GDL - GDL Fund

What this means for you

GAMCO Investors, Inc. Et Al has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. June 8, 2026

   Focus Partners Wealth sold down below 5% and stopped reporting.

   Original document →

2. May 22, 2026

   The fund said it will repay some borrowed money on June 26, 2026.

   Original document →

3. March 16, 2026

   GAMCO Investors, Inc. Et Al raised its stake to 25.5% (from 24.9%). It has said it may push for changes.

   Original document →

4. Feb 13, 2026

   Focus Partners Wealth now owns 5.4%, as a passive investor.

   Original document →

5. March 25, 2025

   GAMCO Investors, Inc. Et Al now owns 24.9%. It has said it may push for changes.

   Original document →

About this fund

• Run by Gabelli Funds, LLC. Part of the Gabelli Fund Complex fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $115 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 7% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 54% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -12.3%; at +10%, about +10.5%. As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs: 1.7% a year in management fees; 3.3% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 10 funds we follow that invest in a mix of shares and bonds, 8 charge a lower management fee and 3 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $31 in the first year and about $342 over 10 years, assuming the holdings return 5% a year. As of Dec 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.48 a share. $0.19 of that was income; $0.20 came from gains; $0.09 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $10.56. The shares traded at $8.47, about 19.8% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 23.8% below to 19.1% below. As of Dec 31, 2025, from the fund's annual report. Original document →
• How the holdings did: up 3.1% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2006.

How this has changed

• Payouts per share: $0.48 in the fiscal year ended Dec 31, 2025; $0.48 in the year ended Dec 31, 2024; $0.48 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.09 in the year ended Dec 31, 2025; $0.09 in the year ended Dec 31, 2024; $0.25 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.27% a year in the fiscal year ended Dec 31, 2025; 3.34% a year in the year ended Dec 31, 2024; 4.65% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $116 million at Dec 31, 2025; $118 million at Dec 31, 2024; $122 million at Dec 29, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 29, 2023 →.
• Borrowing: about 22% on top of its own money at Dec 31, 2025; 32% at Dec 31, 2024; 37% at Dec 29, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 29, 2023 →.
• The fund had about 11 million shares at Dec 31, 2025, down 8.5% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +11.7%, counting payouts; the holdings +7.7%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +5.9%, counting payouts; the holdings +5.6%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +8.9%, counting payouts; the holdings +7%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -6.9%, counting payouts; the holdings -0.6%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +8%, counting payouts; the holdings +2.5%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +29.4%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $12,900 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +7.4%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 8 funds that invest in a mix of shares and bonds with a fiscal year ending within six months of this one, 3 reported a higher share return for that year and 4 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (70%), the rest bonds. About 90% issued in the U.S.

1. United States of America - Bureau of the Public Debt - 30.3%
2. Electronic Arts - 5.1%
3. Janus Henderson Group PLC Ord USD1.50 - 5%
4. Chart Industries - 4.7%
5. Warner Bros. Discovery - 3.8%
6. Taylor Morrison Home - 3.6%
7. Sila Realty Trust - 3.4%
8. Live Ramp Holdings - 2.3%
9. Cross Country Healthcare - 2.2%
10. Catalyst Pharmaceuticals - 2.1%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →