<SEC-DOCUMENT>0001140361-20-012212.txt : 20200522
<SEC-HEADER>0001140361-20-012212.hdr.sgml : 20200522
<ACCEPTANCE-DATETIME>20200521173357
ACCESSION NUMBER:		0001140361-20-012212
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20200522
DATE AS OF CHANGE:		20200521
EFFECTIVENESS DATE:		20200522

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21969
		FILM NUMBER:		20903006

	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>DEFA14A
<SEQUENCE>1
<FILENAME>hc10012224x1_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 540pt;"><a name="hc10012224x1_defa14a_100-regcov_pg1"><!--Anchor--></a><div class="block-frill" style="width: 540pt; margin-left: 0pt;"><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div><div class="page-content"><div class="block-main" style="width: 540pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold; margin-top: 12pt; text-align: center;">SCHEDULE 14A INFORMATION</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; text-align: center;">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934<br>(Amendment No. &#8195;&#8195;&#8195;)</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Filed by Registrant &#x2612;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Filed by a Party other than the Registrant <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Check the appropriate box:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt;">&#8201;<font style="font-size: 10pt;">&#x2610;</font><br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; text-align: left;"><font style="font-size: 10pt;">Preliminary Proxy Statement</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt;">&#8201;<font style="font-size: 10pt;">&#x2610;</font><br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; text-align: left;"><font style="font-size: 10pt;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt;">&#8201;<font style="font-size: 10pt;">&#x2610;</font><br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; text-align: left;"><font style="font-size: 10pt;">Definitive Proxy Statement</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#x2612;<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Definitive Additional Materials</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt;">&#8201;<font style="font-size: 10pt;">&#x2610;</font><br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; text-align: left;"><font style="font-size: 10pt;">Soliciting Material Pursuant to Sec. 240.14a-12</font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 24pt; font-weight: bold; margin-top: 6pt; text-align: center;">The GDL Fund<br><font style="font-size: 10pt; font-weight: normal;">(Name of Registrant as Specified In Its Charter)</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; text-align: center;">&#8195;<br>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Payment of Filing Fee (Check the appropriate box):</div><table cellspacing="0" cellpadding="0" class="txttab" align="center" style="margin-top: 11.25pt; border-collapse: collapse; width: 540pt; margin-left: 0pt;"><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#x2612;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td colspan="4" style="width: 95.56%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">No fee required</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;<font style="font-size: 10pt;">&#x2610;</font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td colspan="4" style="width: 95.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">1)</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.11%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Title of each class of securities to which transaction applies:</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 91.11%; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2)</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.11%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Aggregate number of securities to which transaction applies:</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 91.11%; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">3)</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.11%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11(set forth the amount on which the filing fee is calculated and state how it was determined):</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 91.11%; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">4)</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.11%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Proposed maximum aggregate value of transaction:</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 91.11%; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">5)</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.11%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total fee paid:</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.11%; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 91.11%; text-align: left; vertical-align: top; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;<font style="font-size: 10pt;">&#x2610;</font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td colspan="4" style="width: 95.56%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee paid previously with preliminary materials.</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; 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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="hc10012224x1_defa14a_101-notice_pg1"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">THE GDL FUND</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; text-align: center;">One Corporate Center<br>Rye, New York 10580-1422<br>(914) 921-5070</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;">NOTICE OF RESCHEDULED ANNUAL MEETING OF SHAREHOLDERS<br>To Be Held on June&#160;5, 2020</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">To the Shareholders of<br>THE GDL FUND</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Notice is hereby given that the Annual Meeting of Shareholders of The GDL Fund (the &#8220;Meeting&#8221;), a Delaware statutory trust (the &#8220;Fund&#8221;), previously scheduled to be held on Monday, May&#160;11, 2020, has been rescheduled and will now be held virtually on Friday, June&#160;5, 2020, at 7:30 a.m., Eastern time.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 20pt; text-align: left;">The purpose of the Meeting is: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">To elect two (2) Trustees of the Fund, one (1) Trustee to be elected by the holders of the Fund&#8217;s common shares and holders of its Series C Cumulative Puttable and Callable Preferred Shares (&#8220;Preferred Shares&#8221;), voting together as a single class, one (1) Trustee to be elected by the holders of the Fund&#8217;s Preferred Shares, voting as a separate class;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">If properly presented at the Meeting, to vote on a shareholder proposal; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">To consider and vote upon such other matters, including adjournments, as may properly come before said Meeting or any adjournments thereof.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">These are the same matters that were stated in the Notice of Annual Meeting of Shareholders dated April&#160;1, 2020 and are discussed in greater detail in the definitive Proxy Statement that the Fund filed with the Securities and Exchange Commission on April&#160;9, 2020.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In connection with the rescheduled Meeting, the Board of Trustees of the Fund has established a new record date of May&#160;20, 2020 for the determination of shareholders entitled to notice of and to vote at the Meeting and any adjournments or postponements thereof. