GDL FUND — Director's Dealing 2018

May 4, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GDL FUND (GDL.C)
CIK: 0001378701
Period of Report: 2018-05-02

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
2018-05-02	Series C Cumulative Puttable and Callable Preferred Shares	S	268	$52	Disposed	0	Indirect
2018-05-02	Series C Cumulative Puttable and Callable Preferred Shares	S	268	$52	Disposed	268	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Series C Cumulative Puttable and Callable Preferred Shares	38939	Direct
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 GPJ Retirement Partners, LLC, a limited liability company. Mr. Gabelli has less than a 100% interest in the entity and disclaims beneficial ownership of the shares held by this entity which are in excess of his indirect pecuniary interest.

F2: Shares were owned by MJG Associates and Gabelli Fund, LDC. MJG Associates provides advisory services to private investment partnerships and offshore funds. Mario Gabelli is the sole shareholder, director and employee of MJG Associates. MJG Associates is the investment adviser of Gabelli Fund, LDC.

F3: The shares reported reflect the total shares owned by trust accounts for which Mario J. Gabelli serves as trustee.

F4: E3M 2016 is a limited liability company owned entirely by Mr. Gabelli.