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The GDL Fund

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Portfolio Manager: Mario J. Gabelli, CFA Ticker Symbol: GDL

Fund Structure:
Asset Class:
Investment Style:
Investment Objective:
Multiclass:

 Closed End
Equity
Merger/Arbitrage
Absolute Returns
No

Key Dates
Inception: January 26, 2007 Dividends Paid: Quarterly
Fiscal Year End: December Capital Gains Paid: Annual - Dec.

Fund Identifiers
Exchange Symbol: GDL
Cusip Number: 361570104
Telephone Audio Response Code: N / A
Class:   
 
The Fund is a closed end fund traded on the New York Stock Exchange (NYSE). Contact your financial advisor to purchase using the symbol above.

For more information on Dividend Reinvestment Plan click here..

 Fund Operating Expenses  Account Fees
Management *** 0.50 % Sales Load: N / A
12B-1 0 % CDSC: * N / A
Other Expenses 3.89 % Exchange Fee: N / A
Total  4.39 %  IRA Custodian Not Available
    Education IRA Not Available
*** In addition to the management fees set forth in the table, the Investment Adviser is entitled to receive an annual performance fee as of the end of any calendar year in which the Fund's total return exceeds the T-Bill Index total return. The performance fee is 0.01% for each 0.04% of overperformance up to a maximum incremental fee of 1.50%, for a total fee rate of 2.00%, if the Fund's total return equals or exceeds the T-Bill Index total return plus 6.0% (600 basis points).


Merger arbitrage is a highly specialized investment approach generally designed to profit from the successful completion of proposed mergers, takeovers, tender offers and leveraged buyouts. Broadly speaking, an investor purchases the stock of a company in the process of being acquired by another company in anticipation of capturing the spread between the current market price and the acquisition price. A "stub" refers to a small stake in a target company division or subsidiary that is not purchased by an acquirer in a merger, takeover or leveraged buyout. The arbitrageur may buy the stub, and if the acquiring company is successful in boosting the target company?s appeal, the shares will benefit from a boost in price and the arbitrageur will profit. A spin-off occurs when an independent company is created from an existing part of another company through a distribution of new shares. An arbitrageur may benefit from the share price differential in the same manner as in traditional merger arbitrage if, upon completion of the spin-off, the separate securities trade for more in the aggregate than the former single security. Finally, when a company makes the decision to liquidate, or sell all of its assets, it is often worth more in liquidation than as an ongoing entity. An arbitrageur benefits when the company is able to distribute more than the price at which the stock is trading at the time the arbitrageur acquires its position. In order to minimize market exposure and volatility of such merger arbitrage strategies, the Fund may utilize hedging strategies, such as short selling and the use of options and futures. The Fund may hold a significant portion of its assets in liquid money market securities, which may include affiliated or unaffiliated money market mutual funds.