GDL FUND

CUSIP: 361570104 Class: COM SH BEN IT

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (5)

GatePass Capital, LLC
Value ($000) $241 Shares 28,400
MRP Capital Investments, LLC
Value ($000) $47 Shares 5,500
Focus Partners Wealth
Value ($000) $5,013 Shares 591,856
HIGHLINE WEALTH PARTNERS LLC
Value ($000) $3 Shares 325
BARRETT & COMPANY, INC.
Value ($000) $2 Shares 200

Increased Positions (6)

GAMCO INVESTORS, INC. ET AL
Value ($000) $3,736 (+71.3%) Shares 441,040 (+73.0%)
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC
Value ($000) $397 (+27.3%) Shares 46,876 (+28.5%)
MORGAN STANLEY
Value ($000) $4,004 (+16.4%) Shares 472,773 (+17.5%)
NewEdge Advisors, LLC
Value ($000) $1,080 (+1.0%) Shares 127,532 (+2.0%)
SEVEN MILE ADVISORY
Value ($000) $338 (+0.2%) Shares 39,954 (+1.2%)
Kilter Group LLC
Value ($000) $13 (+0.5%) Shares 1,520 (+1.4%)

Decreased Positions (5)

Cornerstone Advisors, LLC
Value ($000) $1,104 (-12.7%) Shares 130,325 (-11.9%)
OSAIC HOLDINGS, INC.
Value ($000) $24 (-91.9%) Shares 2,780 (-91.8%)
STIFEL FINANCIAL CORP
Value ($000) $181 (-16.0%) Shares 21,391 (-15.2%)
INTEGRATED CAPITAL MANAGEMENT, INC.
Value ($000) $131 (-3.1%) Shares 15,447 (-2.2%)
UBS Group AG
Value ($000) $26 (-6.2%) Shares 3,117 (-5.3%)

Exited Positions (4)

Kovitz Investment Group Partners, LLC
Value ($000) $5,436 Shares 635,847
SUSQUEHANNA INTERNATIONAL GROUP, LLP
Value ($000) $96 Shares 11,215
PARK AVENUE SECURITIES LLC
Value ($000) $1 Shares 83,351
Ameritas Advisory Services, LLC
Value ($000) $10 Shares 1,130