The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) (the “Fund”) is pleased to announce the issuance of Series B Cumulative Preferred Shares (“Series B Preferred”) with an aggregate liquidation value of approximately $25 million.

The Series B Preferred is puttable on June 26, 2023 and June 26, 2024, and is callable after June 26, 2024. Distributions are at an annual rate of 4.40% of the $10.00 per share liquidation preference of the Series B Preferred and are scheduled to be paid semiannually beginning on December 26, 2022.

The Board of Trustees would like to thank all participants in the offering.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information about the Fund, call:

Bethany Uhlein

(914) 921-5546

About Ellsworth Growth and Income Fund

Ellsworth Growth and Income Fund Ltd. is a diversified, closed-end management investment company with $191 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, 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).

NYSE American: ECF

CUSIP – 289074106

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