<SEC-DOCUMENT>0001145443-14-001661.txt : 20141229
<SEC-HEADER>0001145443-14-001661.hdr.sgml : 20141225
<ACCEPTANCE-DATETIME>20141229064057
ACCESSION NUMBER:		0001145443-14-001661
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150209
FILED AS OF DATE:		20141229
DATE AS OF CHANGE:		20141229
EFFECTIVENESS DATE:		20141229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELLSWORTH FUND LTD
		CENTRAL INDEX KEY:			0000793040
		IRS NUMBER:				133345139
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04656
		FILM NUMBER:		141310639

	BUSINESS ADDRESS:	
		STREET 1:		65 MADISON AVENUE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960
		BUSINESS PHONE:		(973) 631-1177

	MAIL ADDRESS:	
		STREET 1:		65 MADISON AVE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELLSWORTH CONVERTIBLE GROWTH & INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d31878.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SCHEDULE 14A INFORMATION<BR>
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES<BR>
EXCHANGE ACT OF 1934</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Filed by the Registrant [X]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Filed by a party other than the Registrant [&nbsp;&nbsp;]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Check the appropriate box:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" NOWRAP WIDTH="60%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">[&nbsp;&nbsp;] Preliminary Proxy Statement</P></TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="40%"><P STYLE="font: 11pt Times New Roman, Times, Serif; padding-left: 31px; text-indent: -31px;">[&nbsp;&nbsp;] &nbsp;&nbsp;Confidential, for use of the<BR>
Commission Only (as permitted<BR> by Rule 14a-6(e)(2))</P></TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">[X] Definitive Proxy Statement</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">[&nbsp;&nbsp;] Definitive Additional Materials</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">[&nbsp;&nbsp;] Soliciting Material Pursuant to Section 240.14a-12</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ELLSWORTH FUND LTD.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="80%">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="80%">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Payment of Filing Fee (Check the appropriate box):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD>
<TD STYLE="width: 0.25in">[X]</TD>
<TD>No fee required</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-indent: -0.25in">[&nbsp;&nbsp;]&nbsp;Fee computed on table below
per Exchange Act Rules 14a-6(i)(1)<BR>
and 0-11</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD>
<TD STYLE="width: 0.25in">(1)</TD>
<TD>Title of each class of securities to which transaction applies:</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="80%">

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD>
<TD STYLE="width: 0.25in">(2)</TD>
<TD>Aggregate number of securities to which transaction applies:</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="80%">

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD>
<TD STYLE="width: 0.25in">(3)</TD>
<TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on
which the filing fee is calculated and state how it was determined):</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="80%">

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD>
<TD STYLE="width: 0.25in">(4)</TD>
<TD>Proposed maximum aggregate value of transaction:</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="80%">

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD>
<TD STYLE="width: 0.25in">(5)</TD>
<TD>Total fee paid:</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="80%">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-indent: -0.25in">[&nbsp;&nbsp;]&nbsp;Fee paid previously with
preliminary materials.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-indent: -0.25in">[&nbsp;&nbsp;]&nbsp;Check box if any part of
the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.
Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD>
<TD STYLE="width: 0.25in">(1)</TD>
<TD>Amount Previously Paid:</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="80%">

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD>
<TD STYLE="width: 0.25in">(2)</TD>
<TD>Form, Schedule or Registration Statement No.:</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="80%">

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD>
<TD STYLE="width: 0.25in">(3)</TD>
<TD>Filing Party:</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="80%">

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD>
<TD STYLE="width: 0.25in">(4)</TD>
<TD>Date Filed:</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="80%">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 14pt">ELLSWORTH
FUND LTD.<BR>
</FONT>65 Madison Avenue<BR>
Morristown, New Jersey 07960</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 12pt">NOTICE
OF ANNUAL MEETING OF SHAREHOLDERS<BR>
</FONT>to be held<BR>
Monday, February 9, 2015<BR>
10:00 a.m., Eastern Standard Time<BR>
at<BR>
The Madison Hotel<BR>
1 Convent Road, Morristown, New Jersey 07960<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">To Shareholders of Ellsworth Fund Ltd.:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We cordially invite you to attend our
2015 Annual Meeting of Shareholders to vote on:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD>
<TD STYLE="width: 0.5in">1.</TD>
<TD>Electing two trustees to three-year terms;</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD>
<TD STYLE="width: 0.5in">2.</TD>
<TD>Ratifying the Audit Committee&#8217;s appointment of Tait, Weller &amp; Baker LLP as independent registered public accountants
for fiscal year 2015;</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD>
<TD STYLE="width: 0.5in">3.</TD>
<TD>Considering and voting upon, if properly presented, a shareholder proposal that would request that the Board of Trustees begin the process of
amending the Declaration of
Trust; and</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD>
<TD STYLE="width: 0.5in">4.</TD>
<TD>Transacting any other business that properly comes before the meeting or any adjournments or postponements of the meeting.</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are holding the Annual Meeting on
Monday, February 9, 2015 at 10:00 a.m., Eastern Standard Time, at The Madison Hotel located at 1 Convent Road, Morristown, New
Jersey 07960.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">You may vote on these proposals in person
or by proxy. If you cannot attend the meeting in person, we ask that you return your proxy card promptly so that your vote is counted.
Only shareholders of record on December 15, 2014 will be entitled to vote at the meeting or any adjournment or postponement of
the meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Thomas H. Dinsmore</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Chairman of the Board of Trustees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">December 29, 2014</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 14pt">ELLSWORTH
FUND LTD.<BR>
</FONT>65 Madison Avenue<BR>
Morristown, New Jersey 07960</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PROXY STATEMENT</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">FEBRUARY 9, 2015</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INFORMATION ABOUT THE ANNUAL MEETING<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Proxy Statement</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are sending you this Proxy Statement
and the enclosed proxy card because the Board of Trustees of Ellsworth Fund Ltd. (the Trust) is soliciting your proxy to vote at
the 2015 annual meeting of shareholders and at any adjournments or postponements of the annual meeting (the Annual Meeting). This
Proxy Statement summarizes the information you need to know to cast an informed vote at the Annual Meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This Proxy Statement, the attached Notice
of Annual Meeting and the enclosed proxy card will first be sent on or about December 29, 2014 to all shareholders entitled to
vote. Shareholders who owned the Trust&#8217;s shares of beneficial interest on the record date of December 15, 2014 are entitled
to vote. On this record date, there were 13,324,117 shares outstanding. Each share of the Trust that you own entitles you to one
vote. (A fractional share has a corresponding fractional vote.)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have previously sent to shareholders
the Company&#8217;s 2014 Annual Report including financial statements. If you have not received such report or would like to receive
an additional copy, please contact Gary I. Levine at 65 Madison Avenue, Morristown, NJ 07960 or call (800) 914-1177. The Trust
will furnish such report free of charge. The report is also available online at <U>www.ellsworthfund.com</U>.</P>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Time and Place of Meeting</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are holding the Annual Meeting on
Monday, February 9, 2015 at 10:00 a.m., Eastern Standard Time, at The Madison Hotel located at 1 Convent Road, Morristown, New
Jersey 07960.</P>