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">To participate in the Meeting, shareholders of the Fund as of the close of business on the record date must register in advance by submitting the required information to the Fund at the following web address: https://gabelli.zoom.us/webinar/register/WN_BZjSL0orRNmLkUPSnbmGHQ. Registration must be received no later than 5:00 p.m., Eastern Time, on June&#160;4, 2020. Shareholders will receive an email confirming that registration and providing instructions for participating in the Meeting. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;"><u>DUE TO THE CHANGE IN THE RECORD DATE, SHAREHOLDERS MUST RESUBMIT THEIR </u><u>VOTES PRIOR TO THE RESCHEDULED MEETING</u>. YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE URGE YOU TO VOTE PROMPTLY FOR YOUR FUND&#8217;S NOMINEES (PROPOSAL 1) AND AGAINST THE SHAREHOLDER PROPOSAL (PROPOSAL 2). SHAREHOLDERS MAY AUTHORIZE THEIR PROXY BY TELEPHONE OR THE INTERNET. 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MANGO<br><font style="font-style: italic;">Secretary</font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">May&#160;21, 2020</div></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="hc10012224x1_defa14a_101-notice_pg2"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">THE GDL FUND<br>ANNUAL MEETING OF SHAREHOLDERS<br>JUNE 5, 2020</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; text-align: center;">SUPPLEMENT TO THE PROXY STATEMENT DATED APRIL 1, 2020</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This supplement to the proxy statement of The GDL Fund (the &#8220;Fund&#8221;) dated April&#160;1, 2020 (the &#8220;Proxy Statement&#8221;) for the Annual Meeting of Shareholders of the Fund (the &#8220;Meeting&#8221;) (the &#8220;Supplement&#8221;) is being furnished by the Fund in connection with the solicitation of proxies for use at the Meeting and at any postponements and adjournments thereof. The date of this Supplement is May&#160;20, 2020. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The information in this Supplement amends the Proxy Statement and supplements any other information about the Meeting previously delivered to you. Please read the Proxy Statement and this Supplement carefully for information concerning the proposals to be brought before the rescheduled Meeting. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">To the extent the information in the Proxy Statement has not been amended by this Supplement or the accompanying Notice, such information remains applicable to this solicitation of proxies and the Meeting.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; text-align: center;">**</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Change in Meeting Date and Record Date </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Meeting, originally scheduled to be held on Monday, May&#160;11, 2020, has been rescheduled and will now be held virtually on Friday, June&#160;5, 2020, at 7:30 a.m., Eastern Time. There will be no physical meeting location. In connection with the rescheduled Meeting, the Board of Trustees of the Fund has established a new record date of May&#160;20, 2020 (the &#8220;record date&#8221;) for the determination of shareholders entitled to notice of and to vote at the Meeting and any adjournments or postponements thereof. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">To participate in the Meeting, shareholders of the Fund as of the close of business on the record date must register in advance by submitting the required information to the Fund at the following web address: https://gabelli.zoom.us/webinar/register/WN_BZjSL0orRNmLkUPSnbmGHQ. Registration must be received no later than 5:00 p.m., Eastern Time, on June&#160;4, 2020. Shareholders will receive an email confirming that registration and providing instructions for participating in the Meeting. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">All references to the date, time and location of the Meeting, as well as the record date for the Meeting, set forth in the Proxy Statement and the accompanying proxy card, notice of internet availability of proxy materials or voting instructions are hereby changed to the rescheduled Friday, June&#160;5, 2020 meeting date, the new virtual format, and the new record date of May&#160;20, 2020, each as applicable.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-align: left;">On the record date, there were 15,287,148 Common Shares and 668,932 Preferred Shares outstanding.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Beneficial Ownership of Fund Securities </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Set forth below is information as to those shareholders to the Fund&#8217;s knowledge that beneficially own 5% or more of a class of the Fund&#8217;s outstanding voting securities as of the record date.</div><table cellspacing="0" cellpadding="0" class="fintab" align="center" style="margin-top: 11.25pt; border-collapse: collapse; width: 468pt; margin-left: 0pt;"><tr class="header"><td style="width: 38.46%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Name and Address of Beneficial Owner(s) </div></td><td class="gutter" style="width: 3.99%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 3.99%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.84%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Title of Class</div></td><td class="gutter" style="width: 3.99%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 3.99%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 20.18%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount of Shares<br>Nature of Ownership </div></td><td class="gutter" style="width: 3.99%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 3.99%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 7.56%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percent of <br>Class </div></td></tr><tr><td style="width: 38.46%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Mario J. Gabelli and affiliates<br>One Corporate Center<br>Rye, NY 10580-1422</div></td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.84%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Common</div></td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 20.18%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">4,632,594 (beneficial)*</div></td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.56%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">30.3%</div></td></tr><tr><td style="width: 38.46%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.84%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 20.18%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.56%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 38.46%; text-align: left; vertical-align: bottom; padding-top: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Relative Value Partners Group, LLC<br>1033 Skokie Blvd <br>Suite 470 <br>NorthBrook, IL 60062</div></td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.84%; text-align: center; vertical-align: top; padding-top: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Common</div></td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 20.18%; text-align: center; vertical-align: top; padding-top: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">1,226,453 (beneficial)</div></td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 3.99%; border-bottom: none; font-size: 2pt; padding-top: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 7.56%; text-align: center; vertical-align: top; padding-top: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">8.0%</div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 8.