Core Viewpoint - The GDL Fund has declared a cash distribution of $0.12 per share, payable on December 19, 2025, to shareholders of record on December 12, 2025 [1] Distribution Policy - The Board of Trustees will monitor the Fund's distribution level based on net asset value and market conditions, and the distribution rate should not be viewed as the dividend yield or total return [2] - The Fund makes annual distributions of realized net long-term capital gains and quarterly cash distributions of taxable income, with potential returns of capital affecting the distribution levels [3] Earnings and Tax Implications - If the Fund's earnings do not meet the total distributions in a year, the excess amount will be considered a return of capital, which is generally not taxable and reduces the shareholder's cost basis [4] - Distributions in 2025 will consist of approximately 11% from net investment income, 29% from net capital gains, and 60% deemed as return of capital, with final determinations made after year-end [5] Fund Overview - The GDL Fund is a diversified, closed-end management investment company with total net assets of $134 million, aiming for absolute returns with controlled capital risk [6]