Ellsworth Fund Ltd. Announces Increase to Share Repurchase Program

MORRISTOWN, NJ--(Marketwired - Dec 18, 2014) - Ellsworth Fund Ltd. (NYSE MKT: ECF) announced today that its Board of Trustees has increased the current repurchase plan to up to 7% of the Fund's outstanding shares (up to approximately 920,000 shares). The Board of Trustees had 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.

In addition to this enhancement to the repurchase program, the Board of Trustees has taken other actions to improve the valuation of the Fund's shares. These actions include the share repurchase program completed in the spring of 2014, and the 5% minimum distribution plan announced in November.

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]
Fax [phone]
[e-mail]
www.ellsworthfund.com