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">*<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Comprised of 2,519,838 Common Shares owned directly by Mr.&#160;Gabelli, 55,437 Common Shares owned by a family partnership for which Mr.&#160;Gabelli serves as a general partner, 40,673 Common Shares owned by GPJ Retirement Partners, LLC in which Mr.&#160;Gabelli has less than 100% interest and disclaims beneficial ownership of the Shares held by this entity which are in excess of this indirect pecuniary interest, and 2,016,646 Common Shares owned by GAMCO Investors, Inc. or its affiliates. Mr.&#160;Gabelli disclaims beneficial ownership of the shares held by the discretionary accounts and by the entities named except to the extent of his interest in such entities.</div></td></tr></table></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="hc10012224x1_defa14a_101-notice_pg3"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Voting of Proxies </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;"><u>Due to the change in record date, shareholders must resubmit their vote prior to the rescheduled </u><u>meeting</u><font style="font-style: italic; font-weight: normal;">. </font><font style="font-weight: normal;">We expect to mail a Notice of Internet Availability of Proxy Materials to shareholders of record as of </font><font style="font-weight: normal;">the record date on or about May&#160;26, 2020, which will contain instructions on how to access the proxy materials, </font><font style="font-weight: normal;">including this Supplement, and how to vote their shares.</font><font style="font-weight: normal;"> Such notice provides instructions on how to request a </font><font style="font-weight: normal;">paper copy of these materials by mail, by telephone or by email. If you are a shareholder of record and you </font><font style="font-weight: normal;">previously submitted a proxy for the meeting that was originally scheduled to be held on May&#160;11, 2020, that </font><font style="font-weight: normal;">proxy will not be counted. </font>In order for your vote to be counted, you must submit a new proxy to vote again using the voting instructions or proxy card enclosed with this Supplement.</div></div></div></div>
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  <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 50%; vertical-align: top; text-align: left;" rowspan="4" colspan="1">
          <div style="color: rgb(35, 31, 32); font-style: italic; font-weight: bold;">GABELLI FUNDS</div>
          <div style="color: rgb(35, 31, 32); font-size: 8pt; font-style: italic; font-weight: bold;"><font style="font-size: 10pt;">ONE CORPORATE CENTER <br>
            </font> </div>
          <font style="font-weight: bold; font-style: italic;">RYE, NY 10580-1334</font>
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32); font-style: italic; font-weight: bold;"><br>
          </div>
          &#160;</td>
        <td style="width: 5%; vertical-align: top; text-align: left;"><img alt="" src="image00014.jpg"> </td>
        <td colspan="2" style="vertical-align: top; text-align: left;">
          <div style="color: rgb(35, 31, 32); font-weight: bold;">To vote by Internet</div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">1)</div>
        </td>
        <td style="width: 42%; vertical-align: top;">
          <div style="margin-right: 55.25pt; color: rgb(35, 31, 32);">Read the Proxy Statement and have the proxy card below at hand.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32); font-weight: normal;">2)</div>
        </td>
        <td style="width: 42%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">Go to website <font style="font-weight: bold;">www.proxyvote.com</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">3)</div>
        </td>
        <td style="width: 42%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">Follow the instructions provided on the website.</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
        <td rowspan="1" colspan="2" style="vertical-align: top; text-align: left;">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="width: 50%; vertical-align: top;">&#160;&#160;</td>
        <td style="width: 5%; vertical-align: top; text-align: left;"><img src="image00001.jpg"> </td>
        <td colspan="2" style="vertical-align: top; text-align: left;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32); font-weight: bold;">To vote by Telephone</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">1)</div>
        </td>
        <td style="width: 42%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">
            <div style="text-align: left; color: rgb(35, 31, 32);">Read the Proxy Statement and have the proxy card below at hand.</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">2)</div>
        </td>
        <td style="width: 42%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">
            <div style="text-align: left; color: rgb(35, 31, 32);">Call <font style="font-weight: bold;">1-800-690-6903</font></div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">3)</div>
        </td>
        <td style="width: 42%; vertical-align: top;">
          <div style="color: rgb(35, 31, 32);">
            <div style="text-align: left; color: rgb(35, 31, 32);">Follow the instructions.</div>
          </div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 5%; vertical-align: top; text-align: left;">&#160;</td>
        <td rowspan="1" colspan="2" style="vertical-align: top; text-align: left;">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="width: 50%; vertical-align: top;"><br>
        </td>
        <td style="width: 5%; vertical-align: top; text-align: left;"> <img src="image00002.jpg"></td>
        <td colspan="2" style="vertical-align: top; text-align: left;">
          <div style="margin: 0px 0px 5pt; color: #231F20; font-weight: bold;">To vote by Mail</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">1)</div>
        </td>
        <td style="width: 42%; vertical-align: top;">
          <div style="color: rgb(35, 31, 32);">Read the Proxy Statement.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">2)</div>
        </td>
        <td style="width: 42%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">Check the appropriate boxes on the proxy card below.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">3)</div>
        </td>
        <td style="width: 42%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">Sign and date the proxy card.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">4)</div>
        </td>
        <td style="width: 42%; vertical-align: top;">
          <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">Return the proxy card in the envelope provided.</div>
        </td>
      </tr>

  </table>
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  </div>
  <div><br>
    <div><br>
      <br>
      <br>
      <div><br>
      </div>
      <br>
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    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="color: rgb(35, 31, 32);">
              <div style="text-align: left; color: rgb(35, 31, 32);">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</div>
            </div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: rgb(35, 31, 32);"><br>
            </div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="color: rgb(35, 31, 32);">
              <div style="color: rgb(35, 31, 32);">
                <div style="text-align: left; color: rgb(35, 31, 32);">D18291-P40974</div>
              </div>
            </div>
          </td>
          <td style="width: 35%; vertical-align: top; text-align: right;">
