Form 4: Mario J. Gabelli Surrenders Ellsworth Growth & Income Fund Shares

Mario J. Gabelli, a director and control person of the adviser for Ellsworth Growth & Income Fund Ltd, surrendered 320,000 Series B Cumulative Preferred Shares to the fund.

Summary

• Mario J. Gabelli, a director and control person of the adviser for Ellsworth Growth & Income Fund Ltd, surrendered 320,000 Series B Cumulative Preferred Shares on June 26, 2025, at a price of $10 per share.
• Following the transaction, Mr. Gabelli directly owns 20,000 Series B Cumulative Preferred Shares.
• Mr. Gabelli indirectly owns 125,000 Series B Cumulative Preferred Shares through Associated Capital Group, Inc. (ACG), where he serves as Executive Chair and controlling shareholder.
• Mr. Gabelli disclaims beneficial ownership of the shares held by ACG exceeding his indirect pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing reporting a transaction. It is neutral in tone and does not express any strong positive or negative sentiment.

Positives

• The surrender of shares was conducted in accordance with the Right to Put, allowing the fund to repurchase up to 100% of outstanding Series B Cumulative Preferred Shares.

Future Outlook

NA

Management Comments

• Mario J. Gabelli disclaims beneficial ownership of the shares held by Associated Capital Group, Inc. (ACG) which are in excess of his indirect pecuniary interest.

Industry Context

This filing reflects changes in beneficial ownership, a routine part of regulatory compliance for individuals with significant holdings in publicly traded companies. It is common for directors and officers to adjust their holdings, and this filing ensures transparency regarding those changes.

Stakeholder Impact

• Shareholders: The transaction alters the ownership structure of Series B Cumulative Preferred Shares.
• Fund: The fund repurchased shares, potentially impacting its capital structure.

Key Dates

Keywords

Ellsworth Growth & Income Fund Ltd, Mario J. Gabelli, Series B Cumulative Preferred Shares, Beneficial Ownership, SEC Form 4, Associated Capital Group, ACG, Director, Control Person, Right to Put