<SEC-DOCUMENT>0001145549-22-016126.txt : 20220315
<SEC-HEADER>0001145549-22-016126.hdr.sgml : 20220315
<ACCEPTANCE-DATETIME>20220315162613
ACCESSION NUMBER:		0001145549-22-016126
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220315
DATE AS OF CHANGE:		20220315
EFFECTIVENESS DATE:		20220315

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21969
		FILM NUMBER:		22741461

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Global Deal Fund
		DATE OF NAME CHANGE:	20061019
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns:com="http://www.sec.gov/edgar/common" xmlns="http://www.sec.gov/edgar/ncen">
  <schemaVersion>X0404</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001378701</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <flags>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-2</investmentCompanyType>
    </filerInfo>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2021-12-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>GDL Fund</registrantFullName>
      <investmentCompFileNo>811-21969</investmentCompFileNo>
      <registrantCik>0001378701</registrantCik>
      <registrantLei>5493000XKGL8ZPN99479</registrantLei>
      <registrantstreet1>One Corporate Center</registrantstreet1>
      <registrantcity>Rye</registrantcity>
      <registrantzipCode>10580-1422</registrantzipCode>
      <registrantstate>US-NY</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>1-800-422-3554</registrantphoneNumber>
      <websites>
        <website webpage="http://gabelli.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>The Bank of New York Mellon</officeName>
          <officeAddress1>240 Greenwich Street</officeAddress1>
          <officeCity>New York</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>10286</officeRecordsZipCode>
          <officePhone>1-212-495-1784</officePhone>
          <booksRecordsDesc>Custody</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>BNY Mellon Investment Servicing (US) Inc.</officeName>
          <officeAddress1>301 Bellevue Parkway</officeAddress1>
          <officeCity>Wilmington</officeCity>
          <officeStateCountry officeState="US-DE" officeCountry="US"/>
          <officeRecordsZipCode>19809</officeRecordsZipCode>
          <officePhone>1-302-791-1700</officePhone>
          <booksRecordsDesc>Accounting</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Gabelli Funds, LLC</officeName>
          <officeAddress1>One Corporate Center</officeAddress1>
          <officeCity>Rye</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>10580-1422</officeRecordsZipCode>
          <officePhone>914-921-5100</officePhone>
          <booksRecordsDesc>Accounting</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>American Stock Transfer &amp; Trust Company, LLC</officeName>
          <officeAddress1>6201 15th Avenue</officeAddress1>
          <officeCity>Brooklyn</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>11219</officeRecordsZipCode>
          <officePhone>800-937-5449</officePhone>
          <booksRecordsDesc>Transfer Agent</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="Gabelli/GAMCO Fund Complex"/>
      <registrantClassificationType>N-2</registrantClassificationType>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Anthony S. Colavita</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08476"/>
            <fileNumberInfo fileNumber="811-23395"/>
            <fileNumberInfo fileNumber="811-23035"/>
            <fileNumberInfo fileNumber="811-22884"/>
            <fileNumberInfo fileNumber="811-22216"/>
            <fileNumberInfo fileNumber="811-21761"/>
            <fileNumberInfo fileNumber="811-21698"/>
            <fileNumberInfo fileNumber="811-05715"/>
            <fileNumberInfo fileNumber="811-04719"/>
            <fileNumberInfo fileNumber="811-05502"/>
            <fileNumberInfo fileNumber="811-23568"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>James P. Conn</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22884"/>
            <fileNumberInfo fileNumber="811-22216"/>
            <fileNumberInfo fileNumber="811-22021"/>
            <fileNumberInfo fileNumber="811-21761"/>
            <fileNumberInfo fileNumber="811-21698"/>
            <fileNumberInfo fileNumber="811-21529"/>
            <fileNumberInfo fileNumber="811-21423"/>
            <fileNumberInfo fileNumber="811-09243"/>
            <fileNumberInfo fileNumber="811-08476"/>
            <fileNumberInfo fileNumber="811-04873"/>
            <fileNumberInfo fileNumber="811-04719"/>
            <fileNumberInfo fileNumber="811-04700"/>
            <fileNumberInfo fileNumber="811-04656"/>
            <fileNumberInfo fileNumber="811-04494"/>
            <fileNumberInfo fileNumber="811-02151"/>