            <div style="color: rgb(35, 31, 32);">KEEP THIS PORTION FOR YOUR RECORDS</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-top: 2px dashed rgb(0, 0, 0);">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-top: 2px dashed rgb(0, 0, 0);">
            <div style="color: rgb(35, 31, 32); text-align: right;">
              <div style="color: rgb(35, 31, 32);">DETACH AND RETURN THIS PORTION ONLY</div>
            </div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <div><br>
    </div>
    <div style="border: 2px solid rgb(0, 0, 0); padding: 5px; width: 99%;">
      <div>
        <div style="font-weight: bold;">
          <div style="font-weight: bold;">THE GDL FUND</div>
          <div style="font-weight: bold;">COMMON SHAREHOLDER</div>
        </div>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td rowspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 7%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 7%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 17.5%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 8.75%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 4.38%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 4.38%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 4%; vertical-align: top; text-align: left;"> <br>
              </td>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-right: 0.6pt; color: rgb(35, 31, 32); font-weight: bold;"> </div>
                <br>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div style="margin-right: 0.6pt; font-weight: bold; text-align: center;">For<br>
                </div>
                <div style="margin-right: 0.6pt; font-weight: bold; text-align: center;"> All</div>
              </td>
              <td style="width: 7%; vertical-align: top;">
                <div style="margin-right: 0.6pt; font-weight: bold; text-align: center;">Withhold<br>
                </div>
                <div style="margin-right: 0.6pt; font-weight: bold; text-align: center;"> All</div>
              </td>
              <td style="width: 7%; vertical-align: top;">
                <div style="margin-right: 0.6pt; font-weight: bold; text-align: center;">For All<br>
                </div>
                <div style="margin-right: 0.6pt; font-weight: bold; text-align: center;"> Except</div>
              </td>
              <td style="width: 2%; vertical-align: top;">&#160;</td>
              <td colspan="4" style="width: 35%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(35, 31, 32);">
                  <div style="text-align: left; color: rgb(35, 31, 32);">To withhold authority to vote for any individual nominee(s), mark "For All Except" and write the name(s) of the nominee(s) on the line below.</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 4%; vertical-align: top; text-align: left; padding-bottom: 2px;" rowspan="1">
                <div style="margin-right: 0.25pt;"><img src="image00013.jpg"> </div>
              </td>
              <td style="width: 40%; vertical-align: top; padding-bottom: 2px;" rowspan="1">
                <div style="margin-right: 0.6pt; color: rgb(35, 31, 32); font-weight: bold;">
                  <div style="text-align: left; margin-right: 0.35pt; color: rgb(35, 31, 32); font-weight: bold;">Election of Trustee &#8212; The Board of Trustees recommends a vote <u>FOR</u> the nominee listed.</div>
                </div>
              </td>
              <td style="width: 5%; vertical-align: top; text-align: center; padding-bottom: 2px;" rowspan="1"><img src="image00005.jpg"></td>
              <td style="width: 7%; vertical-align: top; text-align: center; padding-bottom: 2px;" rowspan="1">&#160;<img src="image00005.jpg"></td>
              <td style="width: 7%; vertical-align: top; text-align: center; padding-bottom: 2px;" rowspan="1">&#160;<img src="image00005.jpg"></td>
              <td style="width: 2%; vertical-align: top; padding-bottom: 2px;" rowspan="1">&#160;</td>
              <td colspan="4" style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 4%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">1.</div>
              </td>
              <td style="width: 40%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">
                  <div style="text-align: left; color: rgb(35, 31, 32);">To elect one (1) Trustee of the Fund:</div>
                </div>
              </td>
              <td style="width: 5%; vertical-align: top; text-align: center;">&#160;</td>
              <td style="width: 7%; vertical-align: top; text-align: center;">&#160;</td>
              <td style="width: 7%; vertical-align: top; text-align: center;">&#160;</td>
              <td style="width: 2%; vertical-align: top;">&#160;</td>
              <td colspan="4" style="width: 35%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 40%; vertical-align: middle; text-align: left;">
                <div style="margin: 2pt 0.25pt 2pt 0px; color: rgb(35, 31, 32); font-weight: bold;">Nominees:</div>
              </td>
              <td style="width: 5%; vertical-align: middle; font-weight: bold; text-align: center;">
                <div><br>
                </div>
              </td>
              <td style="width: 7%; vertical-align: middle; font-weight: bold; text-align: center;"><br>
              </td>
              <td style="width: 7%; vertical-align: middle; font-weight: bold; text-align: center;"><br>
              </td>
              <td style="width: 2%; vertical-align: top;">&#160;</td>
              <td colspan="4" style="width: 35%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 40%; vertical-align: top;">
                <div style="color: rgb(35, 31, 32);">01)&#160; Clarence A. Davis</div>
              </td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 7%; vertical-align: top;">&#160;</td>
              <td style="width: 7%; vertical-align: top;">&#160;</td>
              <td style="width: 2%; vertical-align: top;">&#160;</td>
              <td colspan="4" style="width: 35%; vertical-align: top;">&#160;</td>
            </tr>

        </table>
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            <tr>
              <td rowspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 81%;">&#160;</td>
              <td colspan="3" rowspan="1" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 81%;">&#160;</td>
              <td colspan="3" rowspan="1" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 81%;">&#160;</td>
              <td colspan="3" rowspan="1" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 81%;">&#160;</td>
              <td colspan="3" rowspan="1" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 4%; vertical-align: top;"><img src="image00004.jpg"></td>
              <td rowspan="1" style="vertical-align: top; width: 81%;">
                <div style="text-align: left; color: rgb(35, 31, 32); font-weight: bold;">If properly presented at the Meeting: Shareholder Proposal &#8212; </div>
                <div style="text-align: left; color: rgb(35, 31, 32); font-weight: bold;">The Board of Trustees recommends a vote <u>AGAINST</u> Proposal 2.</div>
              </td>
              <td rowspan="1" style="vertical-align: top;">
                <div style="color: rgb(35, 31, 32); font-weight: bold; text-align: center;">For<br>
                </div>
              </td>
              <td rowspan="1" style="vertical-align: top; text-align: center;">&#160;<font style="font-weight: bold;">Against</font></td>
              <td rowspan="1" style="vertical-align: top; text-align: center;">&#160;<font style="font-weight: bold;">Abstain</font></td>
            </tr>
            <tr>
              <td style="width: 4%; vertical-align: top;">
