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Ellsworth Growth and Income Fund Ltd. Declares Distribution of $0.14 per Share

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The Board of Trustees of Ellsworth Growth and Income Fund (ECF) has declared a $0.14 per share cash distribution payable on December 30, 2024. Shareholders of record as of November 22, 2024, can choose to receive the distribution in cash or beneficial shares. The Fund aims to pay either 5% of its trailing 12-month average month-end market price or meet minimum IRS distribution requirements. The distribution is taxable regardless of the payment method chosen, and shareholders must make their election by December 13, 2024. Those who don't make a choice will receive shares, with the amount determined on December 16, 2024, based on the lower of closing market price or net asset value.

Il Consiglio di Amministrazione del Ellsworth Growth and Income Fund (ECF) ha dichiarato una distribuzione in contante di $0.14 per azione che sarà pagabile il 30 dicembre 2024. Gli azionisti registrati al 22 novembre 2024 possono scegliere di ricevere la distribuzione in contante o in azioni benefiche. Il Fondo mira a pagare il 5% del suo prezzo medio di mercato alla fine del mese negli ultimi 12 mesi o a soddisfare i requisiti minimi di distribuzione IRS. La distribuzione è tassabile indipendentemente dal metodo di pagamento scelto, e gli azionisti devono effettuare la loro scelta entro il 13 dicembre 2024. Coloro che non effettuano una scelta riceveranno azioni, con l'importo determinato il 16 dicembre 2024, basato sul prezzo di mercato di chiusura o sul valore netto delle attività, a seconda di quale sia il più basso.

La Junta de Síndicos del Ellsworth Growth and Income Fund (ECF) ha declarado una distribución en efectivo de $0.14 por acción que se pagará el 30 de diciembre de 2024. Los accionistas registrados al 22 de noviembre de 2024 pueden elegir recibir la distribución en efectivo o en acciones benéficas. El Fondo tiene como objetivo pagar el 5% de su precio medio de mercado al final del mes en los últimos 12 meses o cumplir con los requisitos mínimos de distribución del IRS. La distribución es gravable independientemente del método de pago elegido, y los accionistas deben hacer su elección antes del 13 de diciembre de 2024. Aquellos que no hagan una elección recibirán acciones, con el monto determinado el 16 de diciembre de 2024, basado en el menor entre el precio de mercado de cierre o el valor neto de los activos.

엘스워스 성장 및 수익 기금 (ECF)의 이사회는 주당 $0.14의 현금 배당금을 선언하였으며, 이는 2024년 12월 30일에 지급될 예정입니다. 2024년 11월 22일 기준 주주들은 현금 또는 유익한 주식 중에서 배당금을 받을 방법을 선택할 수 있습니다. 이 기금은 지난 12개월 평균 월말 시장 가격의 5%를 지급하거나 최소 IRS 배당 요건을 충족하는 것을 목표로 합니다. 배당금은 선택한 지급 방법에 관계없이 과세되며, 주주들은 2024년 12월 13일까지 선택을 해야 합니다. 선택을 하지 않은 사람들은 주식을 받게 되며, 그 수량은 2024년 12월 16일에 시장 종가 또는 순자산 가치 중 낮은 금액을 기준으로 결정됩니다.

Le Conseil d'Administration du Fonds de Croissance et de Revenu Ellsworth (ECF) a déclaré une distribution en espèces de 0,14 $ par action payable le 30 décembre 2024. Les actionnaires enregistrés au 22 novembre 2024 peuvent choisir de recevoir la distribution en espèces ou en actions bénéfiques. Le Fonds vise à verser soit 5 % de son prix moyen de marché de fin de mois sur les 12 derniers mois, soit à satisfaire les exigences minimales de distribution de l'IRS. La distribution est imposable, quelle que soit la méthode de paiement choisie, et les actionnaires doivent faire leur choix avant le 13 décembre 2024. Ceux qui ne font pas de choix recevront des actions, dont le montant sera déterminé le 16 décembre 2024, en fonction du prix de clôture du marché ou de la valeur nette des actifs, selon le plus bas des deux.

