GDL - GDL Fund

What this means for you

One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. May 22, 2026

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

   Original document →

2. April 29, 2025

   The fund's shares stopped trading on the exchange.

   Original document →

3. Feb 27, 2025

   The fund said it will repay some borrowed money on March 26, 2025.

   Original document →

4. Feb 12, 2024

   Relative Value Partners now owns 7.1%, as a passive investor.

   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 →
• 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 →
• 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. 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 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. Over the last 12 months: +7.4%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Dec 31, 2025): the value of the holdings returned +7.7%. How the share price did: the shares returned +11.7% over the same year, counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 2006.

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, B 0 09/10/26 - 11.9%
2. United States of America - Bureau of the Public Debt, Xib 0 08/13/26 - 8.8%
3. United States of America - Bureau of the Public Debt, B 0 08/06/26 - 7.6%
4. Electronic Arts - 5.1%
5. Janus Henderson Group PLC Ord USD1.50 - 5%
6. Chart Industries - 4.7%
7. Warner Bros. Discovery - 3.8%
8. Taylor Morrison Home - 3.6%
9. Sila Realty Trust - 3.4%
10. Live Ramp Holdings - 2.3%

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