Ellsworth Growth and Income Fund Declares $0.13 Distribution
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Ellsworth Growth and Income Fund Declares Distribution
The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) has announced a cash distribution of $0.13 per share, scheduled for distribution to shareholders. This decision underscores the Fund's commitment to returning value to its shareholders.
Distribution Details
Common shareholders of record are eligible for this distribution. The payment will occur shortly after the record date, reflecting the Fund's dedication to provide regular income to investors. The announced distribution reflects the ongoing efforts of the Board to assess the Fund's financial performance and the broader market conditions.
Fund Distribution Policy
Ellsworth Growth and Income Fund intends to maintain a transparent distribution policy, which will take into account either an annual distribution of 5% based on the trailing 12-month market prices or the minimum distribution requirement set forth in the Internal Revenue Code for regulated investment companies. The Trustees will continually monitor the Fund’s operational results to ensure that payouts align with performance.
Components of Distribution
The distribution may consist of different income components, such as long-term capital gains or qualified dividend income. Each quarterly review by the Board aims to maximize shareholder returns while remaining compliant with tax requirements. In situations where earnings are insufficient to cover distributions, the excess may be classified as a return of capital, which can affect shareholders' tax considerations.
Investment Focus
Ellsworth Growth and Income Fund Ltd. is a diversified closed-end management investment company with significant assets under management. The Fund primarily invests in convertible securities and common stock, aiming to provide robust income and potential capital appreciation over the long term. These objectives are aligned with the nature of the investments in the portfolio.
Current Financial Status
The Fund currently manages approximately $172 million in net assets, showcasing its stability within the investment community. Managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI), the Fund is strategically positioned to navigate market fluctuations while striving for consistent returns for its shareholders.
Shareholder Notifications
Shareholders can anticipate written notifications detailing the components and tax treatment of all distributions by early next year, ensuring transparency and clarity regarding their investments. It is crucial for investors to consider their personal tax circumstances, as different components of the distributions may be taxed at varying rates.
Investor Relations
For additional information regarding the Fund’s distribution policy, or for any queries, shareholders can 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 declared a distribution of $0.13 per share.
When is the distribution date for shareholders?
The distribution is scheduled to be paid shortly after the record date established for shareholders.
How does the Fund determine distribution levels?
The Trustees review the Fund's income, capital gains, and net asset values to establish appropriate distribution levels each quarter.
What types of income can be included in the distribution?
Distributions may include 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 contact Bethany Uhlein at (914) 921-5546 for any inquiries regarding the Fund.
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