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The GDL Fund

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

Fund Performance by Year

As of May 24, 2013		  
% By Year
Year Performance     
2013 + 3.13         
2012 + 4.44         
2011 + 1.26         
2010 + 3.27         
2009 + 5.70         
2008 - 4.06         
2007 + 3.35         
Maximum
Sales Charge(%) (1)		 Gross Expense
Ratio (%) (2)		 Net Expense
Ratio (%) (3)
0.00 4.39 4.39

(1) Maximum Sales Charge for Class A shares is a percentage of the initial investment and may be reduced based on the size of your investment. Class B and C shares have a contingent deferred sales charge when you redeem your shares depending on your holding period. Please see the Fund's Prospectus or contact your Adviser for a complete description of the applicable sales charge.
(2) Gross Expense Ratio is the expenses of the Fund reflected as a percentage of the Fund's average daily net assets and do not include any voluntary or contractual fee waivers or expense limitations as described in the Fund Prospectus.
(3) Net Expense Ratio is the expenses of the Fund including any voluntary or contractual fee waivers or expense limitations as a percentage of the Fund's average daily net assets. Where applicable, please see the Fund's Prospectus or contact your Adviser for a complete description of the fee waiver or expense limitation, the effective date and the expiration date.

Inception Date: January 26, 2007

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.