<P STYLE="font: bold 11pt Times New Roman Bold; margin: 0 0 12pt">Proposal Table</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following table summarizes each proposal
to be presented at the Annual Meeting and the page number of this proxy statement where you will find a description of the proposal:</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 75%; font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt" ALIGN="CENTER"><B>&nbsp;<U>Proposal</U></B></TD>
    <TD STYLE="width: 25%; font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Page Number</TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding-left: 65px; text-indent: -25px">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Electing trustees</P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2</TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding-left: 65px; text-indent: -25px">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Ratifying the Audit Committee&#8217;s Appointment of Tait, Weller &amp; Baker LLP as independent registered public accountants</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">12</P></TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; margin-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="Padding-Right: 5.4pt; Padding-Left: 5.4pt; Margin-Top: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding-left: 65px; text-indent: -25px">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Considering a shareholder proposal that would request that the trustees of the Fund begin the process of amending the Declaration of Trust</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">13</P></TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Board of Trustees, including all of the independent trustees, recommends that you vote
<FONT STYLE="font-family: Times New Roman Bold; text-transform: uppercase"><B>for</B></FONT><B> </B>Proposals 1 and 2 but <B>AGAINST</B> Proposal 3.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>How to Vote</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">You do not need to attend the Annual
Meeting in person to vote your shares. Instead, you may simply complete, sign and return the enclosed proxy card or use any of
the available alternative proxy voting methods specified in the instructions that accompany this Proxy Statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If you are the record owner of your shares,
the available alternative proxy voting methods are telephone and Internet voting. If your shares are held by a broker, the alternative
proxy voting methods may include telephone, Internet and any alternative method of voting permitted by your broker. Please see
&#8220;Additional Information on Voting&#8221; on page 15 below for a further discussion of how to vote your shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Broker Voting</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Under rules applicable to
broker-dealers, if your broker holds your shares in its name, we expect that the broker will be entitled to vote your shares
on Proposals&nbsp;1 and 2 even if it has not received instructions from you. A &#8220;broker non-vote&#8221; occurs when a
broker has not received voting instructions from a shareholder and is barred from voting the shares without shareholder
instructions because the proposal is considered to be non-routine. Because Proposals 1 and 2 are considered routine, the
Trust does not expect to receive any broker non-votes with respect to those proposals. However, Proposal 3 is considered
non-routine. Therefore, if you do not vote your shares, and do not provide voting instructions to your broker with respect to
Proposal 3, a broker non-vote will occur with respect to your shares for Proposal 3. Any broker non-vote will have no
effect on the outcome of Proposal 3.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PROPOSAL 1<BR>
<BR>
ELECTION OF TRUSTEES</P>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Board Leadership Structure</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The primary responsibility of the Board
of Trustees (the Board) is to represent the interests of the shareholders of the Trust and to provide oversight of the management
of the Trust. The Trust&#8217;s day-to-day operations are managed by Dinsmore Capital Management Co. (Dinsmore Capital), the Trust&#8217;s
investment adviser. <B> </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Board is divided into three classes
for purposes of election. One class is elected at each annual meeting of shareholders. Trustees in each class serve for a three-year
term. Classifying the Board for election may be regarded as an &#8220;anti-takeover provision&#8221; because it has the effect
of maintaining the continuity of the Board and requiring at least two years to change a majority of the Board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Board currently consists of six persons.
Four of the trustees are &#8220;independent,&#8221; meaning they are not &#8220;interested persons&#8221; of the Trust within the
meaning of the Investment Company Act of 1940, as amended (the Investment Company Act). Two of the Trust&#8217;s trustees are &#8220;interested
persons&#8221; because of their business and financial relationships with the Trust and Dinsmore Capital. The Independent Trustees
are represented by independent legal counsel at Board and committee meetings. Generally, the Board acts by majority vote of all
the trustees, including a majority vote of the Independent Trustees if required by applicable law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The
Board has established four committees (Audit, Governance, Investment and Pricing, as described below). The Audit, Governance and
Investment Committees are comprised solely of Independent Trustees. The Board and its committees meet periodically throughout the
year to oversee the Trust&#8217;s activities, review contractual arrangements with service providers, review the Trust&#8217;s
financial statements, oversee compliance with regulatory requirements, and review pricing of fair value securities. The Board has
determined that this leadership structure, including having an Interested Trustee serve as </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">2</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-weight: normal">chairperson,
a supermajority of Independent Trustees serve on the Board, Audit and Governance committee membership limited to Independent Trustees,
and not having a lead independent trustee is appropriate because it allows the Board to exercise informed and independent judgment
over the matters under its purview, and it allocates areas of responsibility among committees of Trustees and the full Board in
a manner that enhances effective oversight.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Board&#8217;s Role in Risk Oversight</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The
day-to-day management of various risks relating to the administration and operation of the Trust is the responsibility of the Trust&#8217;s
investment adviser, Dinsmore Capital, and other service providers retained by the Trust. The Board oversees this risk management
function consistent with and as part of its oversight duties. The Board performs this risk management oversight function directly
and, with respect to various matters, through committees established by the Board. Each committee reports its activities to the
Board on a regular basis. The following description provides an overview of many, but not all, aspects of the Board&#8217;s oversight
of risk management for the Trust. The Board does not believe it is practicable to identify all of the risks that may impact the
Trust or to develop procedures or controls that are designed to eliminate all such risk exposures and that applicable securities
law regulations do not contemplate that all such risks be identified and addressed.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The
Board, working with personnel of Dinsmore Capital and other service providers, has endeavored to identify the primary risks that
confront the Trust. In general, these risks include, among others, investment risks, credit risks, liquidity risks, valuation risks,
operational risks, reputational risks, regulatory risks, risks related to potential legislative changes and the risk of conflicts
of interest affecting affiliates of Dinsmore Capital in managing the Trust. The Board has adopted and periodically reviews various
policies and procedures that are designed to address these and other risks confronting the Trust. A current copy of the Trust&#8217;s
Code of Ethics for Principal Officers is available at the Trust&#8217;s website at <U>www.ellsworthfund.com/ECFcorp.htm</U>. In
addition, the officers of the Trust, the Trust&#8217;s investment adviser and other service providers to the Trust have implemented
a variety of processes, procedures and controls designed to address particular risks to the Trust. The Board and persons retained
to render advice and service to the Board periodically review and/or monitor changes to and developments relating to the effectiveness
of these policies and procedures.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The
Board requires officers of the Trust to report to the full Board on a variety of matters at regular and special meetings of the
Board and its committees, as applicable, including matters relating to risk management. The Audit Committee also receives reports
from the Trust&#8217;s independent registered public accounting firm on internal control and financial reporting matters. The Board
meets with the Trust&#8217;s Chief Compliance Officer periodically to discuss compliance matters and, on a quarterly basis, receives
a report from the Chief Compliance Officer regarding compliance matters. The Independent Trustees meet in executive session with
the Trust&#8217;s Chief Compliance Officer at least annually. The Board, with the assistance of the Trust&#8217;s management, reviews
investment policies and risks in connection with its review of the Trust&#8217;s performance. In addition, the Board receives reports
from Dinsmore Capital on the investments and securities trading of the Trust. With respect to valuation, the Board has approved
fair valuation procedures applicable to valuing the Trust&#8217;s securities, which the Board and the Audit Committee periodically
review. The Board also requires Dinsmore Capital to report to the Board on other matters relating to risk management on a regular
and as-needed basis.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Information About the Trust&#8217;s Nominees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">At the 2015 Annual Meeting, the terms
of two trustees are expiring. The Governance Committee of the Board nominated those two trustees, whose terms are expiring in 2015,
as set forth below, to serve for terms that expire in 2018. Included below is a discussion regarding such nominees&#8217; recent
employment or principal occupation, a summary of their specific experience, qualifications, attributes or skills that led to the
conclusion that they are qualified to serve as a trustee, the names of other public</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">3</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">companies for which they currently serve
as board members or have served as a board member within the past five years, their period of service as a trustee and their age.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Other trustees will not stand for election
this year and will continue in office for the rest of their respective terms.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each of the nominees is willing to serve
as a trustee. However, if a nominee becomes unavailable for election, proxies will vote for another nominee proposed by the Board
or, as an alternative, the Board may keep the position vacant or reduce the number of trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Board has approved the
nomination of the following individuals to serve as trustees until the annual meeting of shareholders to be held in 2018. The
business address of each nominee and/or trustee listed below is c/o Ellsworth Fund Ltd., 65 Madison Avenue, Suite 550,
Morristown, NJ 07960. All of the Trustees of the Trust are also trustees of another investment company, Bancroft Fund Ltd.
(Bancroft Fund) for which Dinsmore Capital also serves as investment adviser. The two registered investment companies
therefore make up a &#8220;fund complex&#8221; (Fund Complex), and if re-elected, each nominee would oversee the two
registered investment companies in the Fund Complex.</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in">Nominee Who Is an Independent Trustee</P>

