 000000000 60000.00000000 NS USD 30000.00000000 0.026113677230 Long EC CORP US N 2 N N N ALLIED GOLD CORP 894500S5G4JFSRGK8L37 01921D204 20000.00000000 NS 475233.56000000 0.413669859834 Long EC CORP CA N 1 N N N MANCHESTER UNITED PLC 529900GWGZPE83MJOV59 000000000 9000.00000000 NS USD 206370.00000000 0.179635985669 Long EC CORP KY N 1 N N N BEL FUSE INC 2549009L4XYDBRRY6X39 077347201 3000.00000000 NS USD 873690.00000000 0.760508621989 Long EC CORP US N 1 N N N ATRIUM THERAPEUTICS INC N/A 04965N104 2500.00000000 NS USD 33625.00000000 0.029269079896 Long EC CORP US N 1 N N N PENUMBRA INC 549300RGE06P3ECANU72 70975L107 2600.00000000 NS USD 820950.00000000 0.714600777418 Long EC CORP US N 1 N N N OLAPLEX HOLDINGS INC N/A 679369108 74701.00000000 NS USD 153137.05000000 0.133299049858 Long EC CORP US N 1 N N N INFORMATION SERVICES CORP 254900WAPS1D4W2P6648 45676A105 30000.00000000 NS 1078794.29000000 0.939042862912 Long EC CORP CA N 1 N N N 89BIO INC N/A 000000000 66000.00000000 NS USD 19800.00000000 0.017235026972 Long EC CORP US N 2 N N N TRUBRIDGE INC 5493005Q6CJC78TGL805 205306103 38100.00000000 NS USD 998601.00000000 0.869238139875 Long EC CORP US N 1 N N N APOGEE THERAPEUTICS INC N/A 03770N101 15800.00000000 NS USD 2097134.00000000 1.825462679517 Long EC CORP US N 1 N N N NUVALENT INC N/A 670703107 16100.00000000 NS USD 1988350.00000000 1.730771004055 Long EC CORP US N 1 N N N COREBRIDGE FINANCIAL INC 549300XY1661QCIA7J65 21871X109 14000.00000000 NS USD 400820.00000000 0.348896136920 Long EC CORP US N 1 N N N AKOUOS INC N/A 000000000 40000.00000000 NS USD 20000.00000000 0.017409118153 Long EC CORP US N 2 N N N DMC GLOBAL INC 549300CBDXD1Z5MRNG02 23291C103 45000.00000000 NS USD 261450.00000000 0.227580697065 Long EC CORP US N 1 N N N JANUS HENDERSON GROUP PLC 2138009WPYMWJN3RVF44 000000000 111400.00000000 NS USD 5787230.00000000 5.037528542660 Long EC CORP JE N 1 N N N IMAX China Holding Inc 254900UPBAZQ2AIEQ396 000000000 70000.00000000 NS 71402.62000000 0.062152832403 Long EC CORP HK N 1 N N N NATHAN'S FAMOUS INC 54930034SKNSF1JIE673 632347100 3300.00000000 NS USD 335280.00000000 0.291846456730 Long EC CORP US N 1 N N N CONTINGENT VALUE RIGHT N/A 000000000 1000.00000000 NS USD 100.00000000 0.000087045590 Long EC CORP US N 2 N N N CROSS COUNTRY HEALTHCARE INC 54930037L0NBIPZ5S663 227483104 194700.00000000 NS USD 2571987.00000000 2.238801278651 Long EC CORP US N 1 N N N SLB LTD 213800ZUA17OK3QLGM62 806857108 2000.00000000 NS USD 92980.00000000 0.080934990297 Long EC CORP CW N 1 N N N SURGERY PARTNERS INC 549300LC82HG33S19I03 86881A100 28000.00000000 NS USD 470400.00000000 0.409462458977 Long EC CORP US N 1 N N N TWO HARBORS INVESTMENTS CORP 549300ZUIBT6KH4HU823 90187B804 80000.00000000 NS USD 992800.00000000 0.864188625154 Long EC CORP US N 1 N N N Akero Therapeutics Inc 549300SI3KG74LBE2955 009CVR044 37000.00000000 NS USD 18500.00000000 0.016103434292 Long EC CORP US N 2 N N