GDL FUND — Director's Dealing 2026

Feb 24, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GDL FUND (GDL)
CIK: 0001378701
Period of Report: 2026-02-23

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
2026-02-23	Common Shares, Par Value $0.001	S	800	$8.52	Disposed	2747977	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares, Par Value $0.001	1846636	Indirect
Common Shares, Par Value $0.001	7364	Indirect
Common Shares, Par Value $0.001	242000	Indirect
Common Shares, Par Value $0.001	48000	Indirect
Common Shares, Par Value $0.001	57252	Indirect

Footnotes

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

F2: The shares reported reflect the total shares owned by Gabelli & Company Investment Advisers, Inc. (GCIA), a wholly owned subsidiary of Associated Capital Group, Inc. Mr. Gabelli has less than a 100% interest in GCIA and disclaims beneficial ownership of the shares held by this entity which are in excess of his indirect pecuniary interest.

F3: 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.

F4: 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.

F5: The shares reported reflect the total shares owned by GAMCO Investors, Inc. (GAMCO). Mario J. Gabelli is the Chairman, Chief Executive Officer, and controlling shareholder of GAMCO. Mr. Gabelli has less than a 100% interest in GAMCO and disclaims beneficial ownership of the shares held by it which are in excess of his indirect pecuniary interest.