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        <name>BEL Fuse Inc</name>
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        <name>Kennedy-Wilson Holdings Inc</name>
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        <name>DMC Global Inc.</name>
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        <name>E.W. Scripps Co.</name>
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        <name>United States Treasury Bills</name>
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        <name>POSEIDA THERAPEUTICS INC</name>
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        <name>Paratek Pharmaceuticals CVR</name>
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        <name>Terns Pharmaceuticals Inc.</name>
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        <name>Nathans Famous Inc</name>
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        <name>Penumbra Inc.</name>
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        <name>European Wax Center Inc</name>
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        <name>ON24 Inc</name>
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        <name>Coeur Mining Inc</name>
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        <name>Clearwater Analytics Holdings Inc</name>
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        <name>Air Lease Corporation</name>
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        <name>SEMrush Holdings Inc.</name>
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        <name>Surgery Partners Inc</name>
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        <name>Avista Corporation</name>
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        <title>Avista Corporation COM</title>
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        <name>Epizyme Inc</name>
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      <invstOrSec>
        <name>Diamond Hill Investment Group Inc.</name>
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        <name>CSG Systems International Inc.</name>
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        <name>FUSION PHARMACEUTICALS INC</name>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
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      <invstOrSec>
        <name>Pan American Silver Corp.</name>
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      <invstOrSec>
        <name>Lennar Corp.</name>
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        <name>Iveco Group NV</name>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>Union Pacific Corporation</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
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        <name>Staar Surgical Co</name>
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        <name>SLB LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>Kenvue Inc.</name>
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        <name>Minto Apartment Real Estate Investment Trust</name>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>REGULUS THERAPEUTICS INC</name>
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        <name>SAGE THERAPEUTICS INC</name>
        <lei>N/A</lei>
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        <name>Kinross Gold Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>Altaba Inc Escrow</name>
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        <title>Altaba Inc Escrow</title>
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        <name>VERVE THERAPEUTICS INC</name>
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        <name>ICOSAVAX INC</name>
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        <name>DAY ONE BIOPHARMACEUTICALS INC</name>
        <lei>N/A</lei>
        <title>Day One Biopharmaceuticals Inc. COM</title>
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          <ticker value="DAWN"/>
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      <invstOrSec>
        <name>TALKSPACE INC</name>
        <lei>N/A</lei>
        <title>Talkspace Inc. COM</title>
        <cusip>87427V103</cusip>
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          <isin value="US87427V1035"/>
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      <invstOrSec>
        <name>AES Corp.</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES Corp. COM</title>
        <cusip>00130H105</cusip>
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          <isin value="US00130H1059"/>
          <ticker value="AES"/>
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        <name>Cross Country Healthcare Inc.</name>
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        <name>Electronic Arts Inc.</name>
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        <name>United States Treasury Bills</name>
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        <name>Gulf Coast Ultra Deep Royalty</name>
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        <name>James Hardie Industries PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>GRACELL BIOTECHNOLOGIES INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 06/18/26</title>
        <cusip>912797TD9</cusip>
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        <name>United States Treasury Bills</name>
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        <cusip>912797SX6</cusip>
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        <name>United States Treasury Bills</name>
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        <cusip>912797TN7</cusip>
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        <name>Akero Therapeutics Inc</name>
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        <name>ALIMERA SCIENCES INC</name>
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        <name>AVADEL PHARMACEUTICALS PLC</name>
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        <name>State Street Bank and Trust Company</name>
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        <name>Tri Pointe Homes Inc</name>
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        <name>Laurentian Bank of Canada</name>
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        <name>United States Treasury Bills</name>
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        <name>Manchester United PLC</name>
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        <name>Warner Bros. Discovery Inc.</name>
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        <name>Hologic Inc</name>
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        <name>TXNM Energy Inc.</name>
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        <title>TXNM Energy Inc. COM</title>
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        <name>Endeavor Group Holdings Inc</name>
        <lei>N/A</lei>
        <title>Endeavor Group Holdings Inc CL A COM</title>
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        <name>SIRIUS XM HOLDINGS INC</name>
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        <title>SiriusXM Holdings Inc COMMON STOCK</title>
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        <valUSD>1500.00000000</valUSD>
        <pctVal>0.001303800148</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>VIGIL NEUROSCIENCE INC</name>
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          <ticker value="VIGL"/>
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        <curCd>USD</curCd>
        <valUSD>12250.00000000</valUSD>
        <pctVal>0.010647701214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>Lensar Inc</name>
        <lei>N/A</lei>
        <title>Lensar Inc COM</title>
        <cusip>52634L108</cusip>
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          <ticker value="LNSR"/>
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        <curCd>USD</curCd>
        <valUSD>89400.00000000</valUSD>
        <pctVal>0.077706488864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>IMAX China Holding Inc</name>
        <lei>254900UPBAZQ2AIEQ396</lei>
        <title>IMAX China Holding Inc</title>
        <cusip>000000000</cusip>
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          <ticker value="1970"/>
          <other otherDesc="SEDOL" value="BYVYK42"/>
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        <balance>70000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.84120000"/>
        <valUSD>69185.84000000</valUSD>
        <pctVal>0.060136338988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lifeway Foods Inc</name>
        <lei>N/A</lei>
        <title>Lifeway Foods Inc COM</title>
        <cusip>531914109</cusip>
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          <isin value="US5319141090"/>
          <ticker value="LWAY"/>
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        <balance>6000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>116040.00000000</valUSD>
        <pctVal>0.100861979506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Yext Inc</name>
        <lei>5299008ZQSBBVH7K0589</lei>
        <title>Yext Inc COM</title>
        <cusip>98585N106</cusip>
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          <ticker value="YEXT"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115200.00000000</valUSD>
        <pctVal>0.100131851422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUEPRINT MEDICINES CORP</name>
        <lei>5299004CC60O9T5HVM83</lei>
        <title>Blueprint Medicines Corporation NPV</title>
        <cusip>096CVR048</cusip>
        <identifiers>
          <isin value="US096CVR0480"/>
          <ticker value="BPMC"/>
        </identifiers>
        <balance>28000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11200.00000000</valUSD>
        <pctVal>0.009735041110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sunopta Inc</name>
        <lei>54930010CP0KEPPRPA40</lei>
        <title>Sunopta Inc COM</title>
        <cusip>8676EP108</cusip>
        <identifiers>
          <isin value="CA8676EP1086"/>
          <ticker value="STKL"/>
        </identifiers>
        <balance>69000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>447120.00000000</valUSD>
        <pctVal>0.388636748335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sealed Air Corp.</name>
        <lei>Q0M0CZB4YN6JZ65WXI09</lei>
        <title>Sealed Air Corp. COM</title>
        <cusip>81211K100</cusip>
        <identifiers>
          <isin value="US81211K1007"/>
          <ticker value="SEE"/>
        </identifiers>
        <balance>109800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4617090.00000000</valUSD>
        <pctVal>4.013175085816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brighthouse Financial Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial Inc. COM</title>
        <cusip>10922N103</cusip>
        <identifiers>
          <isin value="US10922N1037"/>
          <ticker value="BHF"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1796400.00000000</valUSD>
        <pctVal>1.561431058125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>GDL Fund</ncom:nameOfApplicant>
      <ncom:signature>John C. Ball</ncom:signature>
      <ncom:signerName>John C. Ball</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