            <fileNumberInfo fileNumber="811-22041"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Leslie F. Foley</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22021"/>
            <fileNumberInfo fileNumber="811-09243"/>
            <fileNumberInfo fileNumber="811-04700"/>
            <fileNumberInfo fileNumber="811-23568"/>
            <fileNumberInfo fileNumber="811-21529"/>
            <fileNumberInfo fileNumber="811-04719"/>
            <fileNumberInfo fileNumber="811-05715"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Michael J. Melarkey</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-23395"/>
            <fileNumberInfo fileNumber="811-22216"/>
            <fileNumberInfo fileNumber="811-21761"/>
            <fileNumberInfo fileNumber="811-21698"/>
            <fileNumberInfo fileNumber="811-21529"/>
            <fileNumberInfo fileNumber="811-21423"/>
            <fileNumberInfo fileNumber="811-09243"/>
            <fileNumberInfo fileNumber="811-04719"/>
            <fileNumberInfo fileNumber="811-04656"/>
            <fileNumberInfo fileNumber="811-02151"/>
            <fileNumberInfo fileNumber="811-23568"/>
            <fileNumberInfo fileNumber="811-05715"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Salvatore J. Zizza</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08476"/>
            <fileNumberInfo fileNumber="811-08518"/>
            <fileNumberInfo fileNumber="811-08560"/>
            <fileNumberInfo fileNumber="811-09243"/>
            <fileNumberInfo fileNumber="811-21423"/>
            <fileNumberInfo fileNumber="811-21529"/>
            <fileNumberInfo fileNumber="811-21698"/>
            <fileNumberInfo fileNumber="811-22021"/>
            <fileNumberInfo fileNumber="811-22216"/>
            <fileNumberInfo fileNumber="811-22884"/>
            <fileNumberInfo fileNumber="811-23568"/>
            <fileNumberInfo fileNumber="811-07896"/>
            <fileNumberInfo fileNumber="811-06367"/>
            <fileNumberInfo fileNumber="811-05715"/>
            <fileNumberInfo fileNumber="811-04873"/>
            <fileNumberInfo fileNumber="811-04719"/>
            <fileNumberInfo fileNumber="811-04700"/>
            <fileNumberInfo fileNumber="811-04494"/>
            <fileNumberInfo fileNumber="811-22041"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Mario J. Gabelli</directorName>
          <crdNumber>000216136</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04494"/>
            <fileNumberInfo fileNumber="811-02151"/>
            <fileNumberInfo fileNumber="811-04656"/>
            <fileNumberInfo fileNumber="811-04700"/>
            <fileNumberInfo fileNumber="811-04873"/>
            <fileNumberInfo fileNumber="811-23395"/>
            <fileNumberInfo fileNumber="811-05848"/>
            <fileNumberInfo fileNumber="811-06367"/>
            <fileNumberInfo fileNumber="811-06687"/>
            <fileNumberInfo fileNumber="811-07326"/>
            <fileNumberInfo fileNumber="811-07644"/>
            <fileNumberInfo fileNumber="811-07896"/>
            <fileNumberInfo fileNumber="811-08476"/>
            <fileNumberInfo fileNumber="811-08518"/>
            <fileNumberInfo fileNumber="811-08560"/>
            <fileNumberInfo fileNumber="811-09243"/>
            <fileNumberInfo fileNumber="811-09377"/>
            <fileNumberInfo fileNumber="811-09397"/>
            <fileNumberInfo fileNumber="811-21423"/>
            <fileNumberInfo fileNumber="811-22021"/>
            <fileNumberInfo fileNumber="811-22026"/>
            <fileNumberInfo fileNumber="811-22884"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Clarence A. Davis</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-07644"/>
            <fileNumberInfo fileNumber="811-22026"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Agnes Mullady</directorName>
          <crdNumber>001732384</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-02151"/>
            <fileNumberInfo fileNumber="811-04700"/>
            <fileNumberInfo fileNumber="811-05715"/>
            <fileNumberInfo fileNumber="811-21423"/>
            <fileNumberInfo fileNumber="811-21698"/>
            <fileNumberInfo fileNumber="811-22021"/>
            <fileNumberInfo fileNumber="811-22216"/>
            <fileNumberInfo fileNumber="811-22884"/>
            <fileNumberInfo fileNumber="811-23568"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Richard J. Walz</ccoName>
          <crdNumber>001392836</crdNumber>
          <ccoStreet1>One Corporate Center</ccoStreet1>
          <ccoCity>Rye</ccoCity>
          <ccoStateCountry ccoState="US-NY" ccoCountry="US"/>
          <ccoZipCode>10580</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Ernst &amp; Young LLP</publicAccountantName>
          <pcaobNumber>42</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantState="US-DE" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>GDL Fund</mgmtInvFundName>
