Ellsworth Growth and Income Fund Ltd Declares Distribution of $0.42 Per Share
15 Novembro 2019 - 10:36AM
Business Wire
The Board of Trustees of Ellsworth Growth and Income Fund Ltd.
(NYSE American:ECF) (the “Fund”) declared a $0.42 per share cash
distribution payable on December 27, 2019 to shareholders of record
on November 26, 2019.
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 dividend is taxable to shareholders whether or not they choose
to receive cash.
The expiration date of the option is December 16, 2019.
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 17, 2019,
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 a quarterly distribution of an amount
determined each quarter by the Board of Trustees. Under the Fund’s
current distribution policy, the Fund intends to pay a minimum
annual distribution of 5% of the Fund’s trailing 12-month average
month-end market price or an amount sufficient to satisfy the
minimum distribution requirements of the Internal Revenue Code for
regulated investment companies.
Each quarter, the Board of Trustees reviews the amount of any
potential distribution and 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 financial market environment. The Fund pays
an adjusting distribution in December which includes any additional
income and net realized capital gains in excess of the quarterly
distributions for that year to satisfy the minimum distribution
requirements of the Internal Revenue Code for regulated investment
companies. 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, which is currently 20% in taxable accounts for
individuals (or zero depending on an individual’s tax bracket). In
addition, certain U.S. shareholders who are individuals, estates or
trusts and whose income 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 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 shareholder’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, ordinary
income, and return of capital, if any, will be allocated on a
pro-rata basis to all distributions to common shareholders for the
year. Based on the accounting records of the Fund currently
available, each of the distributions paid to common shareholders in
the Fund’s fiscal year ending September 30, 2019 would include
approximately 75% from net capital gains and 25% from net
investment income on a book basis and does not represent
information for tax reporting purposes. 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 2019 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 shareholders with
taxable accounts will receive written notification regarding the
components and tax treatment for all 2019 distributions in early
2020 via Form 1099-DIV.
Investors should carefully consider the investment objectives,
risks, charges, and expenses of the Fund before investing. More
information regarding the Fund’s distribution policy and other
information about the Fund is available by calling 800-GABELLI
(800-422-3554) or visiting www.gabelli.com.
Ellsworth Growth and Income Fund Ltd. is a diversified
management investment company with $183 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; which 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. (NYSE:GBL).
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Bethany Uhlein (914) 921-5070
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