Summary

• In the first quarter of 2026, new issuance of municipal (muni) bonds exceeded the average seen in the past few years.
• Municipal bond valuations continue to appear attractive, particularly on a tax-adjusted basis.
• The strategy’s tilt toward lower-rated bonds boosted relative results as higher-rated issues tended to underperform during the period.

Investment Objective

Ellsworth Growth and Income Fund Ltd. operates as a diversified, closed-end management investment company and invests primarily in convertible securities and common stock, with the objectives of providing income and the potential for capital appreciation, which