Der Vorstand des Ellsworth Growth and Income Fund (ECF) hat eine Barausschüttung von $0.14 pro Aktie erklärt, die am 30. Dezember 2024 zahlbar ist. Aktionäre, die am 22. November 2024 eingetragen sind, können wählen, ob sie die Ausschüttung in bar oder in Nutzungsaktien erhalten möchten. Der Fonds hat zum Ziel, entweder 5% des durchschnittlichen Monatsendmarktkurses der letzten 12 Monate zu zahlen oder die Mindestanforderungen für Ausschüttungen des IRS zu erfüllen. Die Ausschüttung ist steuerpflichtig, unabhängig von der gewählten Zahlungsmethode, und die Aktionäre müssen ihre Wahl bis zum 13. Dezember 2024 treffen. Wer keine Wahl trifft, erhält Aktien, deren Anzahl am 16. Dezember 2024 basierend auf dem niedrigeren Kurs des Schlussmarktes oder dem Nettowert der Vermögenswerte bestimmt wird.

Positive
  • Consistent dividend distribution maintained at $0.14 per share
  • Flexible payment options offered to shareholders (cash or shares)
  • Commitment to minimum 5% annual distribution rate based on trailing 12-month average market price
Negative
  • Distribution may include return of capital if Fund earnings are insufficient
  • 3.8% Medicare surcharge applies to certain shareholders' investment income

Insights

This quarterly distribution announcement of $0.14 per share aligns with ECF's established policy of paying either 5% of trailing market price or meeting minimum IRS requirements. The distribution offers flexibility to shareholders through a cash or shares option, with the share price determined by the lower of market price or NAV on December 16. Key aspects:

  • Distribution maintains consistency with previous policy
  • Tax implications vary based on income classification (capital gains, qualified dividends, or return of capital)
  • Additional Medicare surcharge of 3.8% applies to certain investors
The Fund's commitment to maintaining distribution levels while considering NAV and market conditions provides stability, though investors should note this isn't guaranteed future performance.

RYE, N.Y., Nov. 13, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American:ECF) (the “Fund”) declared a $0.14 per share cash distribution payable on December 30, 2024, to common shareholders of record on November 22, 2024.

Shareholders who are not members of the Fund’s Automatic Dividend Investment Plan will be given the option to receive the distribution either in cash or in beneficial shares of the Fund. The distribution is taxable to shareholders whether or not they choose to receive cash.

The expiration date of the option is December 13, 2024. Shareholders who do not make an election will receive the distribution in beneficial shares.

The number of shares that holders will be entitled to receive under the share option will be determined on December 16, 2024, either on the basis of the closing market price of the Fund’s beneficial shares or its net asset value, whichever is lower on that date.

The Fund intends to pay the greater of either an annual distribution of 5% of the Fund’s trailing 12-month average month-end market price or an amount that meets the minimum distribution requirement of the Internal Revenue Code for regulated investment companies.

Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. If necessary, the Fund pays an adjusting distribution in December, which includes any additional income and net realized capital gains in excess of the quarterly distributions. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and with income that exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their "net investment income", which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a share-holder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2024 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2024 distributions in early 2025 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Bethany Uhlein
(914) 921-5546

About Ellsworth Growth and Income Fund
Ellsworth Growth and Income Fund Ltd. is a diversified, closed-end management investment company with $184 million in total net assets. ECF invests primarily in convertible securities and common stock with the objectives of providing income and the potential for capital appreciation, objectives the Fund considers to be relatively equal over the long-term due to the nature of the securities in which it invests. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE American: ECF
CUSIP – 289074106

Investor Relations Contact:
Bethany Uhlein
914.921.5546
buhlein@gabelli.com


FAQ

What is the amount of Ellsworth Growth and Income Fund's (ECF) latest dividend distribution?

Ellsworth Growth and Income Fund (ECF) declared a cash distribution of $0.14 per share.

When is ECF's dividend payment date and record date for the latest distribution?

The dividend is payable on December 30, 2024, to shareholders of record on November 22, 2024.

What options do ECF shareholders have for receiving their distribution?

Shareholders can choose to receive the distribution either in cash or in beneficial shares of the Fund, with the election deadline being December 13, 2024.

What is ECF's distribution policy target?

ECF aims to pay the greater of either 5% of trailing 12-month average month-end market price or an amount meeting minimum IRS distribution requirements.

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