N ALIMERA SCIENCES INC N/A 000000000 25000.00000000 NS USD 250.00000000 0.000217613976 Long EC CORP US N 2 N N N BRIGHTHOUSE FINANCIAL INC 5493003T8SZSHOGGAW52 10922N103 30000.00000000 NS USD 1899000.00000000 1.652995768703 Long EC CORP US N 1 N N N State Street Bank and Trust Company 571474TGEMMWANRLN572 000000000 1.00000000 NC USD 2999.01000000 0.002610505971 N/A DFE CORP US N 2 State Street Bank and Trust Company 571474TGEMMWANRLN572 -6600000.00000000 CAD 4663252.41000000 USD 2026-07-31 2999.01000000 N N N FIRST SEACOAST BANCORP INC N/A 33631F104 12800.00000000 NS USD 215808.00000000 0.187851348526 Long EC CORP US N 1 N N N INTERNATIONAL MONEY EXPRESS INC N/A 46005L101 121000.00000000 NS USD 1748450.00000000 1.521948631800 Long EC CORP US N 1 N N N SILA REALTY TRUST INC 549300HXH142HWKKSW59 146280508 129400.00000000 NS USD 3928584.00000000 3.419659151656 Long EC CORP US N 1 N N N ORGANON & COMPANY 549300AMCKY57OK2CO56 68622V106 162800.00000000 NS USD 2204312.00000000 1.918756402791 Long EC CORP US N 1 N N N LIFEWAY FOODS INC N/A 531914109 1000.00000000 NS USD 29840.00000000 0.025974404285 Long EC CORP US N 1 N N N ALBIREO PHARMA INC N/A 000000000 6000.00000000 NS USD 13500.00000000 0.011751154753 Long EC CORP US N 2 N N N CLEAR CHANNEL OUTDOOR HOLDINGS INC 254900XBEE6V1ENYS150 18453H106 282000.00000000 NS USD 682440.00000000 0.594033929643 Long EC CORP US N 1 N N N BLACKLINE SAFETY CORP N/A 092382100 100000.00000000 NS 639520.54000000 0.556674432132 Long EC CORP CA N 1 N N N WHITESTONE REIT N/A 966084204 68200.00000000 NS USD 1293072.00000000 1.125562161468 Long EC CORP US N 1 N N N COEUR MINING INC 5493003AVK173D48DR70 192108504 25000.00000000 NS USD 408000.00000000 0.355146010337 Long EC CORP US N 1 N N N CFT SpA 8156006BD7F4AB008C54 000000000 25000.00000000 NS 131399.00000000 0.114377035814 Long EC CORP IT N 3 N N N GRACELL BIOTECHNOLOGIES INC N/A 000000000 500000.00000000 NS USD 20000.00000000 0.017409118153 Long EC CORP KY N 2 N N N SIRIUS XM HOLDINGS INC N/A 829933100 14237.00000000 NS USD 420560.98000000 0.366079789584 Long EC CORP US N 1 N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 912797TQ0 635000.00000000 PA USD 633166.17000000 0.551143233225 Long DBT UST US N 2 2026-07-30 None 0.00000000 N N N N N N YEXT INC 5299008ZQSBBVH7K0589 98585N106 30000.00000000 NS USD 140100.00000000 0.121950872667 Long EC CORP US N 1 N N N BLUEPRINT MEDICINES CORP 5299004CC60O9T5HVM83 096CVR048 28000.00000000 NS USD 11200.00000000 0.009749106166 Long EC CORP US N 2 N N N LENSAR INC N/A 52634L108 15000.00000000 NS USD 85650.00000000 0.074554548493 Long EC CORP US N 1 N N N MGM RESORTS INTERNATIONAL 54930066VBP7DZEGGJ87 552953101 10800.00000000 NS USD 516348.00000000 0.449458167023 Long EC CORP US N 1 N N N MERSANA THERAPEUTICS INC N/A 000000000 13000.00000000 NS USD 22750.00000000 0.019802871899 Long EC CORP US N 2 N N N 2026-08-28 GDL Fund John C. Ball John C. Ball Treasurer