Ellsworth Fund Ltd. Announces 5% Distribution Policy and 3% Share Repurchase Program

MORRISTOWN, NJ--(Marketwired - Nov 19, 2014) - Ellsworth Fund Ltd. (NYSE MKT: ECF) announced today that its Board of Trustees adopted a new 5% minimum distribution policy, effective in calendar year 2015, and a second 3% share repurchase plan. Both measures are intended to improve share valuation, and are believed to be in the best interests of shareholders.

5% Minimum Distribution

Pursuant to the new minimum distribution policy, the Fund anticipates making a cumulative annual distribution at a rate equal to at least 5% of the Fund's trailing 12-month average month-end market price. This amount may be adjusted from time to time depending on current market conditions and the projected performance of the Fund. The distribution policy will be subject to regular review by the Board of Trustees. There can be no assurance that the amount of the quarterly distributions will be maintained at levels implemented under the policy or that the new distribution policy will not be discontinued or substantially modified in the future. Implementation of the new minimum distribution policy is subject to completion of any regulatory requirements.

Distributions may consist of net investment income, net realized capital gains (although capital gains distributions, if any, will only be made once per year) and/or a return of capital for federal income tax purposes. The Form 1099-DIV that your broker or agent will make available to you by the IRS mailing deadline will specify the taxability of our distributions, and will tell you how to report these distributions for federal income tax purposes.

A notice with the estimated sources of the distribution and with any other required information will be mailed to shareholders at the time of payment of a future distribution if it does not consist solely of net investment income. Such notice will also be posted to the Fund's website at www.ellsworthfund.com. The notice should not be used to prepare tax returns as the estimates indicated in the notice may differ from the ultimate federal income tax characterization of distributions. You should not draw any conclusions about the Fund's investment performance from the amount of this dividend distribution or from the terms of the minimum distribution policy.

After the end of each calendar year, investors will be sent a Form 1099-DIV informing them how to report distributions received during that year for federal income tax purposes.

3% Share Repurchase Plan

The Board of Trustees of the Fund has also adopted a plan to repurchase up to 3% of the Fund's outstanding shares (up to approximately 394,000 shares). This repurchase program follows a prior 3% buyback authorization, adopted in 2013 and completed in 2014. 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 promulgated under the Securities Exchange Act of 1934. 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 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.

CUSIP# 289 074 106

For further information, please contact:
Gary I. Levine
Chief Financial Officer
Ph. [phone]
[e-mail]
www.ellsworthfund.com