<SEC-DOCUMENT>0001145549-19-014573.txt : 20190528
<SEC-HEADER>0001145549-19-014573.hdr.sgml : 20190528
<ACCEPTANCE-DATETIME>20190528102006
ACCESSION NUMBER:		0001145549-19-014573
CONFORMED SUBMISSION TYPE:	N-CEN/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190528
DATE AS OF CHANGE:		20190528
EFFECTIVENESS DATE:		20190528

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-CEN/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21969
		FILM NUMBER:		19856277

	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-CEN/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>gdl_g1aiii.htm
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Report of Independent Registered Public Accounting Firm </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Shareholders and Board of Trustees of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The GDL Fund </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In planning and performing our audit of the financial statements of The GDL Fund (the &#147;Fund&#148;) as of and for the year ended December&nbsp;31, 2018,
in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund&#146;s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form <FONT STYLE="white-space:nowrap">N-CEN,</FONT> but not for the purpose of expressing an opinion on the
effectiveness of the Fund&#146;s internal control over financial reporting. Accordingly, we express no such opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The management of the Fund is
responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A
company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S.
generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a company&#146;s assets that could have a material effect on the financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of its
inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A deficiency in internal control over financial
reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company&#146;s annual or interim financial statements will not be prevented
or detected on a timely basis. </P>



 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our consideration of the Fund&#146;s internal control over financial reporting was for the limited purpose
described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we
noted no deficiencies in the Fund&#146;s internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness as defined above as of December&nbsp;31,&nbsp;2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than these specified parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Ernst &amp; Young LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Philadelphia, Pennsylvania </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;28, 2019 </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
