Core Viewpoint - The GDL Fund has declared a cash distribution of $0.12 per share, payable on September 23, 2025, to shareholders of record on September 16, 2025 [1] Distribution Policy - The Board of Trustees will monitor the Fund's distribution level, considering the net asset value and financial market environment [2] - The Fund makes annual distributions of realized net long-term capital gains and quarterly cash distributions of investment company taxable income [3] - Distributions may exceed the income earned in a period to maintain stability [3] Earnings and Returns - If the Fund's earnings do not meet the total distributions, the excess will be considered a return of capital, generally not taxable [4] - Each distribution in 2025 is estimated to include approximately 7% from net investment income, 13% from net capital gains, and 80% as a return of capital [5] Fund Overview - The GDL Fund is a diversified, closed-end management investment company with total net assets of $131 million, aiming for absolute returns with controlled risk [6]