Ellsworth Growth and Income Fund Ltd Declares First Quarter Distribution, Reaffirms Its 5% Minimum Distribution Policy, and Enhances Its Share Repurchase Plan

The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE MKT:ECF) (the “Fund”) declared a first-quarter distribution of $0.11 per share.

The distribution is payable from net investment income on February 25, 2016 to shareholders of record on February 11, 2016.

The Board of Trustees authorized the continuation of its minimum distribution policy. Under this 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.

The Board of Trustees believes that a minimum distribution policy is appropriate in the current economic climate and may serve as a catalyst to realize value for the Fund’s shareholders of beneficial interest. The Board of Trustees recognizes that cash flow is a consideration for many of the Fund’s shareholders and believes that periodic cash distribution may attract investors seeking a consistent level of cash flow. A distribution policy is one of several shareholder initiatives the Board of Trustees has considered in its efforts to narrow the discount to net asset value of the Fund’s publicly traded shares of beneficial interest.

Each quarter, the Board of Trustees will review the amount of any potential distribution from the income, realized capital gain, or capital available. The Fund’s distribution policy is subject to modification 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.

The Board of Trustees also authorized the repurchase of the Fund’s shares of beneficial interest in the open market, from time to time, when the shares are trading at a discount of 10% or more from net asset value.

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. operates as a closed-end, diversified management investment company and 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. Its shares are traded on the NYSE MKT Exchange under the ticker symbol ECF. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).

View source version on businesswire.com: http://www.businesswire.com/news/home/20160119006276/en/