SOURCE: Ellsworth Fund Ltd.

December 01, 2014 16:30 ET

Ellsworth Fund Ltd. Begins Share Repurchase Program

MORRISTOWN, NJ--(Marketwired - Dec 1, 2014) - Ellsworth Fund Ltd. (NYSE MKT: ECF) announced today that, in accordance with the share repurchase program recently adopted by its Board of Trustees, the Fund has begun making open market purchases of its shares. These purchases have been made in accordance with the limitations of Rule 10b-18 promulgated under the Securities Exchange Act of 1934. As previously announced, the Fund recently adopted a plan to repurchase up to 3% of the Fund's outstanding shares (up to approximately 394,000 shares). The Board of Trustees authorized the program in an effort to address the undervaluation of the Fund's shares.

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; however the Fund expects that substantially all purchases will be made pursuant to Rule 10b-18. 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, and in accordance with the limitations of Rule 10b-18.

The Fund will disclose the details of its repurchase activity in future shareholder reports.

Ellsworth Fund Ltd. operates as a closed-end, diversified management investment company and invests primarily in convertible and equity 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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