GDL Fund 4% Series C Cumulative Puttable and Callable Preferred Shares

Year 1 dividend will be 4%. During the last dividend period in year 1 a new coupon will be announced for years 2 and 3 (not less than 4% nor more than 6%) . During the last dividend period in year 3 a fixed dividend rate will be announced which shall apply for all remaining dividends until mandatory redemption in 2025.

The fund will redeem all shares properly submitted for redemption during the 30 day period prior to each of March 26,2020 and March 26, 2022 at the liquidation preference and accrued and unpaid dividends.

On 3/26/2020 1.95 million shares of this issue were ‘put’ to the fund. This leaves 688,932 shares outstanding

Announced–Dividend is 4% for years 2 and 3 (2019 and 2020)

Dividends Paid by Closed End Fund Preferreds may be qualified or may not be qualified distributions. Investors should check the issuer info closely to see what the current dividend status is at the time of investment

Dividend is now fixed at 4% until mandatory redemption on 3/26/2025