SOURCE: Ellsworth Fund Ltd.

October 22, 2013 16:48 ET

Ellsworth Fund Ltd. Announces Share Repurchase Program

MORRISTOWN, NJ--(Marketwired - Oct 22, 2013) - Ellsworth Fund Ltd. (NYSE MKT: ECF) announced today that its Board of Trustees adopted a plan to repurchase up to 3% of the Fund's outstanding shares (up to approximately 405,000 shares). The Board of Trustees authorized the program in an effort to address an undervaluation of the Fund's shares. The Board of Trustees believes the repurchase program to be in the best interests of shareholders.

Under the program authorized by the Board of Trustees, the Fund may repurchase shares from time to time in the open market or in privately negotiated transactions. The extent to which the Fund repurchases its shares and the timing of such repurchases will depend on market conditions and other considerations as determined by the Fund's management team. The purchases will be made from existing cash balances.

Ellsworth Fund Ltd. operates as a closed-end, diversified management investment company and invests primarily in convertible securities, with the objectives of providing income and the potential for capital appreciation; which objectives the Fund considers to be relatively equal, over the long-term, due to the nature of the securities in which it invests. Its shares are traded on the NYSE MKT exchange under the ticker symbol ECF.

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