                <div style="margin-right: 0.25pt;">2.<br>
                </div>
              </td>
              <td style="vertical-align: top; width: 81%;">
                <div style="text-align: left; margin-right: 0.55pt; color: #231F20; font-size: 8pt; font-weight: bold;">
                  <div style="color: #231F20;"><font style="font-weight: bold; font-size: 10pt;">RESOLVED:<font style="font-weight: normal;"> </font></font><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(35, 31, 32); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Request that the Board of Trustees consider authorizing a self-tender offer for all outstanding shares of the
                      Fund at or close to net asset value. If more than 50% of the Fund's outstanding shares are submitted for tender, the tender offer should be cancelled and the Fund should be liquidated or converted into an open-end mutual fund.</font></div>
                </div>
              </td>
              <td style="vertical-align: top; width: 5%; text-align: center;">&#160;<img src="image00005.jpg"></td>
              <td style="vertical-align: top; width: 5%; text-align: center;">&#160;<img src="image00005.jpg"></td>
              <td style="vertical-align: top; width: 5%; text-align: center;">&#160;<img src="image00005.jpg"></td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td colspan="4" rowspan="1" style="vertical-align: top; width: 81%;">&#160;&#160;&#160;&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td colspan="4" rowspan="1" style="vertical-align: top; width: 81%;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td colspan="4" rowspan="1" style="vertical-align: top; width: 81%;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 4%; vertical-align: top;">&#160;</td>
              <td colspan="4" rowspan="1" style="vertical-align: top; width: 81%;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 4%; vertical-align: top;"><img src="image00012.jpg"></td>
              <td colspan="4" rowspan="1" style="vertical-align: top; width: 81%;">
                <div style="text-align: left; color: rgb(35, 31, 32); font-weight: bold;">Authorized Signatures &#8212; This section must be completed for your vote to be counted. &#8212; Sign and Date Below</div>
              </td>
            </tr>
            <tr>
              <td colspan="5" style="vertical-align: top;">
                <div style="margin-right: 2pt; color: rgb(35, 31, 32);">
                  <div style="text-align: justify; margin-right: 0.9pt; color: rgb(35, 31, 32);">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should
                    indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</div>
                </div>
              </td>
            </tr>

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        <div><br>
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        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 30%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                <div>&#160;</div>
                <div> <br>
                </div>
              </td>
              <td style="width: 5%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
              <td style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
              <td style="width: 30%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                <div>&#160;</div>
                <div> <br>
                </div>
              </td>
              <td style="width: 5%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
              <td colspan="1" style="width: 20%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 30%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(35, 31, 32);">Signature [PLEASE SIGN WITHIN BOX]</div>
              </td>
              <td style="width: 5%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(35, 31, 32);">Date</div>
              </td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
              <td style="width: 30%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                <div style="color: rgb(35, 31, 32);">Signature [Joint Owners]</div>
              </td>
              <td style="width: 5%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">Date</div>
              </td>
              <td colspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div>
      <div style="color: rgb(35, 31, 32); font-weight: bold; text-align: center;"><br>
        <br>
        <div><br>
          <div><br>
          </div>
          <div><br>
          </div>
          <div><br>
            <br>
          </div>
          <br>
        </div>
        Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</div>
      <div style="color: rgb(35, 31, 32); text-align: center;">The Notice and Proxy Statement is available at www.proxyvote.com. <br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
        <br>
        <div><br>
        </div>
        <br>
      </div>
      <br>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 99.88%; vertical-align: top; border-bottom: 2px dashed rgb(0, 0, 0); text-align: center;">
              <div style="color: rgb(35, 31, 32); font-weight: bold;">
                <div style="color: rgb(35, 31, 32); font-weight: bold;"><img src="image00007.jpg"> PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. <img src="image00007.jpg"></div>
              </div>
            </td>
          </tr>

      </table>
      <div style="text-align: right;">
        <div>D18292-P40974</div>
        <div>&#160;</div>
      </div>
      <div style="border: 2px solid rgb(0, 0, 0); padding: 5px; width: 99%;">
        <div>
          <div>
            <div style="color: rgb(35, 31, 32); font-weight: bold;"> <br>
            </div>
            <div style="color: rgb(35, 31, 32); font-weight: bold;"><br>
              THE GDL FUND</div>
            <div><br>
            </div>
            <div style="color: rgb(35, 31, 32); font-weight: bold;">This proxy is solicited on behalf of the Board of Trustees</div>
            <div><br>
            </div>
            <div>
              <div style="text-align: justify; color: #211D1E;">The undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and John C. Ball, and each of them, attorneys and proxies of the undersigned,
                with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned all shares of The GDL Fund (the "Fund"), which the undersigned is entitled to vote at the Annual Meeting of Shareholders
                of the Fund to be held in virtual format on Zoom, or at such other location, or by such means of remote communication or live webcast, as may be noticed to shareholders, on Friday, June 5, 2020,at 7:30 a.m., and at any adjournments thereof
                (the "Meeting"). The undersigned hereby acknowledges receipt of theNotice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said shares as indicated herein.In their discretion, the proxies are authorized
                to vote upon such other business as may properly come before the Meeting.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #211D1E;">A majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then that one)
                shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes any proxy previously given.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: rgb(33, 29, 30);">This proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is
                made, this proxy will be voted <font style="font-weight: bold;">FOR </font>the election of the nominee as Trustee, <font style="font-weight: bold;">AGAINST </font>Proposal 2, and in the discretion of the proxy holder as to any other matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No.