<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="80%"><DIV ALIGN="LEFT"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Kinchen C. Bizzell<BR></B></P></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" NOWRAP WIDTH="17%"><DIV ALIGN="LEFT"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Trustee since 2008</P></DIV></TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; color: #222222"><FONT STYLE="background-color: white">Kinchen
C. Bizzell, age 60, is a Managing Director of CAVU Securities, a New York institutional securities broker-dealer.&nbsp;&nbsp;From
2004 until 2013, Mr. Bizzell was a senior counselor with Burson-Marsteller, a global public relations and communications firm.
Previously, he was a Managing Director of Burson-Marsteller&#8217;s corporate and financial practice. &nbsp;Mr. Bizzell is a CFA
charterholder and is a member of the New York State Bar. &nbsp;He received a B.A. degree from North Carolina State University,
a J.D. degree from Duke University, and holds numerous securities licenses from the Financial Industry Regulatory Authority (FINRA).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As an attorney, CFA charterholder and
FINRA licensee, Mr. Bizzell brings extensive legal and financial expertise and oversight skills to the Board. He has significant
experience providing investor relations consulting services and analyzing financial statements. His insight and financial understanding
have been of great benefit to the Board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Mr. Bizzell serves on the Audit Committee
and Pricing Committee.</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in">Nominee Who Is an Interested Person</P>

<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="80%"><DIV ALIGN="LEFT"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Jane D. O&#8217;Keeffe<BR></B></P></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" NOWRAP WIDTH="17%"><DIV ALIGN="LEFT"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Trustee since 1995</P></DIV></TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Jane D. O&#8217;Keeffe, age 59, has been
Executive Vice President of the Trust since February 2014 and was President of the Trust from 1996 until February 2014. Ms. O&#8217;Keeffe
has been President of Bancroft Fund and Dinsmore Capital since 1996. Ms. O&#8217;Keeffe received a B.A. degree from the University
of New Hampshire and attended the Lubin Graduate School of Pace University.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Ms. O&#8217;Keeffe brings to the Board
extensive investment and research experience and expertise, as she has worked in the investment business since 1980. She has worked
with mutual funds (IDS Progressive Fund), hedge funds (Soros Fund Management), individuals, endowments and foundations (Simms Capital
and Fiduciary Trust). Her extensive experience researching companies for purposes of investment management, and investing in many
different categories, styles and capital types, gives Ms. O&#8217;Keeffe a unique perspective in managing funds as well as serving
as a trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Ms. O&#8217;Keeffe is an interested person
(within the meaning of the Investment Company Act) of the Trust and Dinsmore Capital because she is an officer of the Trust and
officer, director and holder of more than 5% of the outstanding shares of voting common stock of Dinsmore Capital.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Required Vote</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Trustees are elected by a
plurality vote of shares cast at the Annual Meeting, meaning that the trustee nominee with the most affirmative votes for a
particular seat on the Board is elected for such seat. In an uncontested election for trustees, the plurality requirement is
not a factor. Abstentions will not count as votes cast and will have no effect on the outcome of this proposal. We expect
that brokers will be entitled to vote on this proposal even without instructions from shareholders; however, any broker
non-vote will have no effect on the outcome of this proposal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>The Board recommends that you vote
FOR these nominees.</B></P>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Information About the Trust&#8217;s
Other Trustees</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Information about the Trust&#8217;s other
trustees whose terms continue after the Annual Meeting is presented below. Included in the following discussion is their recent
employment or principal occupation, a summary of their specific experience, qualifications, attributes or skills that led to the
conclusion that they are qualified to serve as a trustee, the names of other public companies for which they currently serve as
board members or have served as a board member within the past five years, their period of service as a trustee and their age.
Each trustee oversees two registered investment companies in the Fund Complex, the Trust and Bancroft Fund.</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in">Continuing Independent Trustees</P>

<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="80%"><DIV ALIGN="LEFT"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Elizabeth C. Bogan, Ph.D.<BR></B></P></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" NOWRAP WIDTH="17%"><DIV ALIGN="LEFT"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Trustee since 1986</P></DIV></TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Elizabeth C. Bogan, Ph.D., age 70,
has been Senior Lecturer in Economics at Princeton University since 1992. Dr. Bogan was formerly Chair of the Economics and
Finance Department, Fairleigh Dickinson University, and a member of the Executive Committee for the College of Business
Administration. She received an A.B. degree in Economics from Wellesley College, an M.A. degree in Quantitative Economics
from the University of New Hampshire, and a Ph.D. degree in Economics from Columbia University.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.6pt 0; text-indent: 0.5in">As a scholar and educator, Dr. Bogan brings
to the Board significant economic and financial expertise and a unique approach to examining issues. She has been involved in several
decades of research and scholarship and has authored several published writings on finance. Her writings on finance have been published
in The Financial Analysts Journal and in other journals. Dr. Bogan was formerly Chair of the Audit Committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.6pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Dr. Bogan serves on the Audit Committee
and Governance Committee. Her term as trustee will expire in 2016.</P>

<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="80%"><DIV ALIGN="LEFT"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Daniel D. Harding<BR></B></P></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" NOWRAP WIDTH="17%"><DIV ALIGN="LEFT"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Trustee since 2007</P></DIV></TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Daniel D. Harding, age 62, is co-founder
and was Chief Investment Officer of Harding Loevner Management LP, an investment advisory firm, from 1989 through 2003. He received
his undergraduate degree from Colgate University and is a CFA charterholder. Mr. Harding is a director
of Tax Receivables Corporation, a private asset management company. He is a managing general partner of Global Equity Income Fund
and a general partner of Latitude Capital Partners, LLC, a private investment firm. He was a member of Legg Mason Investment Counsel,
LLC from 2010 to 2012.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">5</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Mr. Harding has extensive experience
in investment management and financial research. As a founder of a highly successful global investment management company, he provides
an important world view of the financial markets. The Board has determined that Mr. Harding is an &#8220;audit committee financial
expert&#8221; as defined by the rules of the U.S. Securities and Exchange Commission (the SEC).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Mr. Harding is Chair of the Audit Committees,
and a member of the Pricing and Investment Committees. His term as trustee will expire in 2017.</P>

<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="80%"><DIV ALIGN="LEFT"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Nicolas W. Platt<BR></B></P></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" NOWRAP WIDTH="17%"><DIV ALIGN="LEFT"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Trustee since 1997</P></DIV></TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.6pt 0; text-indent: 0.5in">Nicolas W. Platt, age 61, is a
private investor. He was formerly Managing Director of FTI Consulting Inc. (FCN-NYSE), an international consulting company,
from March 2009 to May 2011. Mr. Platt is a member of the NYSE MKT LLC U.S. Committee of Securities Listing Qualifications
Panel which reviews the continued listing qualifications for companies on the NYSE MKT LLC. He currently serves as the Mayor
of the Township of Harding, New Jersey. Mr. Platt received a B.A. degree from Skidmore College and an M.A. degree in
Economics from Columbia University.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.6pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.6pt 0; text-indent: 0.5in">Based on Mr. Platt&#8217;s experience
in public relations, crisis communications and financial consultancy, as a former executive of both the New York and American Stock
Exchanges and his continued experience on the NYSE MKT LLC Panel, he is able to deliver important insights to our management and
other trustees on subjects ranging from corporate governance and trustee compensation to corporate strategy and management oversight.
As a result of his current and prior leadership responsibilities, management expertise and independence, Mr. Platt&#8217;s fellow
trustees have elected him to serve as Chair of the Trust&#8217;s Governance Committee and Pricing Committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.6pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Mr. Platt is Chair of both the Governance
Committee and the Pricing Committee. His term as trustee will expire in 2016.</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in">Continuing Trustee Who Is an Interested
Person</P>