        <mgmtInvLei>5493000XKGL8ZPN99479</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="The GDL Fund" sharesOutstandingClassId="C000000000" sharesOutstandingTickerSymbol="GDL"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17e-1 (17 CFR 270.17e-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Gabelli Funds, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-37706</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000104949</investmentAdviserCrdNo>
            <investmentAdviserLei>549300JDTNRQK8NMTG03</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>American Stock Transfer &amp; Trust Company, LLC</transferAgentName>
            <transferAgentFileNo>084-00416</transferAgentFileNo>
            <transferAgentLei>254900TS5EWP83BEOU02</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange, Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance L.P.</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>American Stock Transfer &amp; Trust Company, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>254900TS5EWP83BEOU02</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>BNY Mellon Investment Servicing (US) Inc.</adminName>
            <adminLei>549300CFZQLI9QMJ1Z03</adminLei>
            <adminStateCountry adminState="US-DE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Gabelli Funds, LLC</adminName>
            <adminLei>549300JDTNRQK8NMTG03</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>G.Research, LLC</brokerDealerName>
            <brokerDealerFileNo>008-21373</brokerDealerFileNo>
            <brokerDealerCrdNo>000007353</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>13992.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>G.distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>008-68697</brokerDealerFileNo>
            <brokerDealerCrdNo>000155071</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>WELLS FARGO CLEARING SERVICES, LLC</brokerName>
            <brokerFileNo>008-37180</brokerFileNo>
            <brokerCrdNo>000019616</brokerCrdNo>
            <brokerLei>88KRVSOEKUGQZJ3DKW55</brokerLei>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>16410.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>G.RESEARCH, LLC</brokerName>
            <brokerFileNo>008-21373</brokerFileNo>
            <brokerCrdNo>000007353</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>13992.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Cowen and Company, LLC</brokerName>
            <brokerFileNo>008-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>549300WR155U7DVMIW58</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>11115.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</brokerName>
            <brokerFileNo>008-07221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5805.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>JEFFERIES LLC</brokerName>
            <brokerFileNo>008-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8453.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>EVERCORE GROUP L.L.C.</brokerName>
            <brokerFileNo>008-49830</brokerFileNo>
            <brokerCrdNo>000042405</brokerCrdNo>
            <brokerLei>5493008F0LRLS5N8LZ81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>34508.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY &amp; CO. LLC</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>30038.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>008-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>19971.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BARCLAYS CAPITAL, INC.</brokerName>
            <brokerFileNo>008-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9072.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC CAPITAL MARKETS, LLC</brokerName>
            <brokerFileNo>008-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5440.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>180665.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>TRATON SE</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>529900UIMQRKPFN6SV80</principalLei>
            <principalCountry>DE</principalCountry>
            <principalTotalPurchaseSale>7791283.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC CAPITAL MARKETS LLC</principalName>
            <principalFileNo>008-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>36027217.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>REALPAGE, INC.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>5493001RSFZX4122A604</principalLei>
            <principalStateCountry principalState="US-TX" principalCountry="US"/>
            <principalTotalPurchaseSale>7810000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>LUMINEX CORPORATION</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>5299004PD7MBYRVKM104</principalLei>
