DEF: Ellsworth Growth and Income Fund Sets Date for Annual Shareholders Meeting

Ellsworth Growth and Income Fund Ltd. announces its Annual Meeting of Shareholders to be held on May 12, 2025, covering the election of trustees and other business matters.

Summary

• Ellsworth Growth and Income Fund Ltd. will hold its Annual Meeting of Shareholders on May 12, 2025.
• The meeting will take place at the Indian Harbor Yacht Club in Greenwich, Connecticut, and virtually via Internet webcast.
• Shareholders will vote to elect four Trustees and consider other business matters.
• The record date for determining shareholders eligible to vote is March 13, 2025.
• Shareholders can vote by telephone, Internet, or mail.
• Advance registration is required for both in-person and virtual attendance, with a deadline of 5:00 p.m. ET on May 11, 2025.
• The Fund has 13,682,849 Common Shares, 1,120,811 Series A Preferred, and 828,000 Series B Preferred outstanding as of the record date.
• Saba Capital Management, L.P. owns 10.3% of the Common Shares, while GAMCO Investors, Inc. and affiliates own 29.0% of the Preferred Shares.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, indicating a neutral to slightly positive sentiment as it reflects routine corporate governance activities.

Positives

• The meeting is structured as a hybrid event, providing flexibility for shareholders to attend in person or virtually.
• Shareholders have multiple options for voting, including telephone, Internet, and mail, making it convenient to participate.
• The Fund provides clear instructions for shareholders to register for the virtual meeting and submit their votes.
• The Fund's most recent annual report, including audited financial statements for the fiscal year ended September 30, 2024, is available upon request, without charge.

Risks

• Failure to register by the deadline of May 11, 2025, at 5:00 p.m. ET will prevent shareholders from attending the virtual meeting.
• If a quorum is not present at the meeting, the chairperson may propose adjournments to permit further solicitation of proxies.
• The DSTA Control Share Statute could limit the voting rights of shareholders who acquire control shares without prior approval.
• Uncertainty exists around the general application of state control share statutes under the 1940 Act and enforcement of state control share statutes against beneficial owners who hold their shares through financial intermediaries.

Future Outlook

The document outlines the procedures and matters to be addressed at the upcoming Annual Meeting, focusing on the election of Trustees and other business. No specific financial guidance or forward-looking statements are provided beyond the meeting's agenda.

Industry Context

This announcement is typical for publicly traded closed-end funds, ensuring compliance with regulatory requirements and providing shareholders with the opportunity to participate in corporate governance through voting on key matters such as the election of trustees.

Comparison to Industry Standards

• The structure of the board with a mix of interested and independent trustees is common in the investment company industry.
• The use of a hybrid meeting format (in-person and virtual) aligns with current trends in corporate governance, offering greater accessibility to shareholders.
• The disclosure of fees paid to the proxy solicitation firm is standard practice.
• The discussion of the Delaware Statutory Trust Act and control share acquisitions is relevant for funds organized as Delaware statutory trusts, similar to other closed-end funds like BlackRock and Eaton Vance funds that are also subject to such provisions.

Stakeholder Impact

• Shareholders have the opportunity to influence the Fund's governance by voting on the election of Trustees.
• The outcome of the meeting will determine the composition of the Board, which oversees the Fund's operations and performance.
• The DSTA Control Share Statute could impact shareholders' voting rights in the event of a control share acquisition.

Next Steps

• Shareholders should review the proxy materials and vote on the proposals.
• Shareholders planning to attend the meeting, either in person or virtually, must register by the specified deadline.
• The Fund will hold the Annual Meeting on May 12, 2025, and announce the voting results in its Semiannual Report for the six months ended March 31, 2025.

Key Dates

Keywords

Annual Meeting, Shareholders, Trustees, Proxy Statement, Voting Rights, Ellsworth Growth and Income Fund, Preferred Shares, Common Shares, Gabelli Funds