GDL FUND — Director's Dealing 2018

May 23, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GDL FUND (GDL.C)
CIK: 0001378701
Period of Report: 2018-05-22

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-22	Series C Cumulative Puttable and Callable Preferred Shares	S	539	$52.2105	Disposed	38400	Direct
2018-05-22	Series C Cumulative Puttable and Callable Preferred Shares	S	268	$52.2105	Disposed	0	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Series C Cumulative Puttable and Callable Preferred Shares	1346	Indirect
Series C Cumulative Puttable and Callable Preferred Shares	225000	Indirect

Footnotes

F1: The shares reported reflect the total shares owned by trust accounts for which Mario J. Gabelli serves as trustee.

F2: E3M 2016 is a limited liability company owned entirely by Mr. Gabelli.