<SEC-DOCUMENT>0000950123-11-041283.txt : 20110429
<SEC-HEADER>0000950123-11-041283.hdr.sgml : 20110429
<ACCEPTANCE-DATETIME>20110429060042
ACCESSION NUMBER:		0000950123-11-041283
CONFORMED SUBMISSION TYPE:	N-23C-2
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110531
FILED AS OF DATE:		20110429
DATE AS OF CHANGE:		20110429
EFFECTIVENESS DATE:		20110429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GDL FUND
		CENTRAL INDEX KEY:			0001378701
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-23C-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	817-01234
		FILM NUMBER:		11790785

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Global Deal Fund
		DATE OF NAME CHANGE:	20061019
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-23C-2
<SEQUENCE>1
<FILENAME>y91072nv23cv2.htm
<DESCRIPTION>N-23C-2
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
SECURITIES AND EXCHANGE COMMISSION</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
WASHINGTON, DC 20549</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
RULE 23C-2 NOTICE OF INTENTION<BR>

TO REDEEM SECURITIES</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
OF</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
THE GDL FUND<BR>

One Corporate Center<BR>

Rye, New York 10580-1422<BR>

(914)&nbsp;921-5070</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
under the</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Investment Company Act of 1940</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Investment Company Act File No.&nbsp;811-21969</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(1)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Title of the class of securities of The GDL Fund (the &#147;Fund&#148;) to be redeemed:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series&nbsp;A Cumulative Callable Preferred Shares, par value $0.001 per share, liquidation
preference of $50.00 per share (the &#147;Series&nbsp;A Preferred Shares&#148;).
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(2)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The date on which the securities are to be called or redeemed:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May&nbsp;31, 2011.
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(3)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The applicable provisions of the governing instrument pursuant to which the securities are to
be called or redeemed:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;A Cumulative Callable Preferred Shares are to be redeemed pursuant to Part&nbsp;II,
Section 4(b) and 4(c) of the Fund&#146;s Statement of Preferences of Series&nbsp;A Cumulative Callable
Preferred Shares creating and fixing the rights of the Series&nbsp;A Preferred Shares, a form of which
was filed with the Securities and Exchange Commission on December&nbsp;18, 2008 as Exhibit (a)(i) to the
Fund&#146;s Registration Statement on Form N-2.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(4)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The principal amount or number of shares and the basis upon which the securities to be redeemed
are to be selected:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund intends to redeem all (1,697,246 shares) of its outstanding Series&nbsp;A Preferred Shares
at the redemption price of $50.00 per share, which equals the liquidation preference of $50.00 per
share, together with any accumulated and unpaid dividends.
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " <U>SIGNATURE</U>" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SIGNATURE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirement of Rule&nbsp;23c-2 of the Investment Company Act of 1940, the Fund has
duly caused this Notice of Intention to Redeem Securities to be signed on its behalf by the
undersigned on April&nbsp;28, 2011.
</DIV>

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<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE GDL FUND<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

<TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/
Bruce N. Alpert</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">By: Bruce N. Alpert&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">President and Principal Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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