GDL FUND — Director's Dealing 2013

Apr 3, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GDL FUND (GDL.B)
CIK: 0001378701
Period of Report: 2013-04-01

Reporting Person: GABELLI MARIO J (Director, Control Person of Adviser, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-04-01	Series B Cumulative Puttable and Callable Preferred Shares	S	25000	$50.21	Disposed	105000	Indirect
2013-04-01	Series B Cumulative Puttable and Callable Preferred Shares	P	25000	$50.21	Acquired	450148	Direct

Footnotes

F1: The shares reported reflect the total shares owned by GGCP, Inc. (GGCP). Mario J. Gabelli is the Chief Executive Officer, a director, and the controlling shareholder of GGCP. Mr. Gabelli has less than a 100% interest in GGCP and disclaims beneficial ownership of the shares held by it which are in excess of his indirect pecuniary interest.

F2: The shares reported were acquired through a cross trade with GGCP, Inc.