                1 and Proposal No. 2.</div>
            </div>
            <div style="text-align: justify; color: rgb(35, 31, 32);"> <br>
              <br>
            </div>
            <table id="z1d1fccb584a14b33aa87d56f3fa7253e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; color: rgb(35, 31, 32); font-weight: bold;">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
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            <tr>
              <td style="width: 50%; vertical-align: top;" rowspan="4" colspan="1">
                <div style="color: rgb(35, 31, 32); font-style: italic; font-weight: bold;">
                  <div style="text-align: left; color: rgb(35, 31, 32); font-style: italic; font-weight: bold;">GABELLI FUNDS</div>
                  <div style="text-align: left; color: rgb(35, 31, 32); font-style: italic; font-weight: bold;">ONE CORPORATE CENTER </div>
                  <div style="text-align: left; color: rgb(35, 31, 32); font-style: italic; font-weight: bold;">RYE, NY 10580- 1334 </div>
                </div>
                <br>
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32); font-style: italic; font-weight: bold;"><br>
                </div>
                &#160;</td>
              <td style="width: 5%; vertical-align: top; text-align: left;"><img src="image00008.jpg"></td>
              <td style="vertical-align: top; text-align: left;" colspan="2">
                <div style="color: rgb(35, 31, 32); font-weight: bold;">To vote by Internet</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">1)</div>
              </td>
              <td style="width: 42%; vertical-align: top;">
                <div style="margin-right: 55.25pt; color: rgb(35, 31, 32);">Read the Proxy Statement and have the proxy card below at hand.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32); font-weight: normal;">2)</div>
              </td>
              <td style="width: 42%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">Go to website <font style="font-weight: bold;">www.proxyvote.com</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">3)</div>
              </td>
              <td style="width: 42%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">Follow the instructions provided on the website.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: middle;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; text-align: left;" colspan="2" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top; text-align: left;"><img src="image00009.jpg"></td>
              <td style="vertical-align: top; text-align: left;" colspan="2">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32); font-weight: bold;">To vote by Telephone</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">1)</div>
              </td>
              <td style="width: 42%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">Read the Proxy Statement and have the proxy card below at hand.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">2)</div>
              </td>
              <td style="width: 42%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">Call <font style="font-weight: bold;">1-800-690-6903</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">3)</div>
              </td>
              <td style="width: 42%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">Follow the instructions.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top; text-align: left;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; text-align: left;" colspan="2" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;" colspan="1">&#160;&#160;</td>
              <td style="width: 5%; vertical-align: top; text-align: left;"> <img src="image00010.jpg"> </td>
              <td style="vertical-align: top; text-align: left;" colspan="2">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32); font-weight: bold;">To vote by Mail</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">1)</div>
              </td>
              <td style="width: 42%; vertical-align: top;">
                <div style="color: rgb(35, 31, 32);">
                  <div style="text-align: left;">Read the Proxy Statement.</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">2)</div>
              </td>
              <td style="width: 42%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">
                  <div style="text-align: left;">Check the appropriate boxes on the proxy card below.</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">3)</div>
              </td>
              <td style="width: 42%; vertical-align: top;">
                <div style="color: rgb(35, 31, 32);">
                  <div style="text-align: left;">Sign and date the proxy card.</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">4)</div>
              </td>
              <td style="width: 42%; vertical-align: top;">
                <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">
                  <div style="text-align: left;">Return the proxy card in the envelope provided.</div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div><br>
          <div><br>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <br>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="color: rgb(35, 31, 32);">
                  <div style="text-align: left; color: rgb(35, 31, 32);">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</div>
                </div>
              </td>
            </tr>

        </table>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div style="color: rgb(35, 31, 32);"><br>
                </div>
              </td>
              <td style="width: 15%; vertical-align: top;">
                <div style="text-align: center; color: rgb(35, 31, 32);">D18293-P40974</div>
              </td>
              <td style="width: 35%; vertical-align: top;">
                <div style="color: rgb(35, 31, 32); text-align: right;">
                  <div style="color: rgb(35, 31, 32);">KEEP THIS PORTION FOR YOUR RECORDS</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top; border-top: 2px dashed rgb(0, 0, 0);">&#160;</td>
              <td style="vertical-align: top; border-top: 2px dashed rgb(0, 0, 0);" colspan="2">
                <div style="color: rgb(35, 31, 32); text-align: right;">
                  <div style="color: rgb(35, 31, 32);">DETACH AND RETURN THIS PORTION ONLY</div>
                </div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="border: 2px solid rgb(0, 0, 0); padding: 5px; width: 99%;">
          <div>
            <div style="font-weight: bold;">
              <div style="font-weight: bold;">THE GDL FUND</div>
              <div style="font-weight: bold;">SERIES C PREFERRED SHAREHOLDER</div>
            </div>
          </div>
          <div>
            <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 4%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 17.5%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 8.75%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 4.38%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 4.38%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;">
                    <div style="margin-right: 0.25pt;">
                      <div style="margin-right: 0.25pt;"><br>
                      </div>
                    </div>
                  </td>
                  <td style="width: 40%; vertical-align: top;">
                    <div style="margin-right: 0.6pt; color: rgb(35, 31, 32); font-weight: bold;">
                      <div style="text-align: left; margin-right: 0.15pt; color: rgb(35, 31, 32); font-weight: bold;"><br>
                      </div>
                    </div>
                  </td>
                  <td style="width: 5%; vertical-align: top;">
                    <div style="margin-right: 0.6pt; font-weight: bold; text-align: center;">For</div>
                    <div style="margin-right: 0.6pt; font-weight: bold; text-align: center;"> All</div>
                  </td>
                  <td style="width: 7%; vertical-align: top;">
                    <div style="margin-right: 0.6pt; font-weight: bold; text-align: center;">Withhold</div>
                    <div style="margin-right: 0.6pt; font-weight: bold; text-align: center;"> All</div>
                  </td>
                  <td style="width: 7%; vertical-align: top;">
                    <div style="margin-right: 0.6pt; font-weight: bold; text-align: center;">For All<br>
                    </div>
                    <div style="margin-right: 0.6pt; font-weight: bold; text-align: center;"> Except</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 35%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);" colspan="4">