<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="80%"><DIV ALIGN="LEFT"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Thomas H. Dinsmore<BR></B></P></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" NOWRAP WIDTH="17%"><DIV ALIGN="LEFT"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Trustee since 1986</P></DIV></TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.6pt 0; text-indent: 0.5in">Thomas H. Dinsmore, age 61, has been Chairman,
Chief Executive Officer and portfolio manager of the Trust and Bancroft Fund since 1996. Mr. Dinsmore is a member of the Executive
Committee of the Closed-End Fund Association, and formerly served as its president. He received a B.S. degree in Economics from
the Wharton School of Business at the University of Pennsylvania and an M.A. degree in Economics from Fairleigh Dickinson University.
Mr. Dinsmore is a CFA charterholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Mr. Dinsmore brings to the Board significant
executive experience including current and past service as Chairman and Chief Executive Officer of the Funds and Dinsmore Capital.
He has extensive experience as a portfolio manager, a research analyst, and co-founder of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Mr. Dinsmore is Chairman of the Board
and a member of the Pricing Committee. His term as trustee will expire in 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Mr. Dinsmore is an interested person
(within the meaning of the Investment Company Act) of the Trust and Dinsmore Capital because he is an officer of the Trust and
officer, director and holder of more than 5% of the outstanding shares of voting common stock of Dinsmore Capital.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><BR>
<B>Certain Relationships</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Thomas H. Dinsmore and Jane D. O&#8217;Keeffe
are brother and sister.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">6</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Committees of the Board of Trustees</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Board has four committees: an Audit
Committee; a Governance Committee; an Investment Committee; and a Pricing Committee.</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in">Audit Committee</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trust has an Audit Committee that
is separately designated and established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended
(the Exchange Act). The Audit Committee is comprised entirely of independent trustees (Mr. Bizzell, Dr.&nbsp;Bogan and Mr.&nbsp;Harding,
serving as Chairman). All such members are independent as such term is defined by the NYSE MKT LLC Company Guide.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In accordance with its charter, the Audit
Committee oversees the Trust&#8217;s accounting and financial reporting policies and practices, as well as the quality and objectivity
of the Trust&#8217;s financial statements and the independent audit of the financial statements. Among other duties, the Committee
is responsible for: (i) the appointment, compensation, retention and oversight of any independent registered public accountants
employed by the Trust (including monitoring the independence qualifications and performance of such accountants and resolution
of disagreements between the Trust&#8217;s management and the accountants regarding financial reporting) for the purpose of preparing
or issuing an audit report or performing other audit, review or attest services; (ii) overseeing the accounting and financial reporting
process of the Trust; (iii) monitoring management&#8217;s preparation of financial statements of the Trust to promote accuracy
and integrity of such financial statements and asset valuation; (iv) assisting the Board in its oversight of the Trust&#8217;s
compliance with legal and regulatory requirements that relate to the Trust&#8217;s accounting and financial reporting, internal
control over financial reporting and independent audits; (v) pre-approving all permissible audit and non-audit services provided
to the Trust by its independent accountants, to the extent required by Section 10A of the Exchange Act; (vi) pre-approving, in
accordance with Item 2.01(c)(7)(ii) of Regulation S-X, certain non-audit services provided by the Trust&#8217;s independent registered
public accountants to the Trust&#8217;s investment adviser and certain other affiliated entities if the Trust&#8217;s independent
registered public accountants are the same as, or affiliated with, the investment adviser&#8217;s or affiliated entities&#8217;
accountants; and (vii) to the extent required by Regulation 14A under the Exchange Act, preparing an audit committee report for
inclusion in the Trust&#8217;s annual proxy statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A current copy of the Charter of the
Audit Committee is available at the Trust&#8217;s website at <U>www.ellsworthfund.com/ECFcorp.htm</U>.</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in">Audit Committee Report</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Audit Committee reviewed and discussed
the Trust&#8217;s audited financial statements with management and its independent registered public accountants, Tait, Weller
&amp; Baker LLP (Tait Weller). The Audit Committee has also discussed with Tait Weller the matters required to be discussed by
the Statement on Auditing Standards No. 61, as amended, as adopted by the Public Company Accounting Oversight Board. These discussions
included the accountant&#8217;s judgments about the quality, not just acceptability, of the Trust&#8217;s accounting principles
as applied in its financial reporting. Tait Weller, the Audit Committee, and management also discussed matters such as the clarity,
consistency and completeness of the accounting policies and disclosures, with a particular focus on critical accounting policies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Audit Committee has received written
disclosures and a letter from Tait Weller required by the Public Company Accounting Oversight Board disclosing all relationships
between Tait Weller and its related entities and the Trust. The Audit Committee discussed with Tait Weller its independence as
the Trust&#8217;s independent registered public accountants. In addition, the Audit Committee has considered</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">7</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">whether the provision by Tait Weller
of non-audit services to the Trust and to Bancroft Fund is compatible with the continuing independence of Tait Weller. The Audit
Committee also reviewed and discussed the Trust&#8217;s audited financial statements with management.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Based on the review and discussions described
above, the Audit Committee has recommended to the Board that the audited financial statements be included in the Trust&#8217;s
annual report to shareholders for<BR>
the fiscal year ended September 30, 2014 for filing with the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-indent: 0in">Daniel D. Harding, Chairman<BR>
Kinchen C. Bizzell<BR>
Elizabeth C. Bogan, Ph.D.</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in">Governance Committee</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Governance Committee is comprised
entirely of independent trustees (Dr.&nbsp;Bogan and Mr.&nbsp;Platt, serving as Chairman). In addition, all such members are independent
as such term is defined by the NYSE MKT LLC Company Guide.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In accordance with its charter, the Committee,
among other duties, is responsible for: (i) nominating persons for election or appointment: (a)&nbsp;as additions to the Board;
(b) to fill vacancies which, from time to time, may occur on the Board; and (c) for election by shareholders of the Trust at meetings
called for the election of trustees; (ii) nominating persons for appointment as members of each committee of the Board, including,
without limitation, the Audit Committee, the Governance Committee, and the Pricing Committee; (iii) reviewing from time to time
the compensation, if any, payable to the trustees and making recommendations to the Board regarding compensation; (iv) reviewing
and evaluating from time to time the functioning of the Board and the various committees of the Board; (v) overseeing the selection
of independent legal counsel to the independent trustees; and (vi) monitoring the performance of independent legal counsel employed
by the Trust and the independent trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A current copy of the Governance Committee&#8217;s
Charter is available at the Trust&#8217;s website at <U>www.ellsworthfund.com/ECFcorp.htm</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Prior to a meeting of the shareholders
of the Trust called for the purpose of electing trustees, the Governance Committee will nominate one or more persons for election
as trustees at such meeting. The Governance Committee is also responsible for nominating trustees to fill vacancies resulting from
an increase in the size of the Board or as a result of the resignation, death or removal of a trustee. The independent trustees
are generally authorized to elect nominees to fill such vacancies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Evaluation by the Governance Committee
of a person as a potential nominee to serve as a trustee, including a person nominated by a shareholder, should result in the following
findings by the Governance Committee: (i) with respect to the nomination of independent trustees only, upon advice of independent
legal counsel to the independent trustees, that the person will qualify as an independent trustee, and that the person is otherwise
not disqualified under the Investment Company Act or the rules of the NYSE MKT LLC stock exchange from serving as a trustee of
the Trust; (ii)&nbsp;with respect to the nomination of independent trustees only, that the person is free of any material relationship
with the Trust (other than as a shareholder of the Trust), that would interfere with the exercise of independent judgment; (iii)&nbsp;that
the person is willing to serve, and willing and able to commit the time necessary for the performance of the duties of a trustee;
(iv)&nbsp;that the person can make a positive contribution to the Board and the Trust, with consideration being given to the person&#8217;s
education, business experience, and such other factors as the Governance Committee may consider relevant; (v)&nbsp;that the person
is of good character and high integrity; (vi)&nbsp;that the person has desirable personality traits including independence, leadership
and the ability to work with the other members of the Board; and (vii) that the person is not an NYSE MKT LLC stock exchange employee
or floor member. Although the Board does not have a formal written policy with</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">8</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">regard to the consideration of diversity
in identifying nominees, the Governance Committee considers diversity as to educational background, skills, business experience,
viewpoints, occupation, gender and race when considering potential nominees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Consistent with the Investment Company
Act, the Governance Committee can consider recommendations from management in its evaluation process.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Governance Committee will consider
nominees recommended by a shareholder to serve as trustee, provided that: (i) such nominating person is a shareholder of record
at the time he or she submits the name of such nominee, (ii) such person is a shareholder of record at the time of the meeting
at which shareholders are elected, (iii) such shareholder is entitled to vote at the meeting of shareholders at which trustees
will be elected; and (iv) the Governance Committee shall make the final determination of persons to be nominated. The Governance
Committee will evaluate nominees recommended by a shareholder to serve as trustees in the same manner as they evaluate nominees
identified by the Governance Committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A shareholder may, at the 2016 annual
meeting of shareholders, nominate an individual for election to the Board at such meeting if the shareholder: (i)&nbsp;is a shareholder
of record at the time of giving notice to the Trust as described in (iv) below; (ii) is a shareholder of record at the time of
the 2016 Annual Meeting, (iii)&nbsp;is entitled to vote at the 2016 Annual Meeting; and (iv)&nbsp;has complied with the notice
procedures in the Trust&#8217;s bylaws. Such notice procedures require that a shareholder submit the nomination in writing to the
Secretary of the Trust no earlier than October 12, 2015 but no later than November 11, 2015. The notice must contain all information
relating to the nominee required for proxy solicitations by Regulation 14A under the Exchange Act (including the individual&#8217;s
written consent to being named in the proxy statement as a nominee and to serving as a trustee if elected). The notice must also
contain the shareholder&#8217;s name and address as they appear on the Trust&#8217;s books (and the name and address of any beneficial
owner, on whose behalf the nomination is made) and the number of shares of beneficial interest owned beneficially and of record
by such shareholder and beneficial owner.</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in">Investment Committee</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Investment Committee
is comprised of one member, Mr.&nbsp;Harding, who is an independent trustee. In accordance with its charter, the
Committee assists the Board in the oversight, monitoring, and evaluation of the investment advisory services provided by the
adviser of the Trust and to Bancroft Fund, and reviews from time to time materials supplied by the adviser regarding investment
performance and expenses. The Committee meets periodically with the portfolio managers of the Trust and of Bancroft Fund and obtains from them
information on such investment related matters as it deems appropriate, including by way of example and not by way of
limitation: (i) performance attribution, (ii) trading practices, and (iii) asset allocation.</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in">Pricing Committee</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Pricing Committee is comprised of
four members, three of whom are independent trustees (Mr. Bizzell, Mr.&nbsp;Harding and Mr.&nbsp;Platt, serving as Chairman) and
one of whom is an interested person (Mr.&nbsp;Dinsmore). In accordance with its charter, the Committee assists the Trust&#8217;s
investment adviser, Dinsmore Capital, in its valuation of the Trust&#8217;s portfolio securities when pricing anomalies arise and
the full Board is not available to assist Dinsmore Capital in making a fair value determination, and is also responsible for the
fair value pricing of any securities held by the Trust as necessary.</P>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Board and Committee Meeting Attendance</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">During the 2014 fiscal year, the
Board met eight times, the Audit Committee met four times, the Governance Committee met three times, the Pricing Committee
met two times and the Investment Committee met eight times. During the 2014 fiscal year, each  trustee attended at least 75%
of meetings of the Board and of each Committee on which such trustee served. The Trust&#8217;s policy regarding trustee</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">9</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">attendance at annual meetings of shareholders
is that trustees are encouraged but not required to attend such annual meetings. <B> </B>Each of the Trust&#8217;s then current
trustees attended the Trust&#8217;s 2014 annual meeting of shareholders.</P>

