GDL Overview

Distribution Announcement: The GDL Fund declared a cash distribution of $0.12 per share, payable on December 19, 2025, to shareholders of record on December 12, 2025.

Monitoring and Variability: The Board of Trustees will monitor the Fund's distribution levels based on net asset value and market conditions, with no assurance of consistent distribution rates.

Return of Capital: A portion of the distribution may be a return of capital, which is generally not taxable and reduces the shareholder's cost basis, depending on the Fund's earnings relative to distributions.

Investment Considerations: Investors are advised to consider the Fund's investment objectives, risks, and expenses before investing, with detailed information available through investor relations.

Distribution Announcement: The GDL Fund declared a cash distribution of $0.12 per share, payable on September 23, 2025, to shareholders recorded by September 16, 2025.

Monitoring and Variability: The Board of Trustees will monitor the Fund's distribution levels based on net asset value and market conditions, with no guarantee of consistent payment rates or frequencies.

Return of Capital: Distributions exceeding the Fund's earnings may be considered a return of capital, which is generally not taxable and reduces the shareholder's cost basis.

Investment Information: The GDL Fund aims for absolute returns with $131 million in assets, managed by Gabelli Funds, LLC, and investors are advised to consider risks and objectives before investing.

Distribution Announcement: The GDL Fund has declared a cash distribution of $0.12 per share, payable on June 23, 2025, to shareholders of record as of June 13, 2025, while monitoring its distribution levels based on net asset value and market conditions.

Investment Considerations: The Fund's distributions may include returns of capital and are subject to change; shareholders will receive detailed tax information regarding the components of these distributions in early 2026.

David Schachter's Visit: David Schachter, Senior Vice President of Gabelli Funds, is traveling to the UK to engage with investment trusts and investors, emphasizing the importance of closed-end funds as a long-term investment strategy.

Historical Context and Current Challenges: Closed-end funds have historically supported significant infrastructure projects in the U.S., but they now face threats from short-term focused activists aiming for quick value extraction, which undermines their role as stable, patient capital.

David Schachter's Visit to the UK: David Schachter, Senior Vice President of GAMCO Investors, Inc., is visiting the UK to support the British investment trust industry, emphasizing the historical significance of closed-end funds in building American railroads and their current threats from short-term activism.

Advocacy for Long-Term Investment: Schachter criticizes recent activist movements as detrimental to long-term investors, advocating for the preservation of closed-end funds as a means of patient capital that provides freedom for investors against mass redemptions.