                    <div style="margin-right: 0.6pt; color: rgb(35, 31, 32);">
                      <div style="text-align: left;">To withhold authority to vote for any individual nominee(s), mark "For All Except" and write the name(s) of the nominee(s) on the line below.</div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top; padding-bottom: 2px;" rowspan="1">
                    <div style="margin-right: 0.25pt;">
                      <div style="margin-right: 0.25pt;"><img src="image00013.jpg"> </div>
                    </div>
                  </td>
                  <td style="width: 40%; vertical-align: top; padding-bottom: 2px;" rowspan="1">
                    <div style="margin-right: 0.6pt; color: rgb(35, 31, 32); font-weight: bold;">
                      <div style="text-align: left; margin-right: 0.15pt; color: rgb(35, 31, 32); font-weight: bold;">Election of Trustees &#8212; The Board of Trustees recommends a vote <u>FOR</u> each of the nominees listed.</div>
                    </div>
                  </td>
                  <td style="width: 5%; vertical-align: top; text-align: center; padding-bottom: 2px;" rowspan="1"><img src="image00011.jpg"></td>
                  <td style="width: 7%; vertical-align: top; text-align: center; padding-bottom: 2px;" rowspan="1"><img src="image00011.jpg"></td>
                  <td style="width: 7%; vertical-align: top; padding-bottom: 2px; text-align: center;" rowspan="1"><img src="image00011.jpg"></td>
                  <td style="width: 2%; vertical-align: top; padding-bottom: 2px;" rowspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="4" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;">
                    <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">1.</div>
                  </td>
                  <td style="width: 40%; vertical-align: top;">
                    <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">
                      <div style="text-align: left;">To elect two (2) Trustees of the Fund:</div>
                    </div>
                  </td>
                  <td style="width: 5%; vertical-align: top; text-align: center;"><br>
                  </td>
                  <td style="width: 7%; vertical-align: top; text-align: center;"><br>
                  </td>
                  <td style="width: 7%; vertical-align: top;"><br>
                  </td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 35%; vertical-align: top;" colspan="4">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;">&#160;</td>
                  <td style="width: 40%; vertical-align: middle; text-align: left;">
                    <div style="margin: 2pt 0.25pt 2pt 0px; color: rgb(35, 31, 32); font-weight: bold;">Nominees:</div>
                  </td>
                  <td style="width: 5%; vertical-align: middle; font-weight: bold; text-align: center;"><br>
                  </td>
                  <td style="width: 7%; vertical-align: middle; font-weight: bold; text-align: center;"><br>
                  </td>
                  <td style="width: 7%; vertical-align: middle; font-weight: bold; text-align: center;"><br>
                  </td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 35%; vertical-align: top;" colspan="4">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;">&#160;</td>
                  <td style="width: 40%; vertical-align: top;">
                    <div style="color: rgb(35, 31, 32);">01)&#160; Clarence A. Davis</div>
                  </td>
                  <td style="width: 5%; vertical-align: top;">&#160;</td>
                  <td style="width: 7%; vertical-align: top;">&#160;</td>
                  <td style="width: 7%; vertical-align: top;">&#160;</td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 35%; vertical-align: top;" colspan="4">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;">&#160;</td>
                  <td style="width: 40%; vertical-align: top;">
                    <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">02)&#160; James P. Conn <br>
                    </div>
                  </td>
                  <td style="width: 5%; vertical-align: top;">&#160;</td>
                  <td style="width: 7%; vertical-align: top;">&#160;</td>
                  <td style="width: 7%; vertical-align: top;">&#160;</td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 35%; vertical-align: top;" colspan="4">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;">&#160;</td>
                  <td style="width: 40%; vertical-align: top;">&#160;</td>
                  <td style="width: 5%; vertical-align: top;">&#160;</td>
                  <td style="width: 7%; vertical-align: top;">&#160;</td>
                  <td style="width: 7%; vertical-align: top;">&#160;</td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 35%; vertical-align: top;" colspan="4">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: top;" colspan="4" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: top;" colspan="4" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 2%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: top;" colspan="4" rowspan="1">&#160;</td>
                </tr>

            </table>
            <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 4%; vertical-align: top; text-align: left;">
                    <div style="margin-right: 0.25pt;"><img src="image00004.jpg"></div>
                  </td>
                  <td style="vertical-align: top; width: 81%;">
                    <div style="color: rgb(35, 31, 32); font-weight: bold;">
                      <div style="text-align: left; color: rgb(35, 31, 32); font-weight: bold;">If properly presented at the Meeting: Shareholder Proposal &#8212;</div>
                      <div style="text-align: left; color: rgb(35, 31, 32); font-weight: bold;">The Board of Trustees recommends a vote <u>AGAINST</u> Proposal 2.</div>
                    </div>
                  </td>
                  <td style="vertical-align: top; width: 5%; font-weight: bold; text-align: center;" rowspan="1">For<br>
                  </td>
                  <td style="vertical-align: top; width: 5%; text-align: center;" rowspan="1"><font style="font-weight: bold;">Against</font></td>
                  <td style="vertical-align: top; width: 5%; text-align: center;" rowspan="1"><font style="font-weight: bold;">Abstain</font></td>
                </tr>

            </table>
            <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 4%; vertical-align: top;" rowspan="1">2.<br>
                  </td>
                  <td style="vertical-align: top; width: 81%;" rowspan="1">
                    <div style="text-align: justify; color: rgb(35, 31, 32); font-size: 8pt;">
                      <div style="text-align: left; margin-right: 0.55pt; color: #231F20; font-weight: bold;">
                        <div style="color: #231F20;"><font style="font-weight: bold; font-size: 10pt;">RESOLVED:<font style="font-weight: normal;">&#160;</font></font><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(35, 31, 32); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Request that the Board of Trustees consider authorizing a self-tender offer for all outstanding
                            shares of the Fund at or close to net asset value. If more than 50% of the Fund's outstanding shares are submitted for tender, the tender offer should be cancelled and the Fund should be liquidated or converted into an open-end
                            mutual fund.</font></div>
                      </div>
                    </div>
                  </td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">
                    <div style="text-align: center; color: rgb(255, 255, 255); font-weight: bold;">A<img src="image00011.jpg"></div>
                  </td>
                  <td style="vertical-align: top; width: 5%; text-align: center;" rowspan="1">&#160;<img src="image00011.jpg"><font style="font-weight: bold;"></font></td>
                  <td style="vertical-align: top; width: 5%; text-align: center;" rowspan="1"><img src="image00011.jpg"></td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 81%;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 81%;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 81%;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 81%;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
                  <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 4%; vertical-align: top; text-align: left;" rowspan="1"><img src="image00012.jpg"></td>
                  <td style="vertical-align: top; width: 81%;" rowspan="1">