            <principalStateCountry principalState="US-TX" principalCountry="US"/>
            <principalTotalPurchaseSale>8140000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Acceleron Pharma Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>529900TQRID2UY164805</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>9900000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Infineon Technologies AG</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>TSI2PJM6EPETEQ4X1U25</principalLei>
            <principalCountry>DE</principalCountry>
            <principalTotalPurchaseSale>14882400.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BMO Nesbitt Burns Securities Ltd.</principalName>
            <principalFileNo>008-50538</principalFileNo>
            <principalCrdNo>000044057</principalCrdNo>
            <principalLei>54JEJPF5RL5INKZRDO43</principalLei>
            <principalCountry>CA</principalCountry>
            <principalTotalPurchaseSale>19283935.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Daiwa Capital Markets America, Inc.</principalName>
            <principalFileNo>008-12242</principalFileNo>
            <principalCrdNo>000001576</principalCrdNo>
            <principalLei>M67H5PRC0NQKM73ZAS82</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>155845045.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>NOMURA SECURITIES INTERNATIONAL, INC.</principalName>
            <principalFileNo>008-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>189863079.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BARCLAYS CAPITAL, INC.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>181264504.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>851336512.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>183373999.000000000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.000000000000</dailyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>C000000000</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="GDL"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>4.00% Series C Cumulative Puttable &amp; Callable Preferred Shares</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="GDL(PrC) "/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <repurchaseSecurities isRepurchaseSecurity="Y">
        <repurchaseSecurityType>Common stock</repurchaseSecurityType>
      </repurchaseSecurities>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>1.420000000000</managementFee>
      <netOperatingExpenses>2.890000000000</netOperatingExpenses>
      <marketPricePerShare>8.930000000000</marketPricePerShare>
      <netAssetValuePerShare>10.530000000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <exchangeSeriesInfo/>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="GDL Fund" signedDate="2022-03-11" signature="John C. Ball" title="Treasurer"/>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>internalcontrolrpt_gdl.htm
<TEXT>
<html>
    <head>
    </head>
    <body>
        &#160;&#160;<br>
        <br>
        Report of Independent Registered Public Accounting Firm&#160;<br>
        <br>
        To the Shareholders and&#160;&#160;<br>
        Board of Trustees of The GDL Fund&#160;&#160;<br>
        <br>
        In planning and performing our audit of the financial statements of The GDL Fund (the &ldquo;Fund&rdquo;) as of and for the year ended December 31, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund&rsquo;s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.&#160; &#160;<br>
        <br>
        The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company&rsquo;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A company&rsquo;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company&rsquo;s assets that could have a material effect on the financial statements.&#160;<br>
        <br>
        Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.&#160;<br>
        <br>
        A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund&rsquo;s annual or interim financial statements will not be prevented or detected on a timely basis.&#160;&#160;<br>
        <br>
        Our consideration of the Fund&rsquo;s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund&rsquo;s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of December 31, 2021.&#160;<br>
        <br>
        This report is intended solely for the information and use of management and the Board of Trustees of The GDL Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.&#160;<br>
        <br>
        &#160;&#160;<br>
        <br>
        /s/ Ernst &amp; Young LLP&#160;<br>
        Philadelphia, Pennsylvania&#160;<br>
        February 28, 2022&#160;
    </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