<P STYLE="font: italic bold 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-style: normal">Shareholder Communications
with the Board of Trustees</FONT><FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trust adopted Shareholder Communication
Procedures (the Procedures) that set forth the process by which shareholders of the Trust may send communications to the Board.
If a shareholder sends a recommendation of a nominee to the Board or to an individual trustee, such communication would be covered
by the Procedures. Shareholder proposals submitted pursuant to Rule 14a-8 under the Exchange Act, and communications made in connection
with such proposals, are not subject to the Procedures. The Trust&#8217;s bylaws also contain provisions requiring a shareholder
to provide advance notice of his or her intention to nominate, at the Trust&#8217;s annual meeting of shareholders, an individual
for election as trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Pursuant to the Procedures, shareholders
should send their communications to the Trust&#8217;s Shareholder Relations Group. Communications may be sent by regular mail or
delivery service to the following address: 65 Madison Avenue, Suite 550, Morristown, NJ 07960. Email communications may be sent
to: info@ellsworthfund.com. All shareholder communications that are directed to the Board or an individual trustee of the Trust
in his or her capacity as trustee and received by the Shareholder Relations Group shall be promptly forwarded to the individual
trustee of the Trust to whom they were addressed or to the full Board, as applicable. Copies of all such shareholder communications
will also be distributed to the Chairs of the Trust&#8217;s Audit Committee and Governance Committee, and to counsel for the Trust
and for the independent trustees. Counsel for the Trust and for the independent trustees, upon receipt of its copy of a shareholder
communication, shall work with such Chairs and counsel for the independent trustees to determine whether such shareholder communication
should be distributed to any trustees to whom it was not sent and whether and in what manner the trustees should respond to such
shareholder communication. Responses, if any, to shareholder communications shall be coordinated by counsel for the Trust and for
the independent trustees, working with the Chairs.</P>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Trustees&#8217; Compensation</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Mr.&nbsp;Dinsmore and Ms.&nbsp;O&#8217;Keeffe
are the only trustees of the Trust who are officers of the Trust or Dinsmore Capital. Each trustee who is not an officer of the
Trust or Dinsmore Capital currently receives (1)&nbsp;an annual fee of $8,500, (2) $1,000 plus expenses for each Board meeting
attended, (3) $1,000 for each shareholders&#8217; meeting attended, and (4)&nbsp;$500 for each Committee meeting attended, with
the exception of the sole member of the Investment Committee who received $29,250 for the fiscal year ended September 30, 2014.
Each chairperson of the Audit and Governance Committees receives an additional $2,000 annual fee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Set forth in the table below is the compensation
that was paid to the trustees solely by the Trust as well as by the Fund Complex as a whole (which consists of two registered investment
companies, the Trust and Bancroft Fund) during the 2014 fiscal year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">10</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="90%" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"></TH>
     <TH>&nbsp;</TH>
     <TH>&nbsp;</TH>
     <TH>&nbsp;&nbsp;&nbsp;</TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER">Aggregate Compensation<BR> From Trust<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></TH>
     <TH ALIGN="CENTER">&nbsp;&nbsp;&nbsp;</TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER">Total Compensation<BR> From Fund Complex<HR SIZE=1
NOSHADE COLOR="#000000" ALIGN="CENTER"></TH>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Thomas H. Dinsmore </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">&#150;0&#150;</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">&#150;0&#150;</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Jane D. O&#146;Keeffe </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">&#150;0&#150;</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">&#150;0&#150;</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Kinchen C. Bizzell </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">20,500</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">41,000</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Elizabeth C. Bogan, Ph.D. </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">21,000</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">42,000</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Daniel D. Harding </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">51,750</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">74,250</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Nicolas W. Platt </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">22,000</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">44,000</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><BR>
<B>Security Ownership</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trust&#8217;s trustees, nominees
for trustee and officers owned the Trust&#8217;s shares as shown on the following table as of November 18, 2014 (officers of the
Trust are identified in the &#8220;Additional Information &#8211; Executive Officers&#8221; section of this proxy). The address
of each such person is c/o the Trust, 65 Madison Avenue, Morristown, New Jersey 07960.</P>