                    <div style="text-align: left; color: rgb(35, 31, 32); font-weight: bold;">Authorized Signatures &#8212; This section must be completed for your vote to be counted. &#8212; Sign and Date Below</div>
                  </td>
                  <td style="vertical-align: top; width: 5%; text-align: center;" rowspan="1"><br>
                  </td>
                  <td style="vertical-align: top; width: 5%; text-align: center;" rowspan="1"><br>
                  </td>
                  <td style="vertical-align: top; width: 5%; text-align: center;" rowspan="1"><br>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: top;" colspan="5">
                    <div style="margin-right: 2pt; color: rgb(35, 31, 32);">
                      <div style="text-align: justify; margin-right: 0.9pt; color: rgb(35, 31, 32);">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries
                        should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</div>
                    </div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div>
              <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 30%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                      <div>&#160;</div>
                      <div> <br>
                      </div>
                    </td>
                    <td style="width: 5%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 10%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
                    <td style="width: 30%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;<br>
                      <br>
                    </td>
                    <td style="width: 5%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 20%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 30%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(35, 31, 32);">Signature [PLEASE SIGN WITHIN BOX]</div>
                    </td>
                    <td style="width: 5%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(35, 31, 32);">Date</div>
                    </td>
                    <td style="width: 10%; vertical-align: top;">&#160;</td>
                    <td style="width: 30%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                      <div style="color: rgb(35, 31, 32);">Signature [Joint Owners]</div>
                    </td>
                    <td style="width: 5%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                      <div style="margin-right: 0.25pt; color: rgb(35, 31, 32);">Date</div>
                    </td>
                    <td style="width: 20%; vertical-align: top;" colspan="1">&#160;</td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <br>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;" noshade="noshade"></div>
        </div>
        <div style="text-align: center; color: rgb(35, 31, 32); font-weight: bold;"> <br>
        </div>
        <div style="text-align: center; color: rgb(35, 31, 32); font-weight: bold;"><br>
          <div><br>
          </div>
          <div><br>
            <br>
            <div><br>
            </div>
            <div><br>
            </div>
            <br>
          </div>
          Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</div>
        <div style="text-align: center; color: rgb(35, 31, 32);">The Notice and Proxy Statement is available at www.proxyvote.com.</div>
        <div><br>
          <div><br>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div><br>
            <br>
          </div>
          <br>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; color: rgb(0, 0, 0);" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 99.88%; vertical-align: bottom; border-bottom: 2px dashed rgb(0, 0, 0); text-align: left;">
                <div style="color: rgb(35, 31, 32); font-weight: bold; text-align: center;">
                  <div style="color: rgb(35, 31, 32);"><font style="font-weight: bold;"><img src="image00007.jpg"> PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. </font><img src="image00007.jpg"></div>
                </div>
              </td>
            </tr>

        </table>
        <div>
          <div style="text-align: right; color: rgb(35, 31, 32);">D18294-P40974</div>
        </div>
        <div><br>
        </div>
        <div style="border: 2px solid #000000; padding: 5px; width: 99%;">
          <div>
            <div style="color: rgb(35, 31, 32); font-weight: bold;">
              <div style="color: rgb(35, 31, 32); font-weight: bold;"> <br>
              </div>
              <div style="color: rgb(35, 31, 32); font-weight: bold;"> <br>
              </div>
              <div style="color: rgb(35, 31, 32); font-weight: bold;">THE GDL FUND</div>
              <div>&#160;</div>
              <div style="color: rgb(35, 31, 32); font-weight: bold;">This proxy is solicited on behalf of the Board of Trustees</div>
              <div><br>
              </div>
              <div style="text-align: justify; color: rgb(35, 31, 32); font-weight: normal;">
                <div style="color: #211D1E;">The undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and John C. Ball, and each of them, attorneys and proxies of the
                  undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned all shares of The GDL Fund (the "Fund"), which the undersigned is entitled to vote at the Annual Meeting
                  of Shareholders of the Fund to be held in virtual format on Zoom, or at such other location, or by such means of remote communication or live webcast, as may be noticed to shareholders, on Friday, June 5, 2020,at 7:30 a.m., and at any
                  adjournments thereof (the "Meeting"). The undersigned hereby acknowledges receipt of theNotice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said shares as indicated herein.In their discretion, the
                  proxies are authorized to vote upon such other business as may properly come before the Meeting.</div>
                <div>&#160;</div>
                <div style="color: #211D1E;">A majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then that one)
                  shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes any proxy previously given.</div>
                <div>&#160;</div>
                <div style="color: rgb(33, 29, 30);">This proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is
                  made, this proxy will be voted <font style="font-weight: bold;">FOR </font>the election of the nominees as Trustees, <font style="font-weight: bold;">AGAINST </font>Proposal 2, and in the discretion of the proxy holder as to any other matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal
                  No. 1 and Proposal No. 2.</div>
              </div>
              <div style="text-align: justify; color: rgb(35, 31, 32);"> <br>
              </div>
              <div style="text-align: justify; color: rgb(35, 31, 32);"> <br>
              </div>
              <table id="zac1ccd8565c9497d85b1fa76ef4efd6b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                      <div style="text-align: center; color: rgb(35, 31, 32); font-weight: bold;">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
      </div>
      <div>
        <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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<FILENAME>image00007.jpg
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<DOCUMENT>
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<FILENAME>image00008.jpg
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begin 644 image00009.jpg
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<FILENAME>image00010.jpg
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begin 644 image00010.jpg
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end
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<DOCUMENT>
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<SEQUENCE>10
<FILENAME>image00011.jpg
<TEXT>
begin 644 image00011.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
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<FILENAME>image00012.jpg
<TEXT>
begin 644 image00012.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
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<DOCUMENT>
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<SEQUENCE>12
<FILENAME>image00013.jpg
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begin 644 image00013.jpg
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end
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<DOCUMENT>
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<SEQUENCE>13
<FILENAME>image00014.jpg
<TEXT>
begin 644 image00014.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
