Ellsworth Fund Ltd. announces a share repurchase program. Under the program, the company will repurchase approximately 394,000 shares or 3% of its outstanding shares. 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 repurchases will be made from the fund's existing cash balances. The program is intended to improve share valuation and are believed to be in the best interests of shareholders. 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 Board of Trustees also authorized the repurchase of the Fund's shares of beneficial interest in the open market, from time to time, when the shares are trading at a discount of 10% or more from net asset value.