The GDL Fund Declares Second Quarter Distribution of $0.12 Per Share

Core Viewpoint - The GDL Fund has declared a cash distribution of $0.12 per share, payable on June 23, 2025, to shareholders of record on June 13, 2025, while the Board of Trustees will continue to monitor the distribution level based on the Fund's net asset value and market conditions [1]. Distribution Policy - The Fund makes annual distributions of realized net long-term capital gains and quarterly cash distributions of its taxable income to common shareholders, with the possibility of a portion being a return of capital [2]. - The Fund may distribute more than the income earned in a period to maintain stable distributions, and current distributions are subject to modification by the Board of Trustees [2]. Earnings and Returns - If the Fund's earnings do not meet the total distributions in a year, the excess amount distributed is considered a return of capital, which is generally not taxable and reduces the shareholder's cost basis [3]. - Distributions for 2025 are estimated to include approximately 5% from net investment income, 3% from net capital gains, and 92% deemed a return of capital [4]. Tax Reporting - The final determination of distribution sources will be made after year-end, and shareholders will receive notifications regarding the components and tax treatment of distributions in early 2026 via Form 1099-DIV [4]. Fund Overview - The GDL Fund is a diversified, closed-end management investment company with total net assets of $131 million, aiming for absolute returns in various market conditions without excessive capital risk [5].