Ellsworth Growth and Income Fund Announces Cash Distribution
The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) has declared a cash distribution of $0.13 per share, which will be distributed to shareholders. This announcement highlights the Fund's ongoing commitment to delivering value to its investors.
Details of the Distribution
Common shareholders who are on record will be eligible to receive this distribution. Payments will be made shortly after the record date, demonstrating the Fund's dedication to providing regular income to its investors. This distribution reflects the Board's continuous evaluation of the Fund's financial performance and the prevailing market conditions.
Distribution Policy of the Fund
Ellsworth Growth and Income Fund aims to uphold a clear and transparent distribution policy. This policy will consider either an annual distribution of 5% based on the trailing 12-month market prices or the minimum distribution requirement outlined in the Internal Revenue Code for regulated investment companies. The Trustees will keep a close eye on the Fund's operational results to ensure that distributions are in line with performance.
Components of the Distribution
The distribution may include various income components, such as long-term capital gains or qualified dividend income. Each quarterly review conducted by the Board is focused on maximizing shareholder returns while adhering to tax regulations. If earnings fall short of covering distributions, any excess may be classified as a return of capital, which could have tax implications for shareholders.
Investment Strategy
Ellsworth Growth and Income Fund Ltd. operates as a diversified closed-end management investment company with substantial assets under management. The Fund primarily invests in convertible securities and common stock, with the goal of providing strong income and potential capital appreciation over the long term. These objectives are consistent with the nature of the investments held in the portfolio.
Current Financial Overview
The Fund currently manages around $172 million in net assets, reflecting its stability within the investment sector. Managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI), the Fund is well-positioned to handle market fluctuations while aiming for consistent returns for its shareholders.
Notifications for Shareholders
Shareholders can expect to receive written notifications early next year that will detail the components and tax implications of all distributions. This is part of the Fund's commitment to transparency and clarity regarding their investments. It is important for investors to consider their individual tax situations, as different components of the distributions may be subject to varying tax rates.
Contact for Investor Relations
For more information about the Fund’s distribution policy or any questions, shareholders are encouraged to reach out to the investor relations contact:
Bethany Uhlein
(914) 921-5546
Frequently Asked Questions
What is the declared distribution amount for the Fund?
The Board of Trustees has declared a distribution of $0.13 per share.
When will shareholders receive the distribution?
The distribution is set to be paid shortly after the established record date for shareholders.
How does the Fund determine its distribution levels?
The Trustees assess the Fund's income, capital gains, and net asset values each quarter to determine suitable distribution levels.
What types of income might be included in the distribution?
The distribution may consist of long-term capital gains, qualified dividends, and return of capital, depending on the Fund’s earnings for the year.
Who can investors contact for more information about the Fund?
Investors can reach out to Bethany Uhlein at (914) 921-5546 for inquiries related to the Fund.