Wells Fargo Discloses 5.0% Stake in Ellsworth Growth & Income Fund

TL;DR

**Wells Fargo owns 5% of Ellsworth Growth & Income Fund, signaling institutional interest.**

AI Summary

Wells Fargo & Company, a major financial institution, filed an SC 13G on February 6, 2024, disclosing its ownership in Ellsworth Growth & Income Fund Ltd. As of December 31, 2023, Wells Fargo reported beneficial ownership of 5.0% of the fund's Closed-End Fund securities. This filing indicates Wells Fargo's significant, but passive, stake in the fund, which could be seen as a vote of confidence in Ellsworth's investment strategy for current and prospective shareholders.

Why It Matters

This filing shows a large institutional investor, Wells Fargo, holds a notable stake in Ellsworth Growth & Income Fund, which can signal institutional confidence to other investors.

Risk Assessment

Risk Level: low — This filing indicates a passive ownership stake by a large institution, which generally doesn't pose a direct risk to the company or its investors.

Analyst Insight

An investor might view Wells Fargo's 5.0% stake as a sign of institutional validation for Ellsworth Growth & Income Fund, potentially prompting further research into the fund's performance and strategy.

Key Numbers

• 5.0% — Beneficial Ownership (Percentage of Ellsworth Growth & Income Fund Ltd. owned by Wells Fargo & Company as of December 31, 2023.)

Key Players & Entities

• Wells Fargo & Company (company) — the reporting person disclosing ownership
• ELLSWORTH GROWTH & INCOME FUND LTD (company) — the subject company in which shares are owned
• December 31, 2023 (date) — the date of the event requiring the filing
• February 6, 2024 (date) — the date the SC 13G filing was made
• 5.0% (dollar_amount) — the percentage of beneficial ownership reported by Wells Fargo

FAQ

Filing Documents

• wf_ellsworthgrowth_289074106.htm (SC 13G) — 17KB
• 0000072971-24-000039.txt ( ) — 19KB

Ownership

Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: 1,007,180 (b) Percent of class: 7.3% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 0 (iii) Sole power to dispose or to direct the disposition of: 1,007,180 (iv) Shared power to dispose or to direct the disposition of: 0

Ownership of Five Percent or Less of a Class

Item 5. Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [].

Ownership of More than Five Percent on Behalf of Another Person

Item 6. Ownership of More than Five Percent on Behalf of Another Person. Not applicable Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person. See Exhibit B

Identification and Classification of Members of the Group

Item 8. Identification and Classification of Members of the Group Not applicable.

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group Not applicable.

Certification

Item 10. Certification 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. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 6, 2024 WELLS FARGO & COMPANY /s/ Patricia Arce Signature Patricia Arce, Designated Signer Name/Title Exhibit A EXPLANATORY NOTE This Schedule 13G is filed by Wells Fargo & Company on its own behalf and on behalf of any subsidiaries listed in Exhibit B. Aggregate beneficial ownership reported by Wells Fargo & Company under Item 9 on page 2 is on a consolidated basis and includes any beneficial ownership separately reported herein by a subsidiary. Exhibit B The Schedule 13G to which this attachment is appended is filed by Wells Fargo & Company on behalf of the following subsidiaries: Wells Fargo Advisors Financial Network, LLC (1) Wells Fargo Clearing Services, LLC (1) (1) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78c)

View Full Filing

View this SC 13G filing on SEC EDGAR