Focus Partners’ 5.4% GDL Fund (GDL) stake disclosed in ownership filing

Rhea-AI Filing Summary

Focus Partners Wealth, LLC reported a significant ownership position in GDL Fund common shares. As of the event date, the firm beneficially owned 591,856 common shares, representing 5.4% of the class, with sole voting and dispositive power over all these shares.

The shares, identified by CUSIP 361570104, are held in the ordinary course of business. Focus Partners Wealth certified that the position was not acquired for the purpose of changing or influencing control of GDL Fund and is not part of a control-seeking group.

Insights

Equity ownership and governance analyst

Focus Partners reports a 5.4% passive stake in GDL Fund.

Focus Partners Wealth, LLC disclosed beneficial ownership of 591,856 GDL Fund common shares, or 5.4% of the outstanding class. The firm holds sole voting and dispositive power, meaning it alone decides how these shares are voted and when they may be sold.

The filing explicitly states the position was acquired and is held in the ordinary course of business and not to change or influence control. That language characterizes this as a passive institutional stake rather than an activist position, so the direct governance impact appears limited based on the disclosure.

This level of ownership makes Focus Partners a notable shareholder that must update its holdings if they change materially. Future ownership reports would show whether this stake grows, shrinks, or remains stable relative to the current 5.4% level.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

GDL FUND

(Name of Issuer)

Common Shares

(Title of Class of Securities)

361570104

(CUSIP Number)

01/01/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 361570104

1

Names of Reporting Persons

Focus Partners Wealth

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MISSOURI

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 591,856.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 591,856.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

591,856.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: GDL FUND
(b)	Address of issuer's principal executive offices: ONE CORPORATE CENTER, RYE, NEW YORK 10580
Item 2.
(a)	Name of person filing: Focus Partners Wealth, LLC
(b)	Address or principal business office or, if none, residence: 190 CARONDELET PLAZA SUITE 600 ST LOUIS, Missouri 63105
(c)	Citizenship: Focus Partners Wealth - MISSOURI
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 361570104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 591,856
(b)	Percent of class: 5.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 591,856
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 591,856
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Focus Partners Wealth

Signature:	Vincent J. Gratch
Name/Title:	Deputy Chief Compliance Officer
Date:	02/13/2026

FAQ

What stake in GDL Fund (GDL) did Focus Partners Wealth report?

Focus Partners Wealth reported beneficial ownership of 591,856 GDL Fund common shares, representing 5.4% of the outstanding class. The firm has sole voting and dispositive power over all of these shares, making it a notable institutional shareholder.

Is Focus Partners Wealth seeking to influence control of GDL Fund (GDL)?

The filing states the securities were acquired and are held in the ordinary course of business, not for changing or influencing control. It also notes they are not held in connection with any transaction aimed at control, other than limited nomination-related activities referenced by rule.

What type of securities in GDL Fund (GDL) are owned and what is the CUSIP?

Focus Partners Wealth owns common shares of GDL Fund with CUSIP 361570104. The disclosure identifies the security class as “Common Shares,” providing clarity for investors tracking ownership in this specific listed class of the fund’s equity.

When did Focus Partners Wealth’s GDL Fund (GDL) ownership trigger this disclosure?

The date of the event requiring this ownership disclosure is listed as 01/01/2026. That date marks when the firm’s holdings met the reporting threshold that necessitated filing this beneficial ownership statement for GDL Fund common shares.

Where is Focus Partners Wealth, owner of GDL Fund (GDL) shares, based?

Focus Partners Wealth, LLC lists its principal business office at 190 Carondelet Plaza, Suite 600, St. Louis, Missouri 63105. The filing also identifies the firm’s citizenship or place of organization as Missouri, indicating it is a U.S.-based entity.

Does anyone else share voting or dispositive power over Focus Partners’ GDL Fund (GDL) shares?

No. The filing reports sole voting power and sole dispositive power over 591,856 shares, with shared voting power and shared dispositive power each shown as zero. This indicates Focus Partners alone controls how these shares are voted and disposed.