GDL Fund : Factsheet

GDL

THE GDL FUND

INVESTMENT OBJECTIVE

The GDL Fund is a diversified, closed-end management investment company. The Fund's investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. Absolute returns are defined as positive total returns, regardless of the direction of securities markets. The Fund will seek to achieve its objective by investing primarily in merger arbitrage transactions and, to a lesser extent, in corporate reorganizations involving stubs, spin-offs, and liquidations.

PORTFOLIO HIGHLIGHTS - 09/30/21

Total Net Assets	$181 Million
Net Asset Value ("NAV") per share	$10.56
NYSE Market Price	$8.98
Premium (Discount)	(15.0)%
Expense Ratio (a)(b)	2.7%
Turnover (b)	141.0%
Inception Date	1/31/2007
Cash & Equivalents	48.8%

1. Ratio of operating expenses excluding interest, dividends and service fees on securities sold short, and offering costs to average net assets attributable to common would have been 2.6%.
2. As of 06/30/21

TOP SECTORS OF PORTFOLIO

Computer Software and		8.3%
Services
Health Care	7.8%
Business Services	6.1%
Financial Services	6.0%
Energy and Utilities	3.9%

3rd Quarter - September 30, 2021

NYSE:	GDL
CUSIP:	361570104
CAPITAL STRUCTURE
14 Million	$146 Million
Common Shares	(NAV)

4.00% Series C	$35
Cumulative Puttable &
Million
Callable Preferred (GDL PrC)

Leverage Risk. The use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of equity invested, through the issuance­ of preferred shares, magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. The Fund's use of leverage in its investment operations subjects it to substantial risk of loss.

Merger Arbitrage Risk. The principal risk associated with the Fund's investment strategy is that certain of the proposed reorganizations in which the Fund invests may be renegotiated, terminated, or involve a longer time frame than originally contemplated, in which case losses may be realized. The investment policies of the Fund are expected to lead to frequent changes in investments, which increase transaction costs to the Fund, and may also result in accelerated recognition of short term capital gain, which will be taxable to shareholders when distributed by the Fund.

TOP TEN HOLDINGS

• Cloudera Inc.
• PNM Resources Inc.
• Medallia Inc.
• Stamps.com Inc.
• Aerojet Rocketdyne Holdings Inc.
• Macquarie Infrastructure Holdings, LLC
• CAI International Inc.
• Altaba Inc.
• Hill-RomHoldings, Inc.
• Domtar Corp.

The top ten holdings and top sectors listed are not necessarily representative of the entire portfolio and are subject to change.

Information regarding the Fund's distribution policy and the most recent quarterly report, which contains a more extensive list of holdings, is available by calling 800-GABELLI(800-422-3554). The distribution rate is not representative of dividend yield or the total return of the Fund and has historically included a return of capital. After the end of the calendar year, the Fund will send you a Form 1099-DIV that will tell you how to report the year's distribution for federal income tax purposes.

To participate in the Dividend Reinvestment Cash Purchase Plan please contact American Stock Transfer [phone].

THE GDL FUND

3rd Quarter - September 30, 2021

PORTFOLIO MANAGEMENT

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of the Board of Directors of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School, and Honorary Doctorates from Fordham University and Roger Williams University.

Willis M. Brucker is a portfolio manager of Gabelli Funds, LLC and global merger arbitrage analyst with 15 years' experience analyzing and investing in global merger transactions and special situations. He joined GAMCO Investors, Inc. in 2004 as a research analyst after graduating from the Boston College Carroll School of Management with a B.S. in Finance and Corporate Reporting and Analysis.

Regina M. Pitaro is a Managing Director and Head of Institutional Marketing at GAMCO Investors, Inc. Ms. Pitaro joined the firm in 1984 and coordinates the organization's focus with consultants and plan sponsors. She also serves as a Managing Director and Director of GAMCO Asset Management, Inc. and a portfolio manager for Gabelli Funds, LLC. Ms. Pitaro holds an MBA in Finance from the Columbia University Graduate School of Business, a Master's degree in Anthropology from Loyola University of Chicago, and a Bachelor's degree from Fordham University

PERFORMANCE

Average Annual Returns through September 30, 2021 (a)

The GDL Fund	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception
(01/31/07)
NAV Total Return (b)	1.67%	3.67%	1.95%	1.92%	3.09%	2.59%
Investment Total Return (c)	7.12	12.99	4.62	3.06	4.05	2.14
ICE Bank of America 3 Month U.S.	0.04	0.07	1.18	1.16	0.63	0.90
Treasury Bill Index

1. Performance returns for periods of less than one year are not annualized. The ICE Bank of America 3 Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month, that issue is sold and rolled into the outstanding Treasury Bill that matures closest to, but not beyond three months from the re-balancing date. To qualify for selection, an issue must have settled on or before the re-balancing (month end) date. Dividends are not reinvested for the ICE Bank of America 3 Month U.S. Treasury Bill Index. You cannot invest directly in an index.
2. Total returns and average annual returns reflect changes in the NAV per share and reinvestment of distributions at NAV on the ex- dividend date and are net of expenses. Since inception return is based on an initial NAV of $19.06.

(c) Total returns and average annual returns reflect	changes in closing market values on the NYSE and reinvestment of distributions. Since
inception return is based on an initial offering price	of $20.00.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund's use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

One Corporate Center, Rye, NY 10580-1422 | 1-800-GABELLI | www.gabelli.com