SCHEDULE: Sit Investment Associates Discloses 5.6% Passive Stake in Ellsworth Growth and Income Fund

Sit Investment Associates, Inc. and its subsidiary Sit Fixed Income Advisors II, LLC have disclosed a passive beneficial ownership of 5.6% in Ellsworth Growth and Income Fund Ltd.'s common stock.

Summary

• Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC collectively hold 772,042 shares of Ellsworth Growth and Income Fund Ltd. common stock.
• This ownership represents 5.6% of the total class of common stock outstanding.
• The shares are held with shared voting power and shared dispositive power.
• The reporting persons are registered investment advisers, and the securities are held in client accounts.
• The acquisition of shares was made in the ordinary course of business, without the purpose or effect of changing or influencing the control of the issuer.
• The ownership percentage is based on 13,676,849 shares of common stock outstanding as of March 31, 2025, as reported in the Issuer's Form N-CSRS filing.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership, indicating a neutral sentiment as it does not contain positive or negative performance metrics or strategic announcements.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the issuer's future performance or operations.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing is a standard disclosure of a passive institutional ownership stake, common in the investment management industry where investment advisers manage client portfolios that may cross beneficial ownership thresholds in publicly traded companies. It reflects a routine compliance requirement for significant, non-controlling investments.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's passive stake, which may offer some stability or confidence in the stock's institutional backing.

Key Dates

Keywords

Ellsworth Growth and Income Fund Ltd., Sit Investment Associates, Sit Fixed Income Advisors II, Beneficial Ownership, Common Stock, Investment Adviser, Passive Investment, SEC Filing, Schedule 13G