<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="90%" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"></TH>
     <TH>&nbsp;</TH>
     <TH>&nbsp;</TH>
     <TH>&nbsp;&nbsp;&nbsp;</TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER">Shares of Trust<BR> Owned Beneficially *<HR SIZE=1
NOSHADE COLOR="#000000" ALIGN="CENTER"></TH>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Kinchen C. Bizzell </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="RIGHT">5,081</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Elizabeth C. Bogan, Ph.D. </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="RIGHT">12,339</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Thomas H. Dinsmore </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="RIGHT">73,077</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><SUP style="font-size: 85%; vertical-align:
text-top">(1)</SUP>&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Daniel D. Harding </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="RIGHT">11,742</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Jane D. O&#146;Keeffe </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="RIGHT">22,594</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><SUP style="font-size: 85%; vertical-align:
text-top">(2)</SUP>&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Nicolas W. Platt </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="RIGHT">500</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">James A. Dinsmore </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="RIGHT">3,138</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">H. Tucker Lake, Jr. </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="RIGHT">6,236</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><SUP style="font-size: 85%; vertical-align:
text-top">(3)</SUP>&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Gary I. Levine </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="RIGHT">4,357</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><SUP style="font-size: 85%; vertical-align:
text-top">(4)</SUP>&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Germaine M. Ortiz </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="RIGHT">3,333</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><SUP style="font-size: 85%; vertical-align:
text-top">(5)</SUP>&nbsp;&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Mercedes A. Pierre </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="RIGHT">4,731</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><SUP style="font-size: 85%; vertical-align:
text-top">(6)</SUP>&nbsp;&nbsp;</TD>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">_________________________________<BR>
<FONT STYLE="font-size: 10pt">*&nbsp;&nbsp;Represents for each trustee and officer less than 1% of the outstanding shares of the Trust.
As of November 18, 2014, trustees and officers of the Trust beneficially owned in the aggregate 147,128 shares of the Trust, representing
approximately 1.1% of the outstanding shares. Except as otherwise indicated, each trustee and officer possesses sole investment
and voting power with respect to shares beneficially owned.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">(1)&nbsp;&nbsp;Includes (i) 1,662 shares owned by Mr. Dinsmore&#8217;s daughter, as to which shares Mr. Dinsmore disclaims beneficial ownership, (ii) 12,288 shares which Mr. Dinsmore owned jointly with his wife, and (iii) 5,350 shares
owned solely by his wife, as to which shares Mr.&nbsp;Dinsmore disclaims beneficial ownership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">(2)&nbsp;&nbsp;Includes (i) 2,088 shares held in trust for the benefit
of Ms. O&#8217;Keeffe&#8217;s minor child, (ii) 2,088 shares owned by her daughter, as to which shares Ms. O&#8217;Keeffe disclaims beneficial ownership, (iii) 1,386 shares owned jointly with her husband,
and (iv) 1,118 shares owned solely by her husband, as to which shares Ms. O&#8217;Keeffe disclaims beneficial ownership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">(3)&nbsp;&nbsp;Includes 2,553 shares owned by Mr. Lake&#8217;s spouse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">(4)&nbsp;&nbsp;Includes (i) 547 shares as to which Mr.&nbsp;Levine
possesses shared investment and voting power, (ii) 881 shares held in trust for the benefit of Mr. Levine&#8217;s minor children,
and (iii) 2,929 shares owned by his wife.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">(5)&nbsp;&nbsp;Includes 928 shares as to which Ms. Ortiz possesses
shared investment and voting power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">(6)&nbsp;&nbsp;Includes 679 shares as to which Ms. Pierre possesses
shared investment and voting power.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">11</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman Bold; margin: 0 0 12pt">Security Ownership of Certain Beneficial Owners</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Based solely on a review of filings with
the SEC, the following table provides information about those shareholders that beneficially own more than 5% of the outstanding
shares of the Trust.</P>

<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR VALIGN="BOTTOM">
     <TH WIDTH="60%" NOWRAP ALIGN="CENTER">Name<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></TH>
     <TH>&nbsp;</TH>
     <TH>&nbsp;</TH>
     <TH>&nbsp;&nbsp;&nbsp;</TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER">Number of Shares Owned<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></TH>
     <TH ALIGN="CENTER">&nbsp;&nbsp;&nbsp;</TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER">Percent of Outstanding<BR> Shares<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="60%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">First Trust Portfolios L.P.<BR>120 East Liberty Drive,<BR> Suite 400<BR> Wheaton, IL 60187<SUP style="font-size: 85%; vertical-align:
text-top">(1)</SUP> </DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: top"><B>1,082,966</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><B></B>&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: top"><B>8.1%</B></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="15%" ALIGN="LEFT">

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="3%">(1)</TD>
<TD WIDTH="100%" STYLE="text-align: center; vertical-align: top">Based upon information disclosed in a Form 13G dated December 31, 2012 and a Form 13F dated
September 30, 2014.</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PROPOSAL 2</P>

<P STYLE="font: bold 11pt Times New Roman Bold; margin: 0 0 12pt; text-align: center">RATIFICATION OF THE APPOINTMENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTANTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Although not required to do so, the Board
seeks your ratification of the Audit Committee&#8217;s appointment of Tait Weller as the Trust&#8217;s independent registered public
accountants for the 2015 fiscal year. The Board believes that shareholders should have the opportunity to vote on this matter.
If the appointment is not ratified, the Audit Committee will meet to select new independent registered public accountants for the
Trust&#8217;s 2015 fiscal year. We do not expect that a representative from Tait Weller will be present at the Annual Meeting.
However, should a Tait Weller representative choose to attend, he or she will have an opportunity to make a statement and to respond
to appropriate questions.</P>

<P STYLE="font: bold 11pt Times New Roman Bold; margin: 0 0 12pt">Fees Billed by Tait Weller Related to the Trust</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Set forth in the table below are the
aggregate fees billed to the Trust by Tait Weller for services rendered to the Trust during the Trust&#8217;s last two fiscal years
ended September 30, 2013 and September 30, 2014.</P>

