<SEC-DOCUMENT>0001839882-25-011444.txt : 20250227
<SEC-HEADER>0001839882-25-011444.hdr.sgml : 20250227
<ACCEPTANCE-DATETIME>20250226215228
ACCESSION NUMBER:		0001839882-25-011444
CONFORMED SUBMISSION TYPE:	N-23C-2
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250226
FILED AS OF DATE:		20250227
DATE AS OF CHANGE:		20250226
EFFECTIVENESS DATE:		20250227

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-23C-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	817-01234
		FILM NUMBER:		25672515

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Global Deal Fund
		DATE OF NAME CHANGE:	20061019
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-23C-2
<SEQUENCE>1
<FILENAME>gdl-n23c2_022625.htm
<DESCRIPTION>NOTICE BY CLOSED-END INVESTMENT COMPANIES
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">WASHINGTON, DC 20549</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0; border-right-width: 0in; border-right-color: Black; border-left-width: 0in; border-left-color: Black"><B>NOTIFICATION
OF REDEMPTION OF SECURITIES PURSUANT TO RULE 23c-2 <BR>
UNDER THE INVESTMENT COMPANY ACT OF 1940</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">Investment Company Act File No. 811-21969</P>

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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE GDL FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rye, New York 10580-1422</B></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><B>Registrant's Telephone Number,
including Area Code: (800) 422-3554</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">The
undersigned registered closed-end investment company hereby notifies the Securities and Exchange Commission (the &quot;Commission&quot;)
that it intends to redeem securities of which it is the issuer, as set forth below in accordance with the requirements of Rule 23c-2 under
the Investment Company Act of 1940 (the &quot;Act&quot;), and states that it is filing this notice with the Commission at least 30 days
prior to the date set for the redemption.</P>


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<TD STYLE="width: 5%"><B>(1)</B></TD><TD STYLE="width: 95%"><B>Title of the class of securities of The Gabelli Global Small and Mid Cap Value Trust (the &quot;Fund&quot;) to be redeemed:</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Series
C Cumulative Puttable and Callable Preferred Shares, par value $0.001 per share, liquidation preference of $50.00 per share (the &quot;Series
C Preferred Shares&quot;) (CUSIP #: 361570401).</TD></TR>
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<TD STYLE="width: 5%"><B>(2)</B></TD><TD STYLE="width: 95%"><B>The date on which the securities are to be called or redeemed:</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>The
Series C Preferred Shares will be redeemed on March 26, 2025 (the &quot;Redemption Date&quot;).</TD></TR>
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<TD STYLE="width: 5%"><B>(3)</B></TD><TD STYLE="width: 95%"><B>The applicable provisions of the governing instrument pursuant to which the securities are to be called or redeemed:</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>The Series C Preferred Shares are to be redeemed pursuant to Part II, Section 5(a) of the Fund's Statement of Preferences for
               the Fund's Series C Cumulative Puttable and Callable Preferred Shares creating and fixing the rights of the Series C Preferred
               Shares, which was filed with the Securities and Exchange Commission on February 15, 2018 as Exhibit (a)(iii) to Post-Effective
               Amendment No. 1 to the Fund&rsquo;s Registration Statement on Form N-2 (File Nos. 333-213902 and 811-21969).</TD></TR>
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<TD STYLE="width: 5%"><B>(4)</B></TD><TD STYLE="width: 95%"><B>The principal amount or number of shares and the basis upon which the securities to be redeemed are to be selected:</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>The
Fund intends to redeem 100% (688,932 shares) of its outstanding Series C Preferred Shares. Holders of the Series C Preferred Shares being
so redeemed will receive $50.00 per share for each share of Series C Preferred Shares redeemed (the &quot;Redemption Price&quot;), which
consists of the liquidation preference of $50.00 per share, together with accumulated but unpaid dividends and distributions of $0.00 per
share to the Redemption Date. All Series C Preferred Shares are held in book-entry form through the Depository Trust Company (&quot;DTC&quot;),
and such shares being redeemed will be redeemed in accordance with the procedures of DTC. Payment by the Fund of the Redemption Price
will be made to Equiniti Trust Company, LLC, as paying agent for this redemption.</TD></TR>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><U>SIGNATURE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pursuant
to the requirement of Rule 23c-2 of the Investment Company Act of 1940, the Fund has duly caused this Notification of Redemption of Securities
to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rye, and the State of New York, on  February
26, 2025.</P>

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  <TD>&nbsp;</TD>
  <TD COLSPAN="2">THE
GDL FUND</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ John C. Ball&#9;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By: &#9;</TD>
  <TD>John C. Ball</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 4%">Title: &#9;</TD>
  <TD STYLE="width: 46%">President, Treasurer, and Principal &#9;<BR>
Financial and Accounting Officer</TD></TR>
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