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Ellsworth Fund Ltd. Declares Quarterly Dividend, Announces Results of Annual Shareholders' Meeting and Reports on Share Repurchase Program Activity

MORRISTOWN, NJ -- (Marketwired) -- 01/17/14 -- The Board of Trustees of Ellsworth Fund Ltd. (NYSE MKT: ECF) today declared the Fund's one hundred and tenth quarterly dividend.

The 6 cents ($0.06) per share dividend is payable from net investment income on February 27, 2014 to shareholders of record February 13, 2014.

The following actions were taken at the Annual Shareholders' meeting held on Friday, January 17th: (1) two trustees were elected and (2) the selection of Tait, Weller & Baker LLP as independent auditors for the 2014 fiscal year was ratified.

Share Repurchase Program
In accordance with the share repurchase program adopted by its Board of Trustees (up to 3% of the Fund's outstanding shares or approximately 405,000 shares), the Fund began making open market purchases of its shares in October 2013. During October, November and December 2013 the Fund repurchased 171,981 capital shares in the open market at a cost of $1,384,896. The weighted average discount of these purchases comparing the average purchase price to net asset value was 16.76%. These purchases have been made in accordance with the limitations of 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, 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 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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