Ellsworth Growth and Income Fund Ltd. Reaffirms Its 5% Minimum Distribution Policy and Declares Distribution of $0.12 Per Share

RYE, N.Y.  –(BUSINESS WIRE)–The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE
American:ECF) (the “Fund”) reaffirmed its 5% distribution policy and
declared a $0.12 per share cash distribution payable on June 21, 2019 to
common shareholders of record on June 14, 2019.

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 less 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, 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 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 in 2019 to common shareholders with respect to the
Fund’s fiscal year ending September 30, 2019 would include approximately
20% from net investment income and 80% from net capital gains on a book
basis. This 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 monthly 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 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, closed-end
management investment company with $175 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).

Contacts

Bethany Uhlein
(914) 921-5070