<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="80%"  STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR VALIGN="BOTTOM">
     <TD WIDTH="20%" NOWRAP ALIGN="CENTER">Fiscal Year Ended<BR> September 30<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER" WIDTH="165ptpt"></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;&nbsp;&nbsp;</TD>
     <TD COLSPAN="3" nowrap ALIGN="CENTER">Audit Fees<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER" WIDTH="55pt"></TD>
     <TD ALIGN="CENTER">&nbsp;&nbsp;&nbsp;</TD>
     <TD COLSPAN="3" nowrap ALIGN="CENTER">Audit-Related Fees<SUP style="font-size: 85%;
vertical-align: text-top">(1)</SUP><HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="115.5pt"></TD>
     <TD ALIGN="CENTER">&nbsp;&nbsp;&nbsp;</TD>
     <TD COLSPAN="3" nowrap ALIGN="CENTER">Tax Fees <SUP style="font-size: 85%; vertical-align:
text-top">(2)</SUP><HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="66pt"></TD>
     <TD ALIGN="CENTER">&nbsp;&nbsp;&nbsp;</TD>
     <TD COLSPAN="3" nowrap ALIGN="CENTER">All Other Fees<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER" WIDTH="77pt"></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2013</DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">37,500</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">0</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">3,500</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">0</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2014</DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">38,500</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">0</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">3,600</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap>&nbsp;&nbsp;$</TD>
     <TD ALIGN="RIGHT">0</TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap>&nbsp;&nbsp;&nbsp;</TD>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><BR>
Tait Weller billed the Trust aggregate non-audit fees of $3,600 for the fiscal year ended 2014, and $3,500 for the fiscal year
ended 2013, for non-audit services rendered to the Trust.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">_________________________________<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 0.25in">(1)</TD>
<TD>The Trust&#8217;s Audit Committee pre-approves all Audit-Related Fees. For the Trust&#8217;s last two fiscal years ended September
30, 2013 and 2014, no Audit-Related Fees were approved by the Trust&#8217;s Audit Committee pursuant to section 2-01(c)(7)(i)(C)
of Regulation S-X, which waives the pre-approval requirement for certain de minimis fees.</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 0.25in">(2)</TD>
<TD>&#8220;Tax Fees&#8221; include those fees billed by Tait Weller in connection with their review of the Trust&#8217;s income
tax returns for the fiscal years ended September 30, 2013 and 2014. The Trust&#8217;s Audit Committee pre-approves all Tax Fees.
For the Trust&#8217;s last two fiscal years ended September 30, 2013 and 2014, no Tax Fees were approved by the Trust&#8217;s Audit
Committee pursuant to section 2-01(c)(7)(i)(C) of Regulation S-X, which waives the pre-approval requirement for certain de minimis
fees.</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">12</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Non-Audit Services Billed to Dinsmore Capital</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">During each of the last two fiscal years
ended September 30, 2013 and September 30, 2014, Tait Weller did not provide any non-audit services to Dinsmore Capital or its
affiliates or otherwise bill Dinsmore Capital or its affiliates for any non-audit services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Audit Committee Pre-Approval Policies
and Procedures</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Audit Committee pre-approves all
audit and permissible non-audit services that are proposed to be provided to the Trust by its independent registered public accountants
before they are provided to the Trust. Such pre-approval also includes the proposed fees to be charged by the independent registered
public accountants for such services. The Audit Committee may delegate the pre-approval of audit and permissible non-audit services
and related fees to one or more members of the Audit Committee who are &#8220;independent,&#8221; as such term is defined in Rule
10A-3(b)(1)(iii) under the Exchange Act. Any such member&#8217;s decision to pre-approve audit and/or non-audit services and related
fees shall be presented to the full Audit Committee, solely for informational purposes, at its next scheduled meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Audit Committee also pre-approves
non-audit services to be provided by the Trust&#8217;s independent registered public accountants to the Trust&#8217;s investment
adviser if the engagement relates directly to the operations and financial reporting of the Trust and if the Trust&#8217;s independent
registered public accountants are the same as, or affiliated with, the investment adviser&#8217;s registered public accountants.</P>

<P STYLE="font: bold 11pt Times New Roman Bold; margin: 0 0 12pt">Required Vote</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The affirmative vote of the majority
of votes cast is needed to approve the ratification of the Audit Committee&#8217;s appointment of the independent registered public
accountants. Abstentions will not count as votes cast and will have no effect on the outcome of this proposal. We expect that brokers
will be entitled to vote on this proposal, but any broker non-vote will have no effect on the outcome of this proposal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>The Board recommends that you vote
FOR Proposal 2.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PROPOSAL 3</P>

<P STYLE="font: bold 11pt Times New Roman Bold; margin: 0 0 12pt; text-align: center">SHAREHOLDER PROPOSAL</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A shareholder, Mr. Robert H. Daniels
(the Proponent), has informed the Trust that he intends to submit a proposal at the Annual Meeting and has requested
that the Trust include the proposal in this year&#8217;s proxy material. The Board of Trustees unanimously recommends that you
vote <B>AGAINST</B> the proposal. The proposal and the Proponent&#8217;s supporting statement, exactly as received from the Proponent,
are set forth below and are followed by the Board&#8217;s explanation of its reasons for opposing the proposal. The Trust will
provide promptly to any shareholder, upon receipt of any oral or written request, the Proponent&#8217;s address and the number
of shares of the Trust&#8217;s Shares of Beneficial Interest held by him.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0; margin-left: 0.5in">Proposal:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; margin-left: 0.5in"><B>RESOLVED</B>: The shareholders of
Ellsworth Fund request that the Trustees begin the process of amending the Declaration of Trust to provide that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; margin-left: 0.5in">If the shares of Ellsworth Fund Ltd.
have traded at an average discount to net asset value of more than 10% during a fiscal year of the Fund, then the Fund will promptly
make an [sic] self-tender offer to</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">13</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; margin-left: 0.5in">all shareholders to repurchase 20% of
its outstanding shares for cash at 98% of net asset value, with proration if more than 20% are tendered.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; margin-left: 0.5in"><B>Proponent&#8217;s Supporting Statement:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; margin-left: 0.5in">Fellow long-term shareholders</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; margin-left: 0.5in">The market price of our fund has languished
far too long at discounts of 15% or more below net asset value. Ellsworth Fund regularly appears high on the list of closed-end
funds ranked by market discount to NAV.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; margin-left: 0.5in">These excessive discounts are not in
the interest of long-term holders, for &#8220;long-term&#8221; does not mean &#8220;forever&#8221;. Someday we may decide to sell
- to pay tuition, to fund retirement, to meet redemption requests. And while anyone can buy shares trading far below market, those
selling at depressed prices are by definition existing shareholders. Someday we may be in their position.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; margin-left: 0.5in">We commend the Trustees for their recent
decision to buy back 3% of the shares through open market purchases. It is time to follow up. This resolution sets a target of
a 10% discount, and lets the Trustees and the Adviser decide how best to achieve it. If -- and only if -- they fall short, the
fund would then make a self-tender for 20% of its shares at 98% of NAV. If, as I hope, the Trustees and Adviser succeed in managing
the discount, then no self-tender would be required.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Thank you for your support.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 12pt">***End of Shareholder Proposal***</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>The Board of Trustees opposes the
Shareholder Proposal for the reasons discussed below, and recommends that you vote <U>AGAINST</U> Proposal 3.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>The Board&#8217;s Statement of Opposition</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">After careful and thoughtful consideration,
the Board, including all of the independent Trustees, has unanimously concluded that the Shareholder Proposal is not in the best
interests of, and would, in fact, be harmful to, the Trust and you, its shareholders. The self-tender offer contemplated by the
Shareholder Proposal would require the Trust to purchase up to 20% of its outstanding shares at a price equal to 98% of their net
asset value per share (&#8220;NAV&#8221;). The Board does not believe that such a tender offer balances the interests of all shareholders
and does not believe it is appropriate to benefit shareholders with shorter-term investment horizons to the detriment of shareholders
with longer-term investment horizons. The Board believes that implementing the tender offer as contemplated by the Shareholder Proposal
would have significant adverse effects, including those mentioned below, which would be borne completely or disproportionately
by those shares not tendered or taken.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Board believes that a tender offer
for 20% of the Trust&#8217;s outstanding shares of beneficial interest, as set forth in the Shareholder Proposal:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD>
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD>Would make the Trust less economical to operate because some expenses cannot be reduced even though the Trust will be smaller. Further since the Management
Contract contains a significant break point at $100 million in assets, the average cost per dollar managed will increase if
the assets are reduced;</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD>
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD>Could pressure the Trust to quickly sell a large portion of its portfolio and the Trust might be forced to sell
securities for lower prices than if it were able to sell those securities over a longer period of time;</TD>
</TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">14</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD>
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD>Could force the Trust to sell attractive positions at a time when the Portfolio Managers believe such sales would be
inadvisable from an investment perspective;</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD>
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD>Would require the Trust to incur significant costs and transactional expenses, resulting from the sale of securities that
consequently, to the extent these costs and expenses are not accrued prior to expiration of the proposed tender offer, would
be borne either completely or disproportionately by shareholders who do not tender their shares in the proposed tender offer.
A significant decrease in assets would lead to an increase in the Trust&#8217;s expense ratio, which would affect long-term
shareholders who do not tender their shares;</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD>
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD>Would make it possible for some short-term shareholders to pressure the price of the shares to remain at a high discount in
order to force the Trust to tender; and</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD>
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD>Could lead to a series of detrimental self-liquidating 20% annual tenders, which would sharply reduce Trust assets, and
affect the Trust&#8217;s ability to retain an investment manager and continue operations.</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Additionally, the Board has proactively sought to improve share valuation. It authorized a 3% share buy-back program in
 2013 that was executed and completed in 2014. The Board also authorized on October 20, 2014 a substantial $0.35
per share distribution of net investment income and long-term capital gains payable November 26, 2014. Further on November
19, 2014, the Board announced a 5% minimum distribution policy effective in calendar year 2015, and a second 3% share
repurchase program that was recently increased to 7%.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">From the time the Trust was founded through
2006 the Trust had a provision in its charter that was similar, but not exactly the same as the Shareholder Proposal. This provision
required a vote allowing the possible presentment of shares in each year that the discount exceeded 5% for a specified period of
time. The provision did not seem to affect the discount and never received as much as 20% of the shares in favor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Although the Board believes the Shareholder
Proposal is not in the best interests of the Trust and its shareholders, the Board has examined and continues to examine options
to enhance long-term shareholder value, including ways to address the Trust&#8217;s discount from NAV, in a suitable manner in
light of the current economic environment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">FOR THESE REASONS, THE BOARD OF TRUSTEES
UNANIMOUSLY RECOMMENDS PROTECTING THE LONG-TERM INTERESTS OF THE SHAREHOLDERS OF THE TRUST BY VOTING &#8220;<B>AGAINST</B>&#8221;
THE SHAREHOLDER PROPOSAL.</P>



