Fund Description: GDL Fund, Series C Cumulative Puttable and Callable Preferred Shares Due 3/26/2025, liquidation preference $50 per share, redeemable at the issuer's option on or after 3/26/2021 at $50 per share plus accrued and unpaid dividends, and mandatorily redeemable on 3/26/2025. <p> Distributions of 4.00% ($2.00) per annum will be paid quarterly on 3/26, 6/26, 9/26 & 12/26 through 3/26/2019 to holders of record on the record date which will be the fifth business day prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). On 3/26/2019, 3/26/2020 and 3/26/2021 the dividend rate will be reset and publicly announced in a notice at least 30 days prior to the end of each dividend period. Each reset dividend rate will be determined by the Board of Trustees of the Fund at a rate not less than 4.00% per year and not greater than 6.00%. <p> Dividends paid by preferreds issued by closed-end funds can be 0% to 100% eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and can also be 0% to 100% eligible for the dividends received deduction for corporate holders (see page S-25 of the prospectus for further information). <p> The holder will have the option to put their preferred shares back to the fund for redemption during the 30-day period prior to March 26, 2020 and March 26, 2022 at the liquidation preference plus any accumulated and unpaid dividends. <p> In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.