Prospectus excerpt:  The GDL Fund (the “Fund,” “we,” “us” or “our”) is issuing subscription rights (the “Rights”) at no charge to our preferred shareholders who hold Series B Cumulative Puttable and Callable Preferred Shares (the “Series B Preferred Shares” or “Existing Preferred Shares”) to purchase Series C Cumulative Puttable and Callable Preferred Shares (the “Series C Preferred Shares” or “New Preferred Shares”). Our Existing Preferred Shares are listed on the New York Stock Exchange (the “NYSE”) under the symbol “GDL Pr B.” The last reported NYSE sale price of our Existing Preferred Shares on February 13, 2018 was $50.42.