Ellsworth Growth and Income Fund Increases Quarterly Distribution Rate by 23%

Strategic Insights -

The Board of Trustees of Ellsworth Growth and Income Fund has announced a 23% increase in its quarterly distribution rate, bringing it to $0.16 per share from $0.13 per share. This increase, which is effective for the current quarter, is a result of the Fund's strong market performance in 2024, with a total return of 27%. The Fund aims to distribute at least 5% of its trailing 12-month average month-end market prices, or the minimum required by the Internal Revenue Code for regulated investment companies, whichever is greater.

Key Takeaways:

  • The quarterly distribution rate has been increased by 23% to $0.16 per share, a $0.03 per share increase from the previous rate of $0.13 per share.
  • The annual distribution rate has increased to $0.64 per share from $0.52 per share, a 23% increase.
  • The Fund's market total return for 2024 was 27%, driving the distribution rate increase.
  • The Fund's distribution policy aims to pay the greater of 5% of the Fund's trailing 12-month average month-end market prices or the minimum distribution requirement by the Internal Revenue Code.
  • The Fund will continue to monitor its distribution level, taking into consideration the Fund's net asset value and the financial market environment.
  • The Fund's distribution policy is subject to modification or termination by the Board of Trustees at any time.

Statistics:

  • Quarterly distribution rate increased by 23% to $0.16 per share.
  • Annual distribution rate increased to $0.64 per share from $0.52 per share.
  • Market total return for 2024 was 27%.
  • Total net assets of the Fund are $186 million.
  • Book basis distribution composition: approximately 19% from net investment income, 81% from net capital gains.

Sources:

  • press release from Ellsworth Growth and Income Fund (no specific date or timestamp).
  • gabelli.com (website of Gabelli Funds, the investment advisor to the Fund).