<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Required Vote</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The vote of a majority of the shares
cast is needed to adopt the proposed resolution in Proposal 3. Abstentions will not count as votes cast, and will have no effect
on the outcome of Proposal 3. Any broker non-vote will have no effect on the outcome of Proposal 3.</P>
<P STYLE="font: bold 11pt Times New Roman Bold; margin: 0 0 12pt; text-align: center">ADDITIONAL INFORMATION ON VOTING</P>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Voting by Proxy</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Whether you plan to attend the Annual
Meeting or not, we urge you to complete, sign and date the enclosed proxy card and to return it promptly in the envelope provided.
If you are the record owner of your shares on the books of the Trust&#8217;s transfer agent, then you may also submit your proxy
vote by telephone or via the Internet, by following the instructions accompanying this Proxy Statement. If your </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">15</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">broker holds your
shares in its name, you may submit your proxy vote by any other means specified in the instructions that accompany this Proxy Statement.
Returning the proxy card or using any of the available alternative proxy voting methods will not affect your right to attend the
Annual Meeting and vote.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If you properly fill in your proxy card
and send it to us in time to vote or use any of the available alternative proxy voting methods, your &#8220;proxy&#8221; (one of
the individuals named on your proxy card) will vote your shares as you have directed. If you sign the proxy card or use any of
the available alternative proxy voting methods but do not make specific choices, your proxy will vote your shares as recommended
by the Board as follows and in accordance with management&#8217;s recommendation on other matters:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD>
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD><B>FOR </B>the election of all nominees for trustees.</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD>
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD><B>FOR </B>ratification of the appointment of the independent registered public accountants for 2015.</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD>
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD><B>AGAINST </B>the shareholder proposal that would request that the trustees of the Trust begin the process of amending the Declaration of Trust.</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Your proxy will also have authority to
vote and act on your behalf at any adjournment of the meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If you authorize a proxy to vote for
you, you may revoke the authorization at any time before it is exercised. You can do this in one of four ways:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD>
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD>You may send in another proxy with a later date.</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD>
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD>If you submitted a proxy by telephone, via the Internet or via an alternative method of voting permitted by your broker, you
may submit another proxy by telephone, via the Internet, or via such alternative method of voting, or send in another proxy with
a later date.</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD>
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD>You may notify the Trust&#8217;s Secretary in writing before the Annual Meeting that you have revoked your proxy.</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD>
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
<TD>You may vote in person at the Annual Meeting if you were the record owner of your shares on the record date.</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Voting in Person</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If you do attend the Annual Meeting,
were the record owner of your shares on the record date, and wish to vote in person, we will give you a ballot when you arrive.
<B>However, if your shares were held in the name of your broker, bank or other nominee on the record date, you must bring a letter
from the nominee indicating that you were the beneficial owner of the shares on December 15, 2014, the record date for voting,
and authorizing you to vote. The letter must also state whether you authorized a proxy to vote for you before the Annual Meeting
and, if so, how you instructed such proxy to vote.</B></P>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Quorum Requirement</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A quorum of shareholders is necessary
to hold a valid meeting. A quorum will exist if shareholders entitled to vote a majority of all shares outstanding on the record
date are present in person or by proxy. Broker non-votes, if any, and abstentions will count as present for establishing a quorum.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">16</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>
<P STYLE="font: bold 11pt Times New Roman Bold; margin: 0 0 12pt"><B>Adjournments</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If a quorum is not present at the Annual
Meeting or a quorum is present but sufficient votes to approve a proposal are not received, the persons named as proxies may propose
one or more adjournments of the Annual Meeting to permit further solicitation of proxies. Any such adjournment will require the
affirmative vote of a majority of the votes cast at the Annual Meeting in person or by proxy.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The persons named as proxies will vote
those proxies they are entitled to vote &#8220;for&#8221; a proposal in favor of such an adjournment and will vote those proxies
required to be voted &#8220;against&#8221; such proposal against such an adjournment. A shareholder vote may be taken on a proposal
in this Proxy Statement prior to any such adjournment if sufficient votes have been received and it is otherwise appropriate.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ADDITIONAL INFORMATION</P>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Investment Adviser</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Dinsmore Capital Management Co., 65 Madison
Avenue, Morristown, New Jersey 07960, is the Trust&#8217;s investment adviser.</P>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Executive Officers</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trust&#8217;s executive officers
are elected by the Board, receive no compensation from the Trust and hold office until the meeting of the Board following the next
annual meeting of shareholders and until his or her successor shall have been duly elected and qualified, or until his or her earlier
death, resignation or removal. Information about these officers is presented below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt" WIDTH="20%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Name,
        Age and Position(s)<BR> Held with the Trust</B></P></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt" WIDTH="10%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Officer
        Since</B></P></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt" WIDTH="60%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Principal
        Occupation(s) During Past 5 Years<BR>
        and Business Experience </B></P></TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt" WIDTH="20%">Thomas H. Dinsmore &#8211; 61<BR>
Trustee, Chairman and<BR> Chief Executive Officer</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt; text-align: center" WIDTH="10%">1986</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt" WIDTH="60%">Information about Mr.&nbsp;Dinsmore is presented earlier in this proxy statement under &#8220;Proposal 1, Election of Trustees &#8211; Information About the Trust&#8217;s Other Trustees - Continuing Trustee Who Is an Interested Person.&#8221;</TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt" WIDTH="20%">James A. Dinsmore &#8211; 32<BR> President</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt; text-align: center" WIDTH="10%">2007</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt" WIDTH="60%">President of the Trust (since February 2014).
    Executive Vice President of the Trust (January 2013 until February 2014). Executive Vice President of Bancroft Fund and
    Dinsmore Capital (since January 2013); Vice President of the Trust, Bancroft Fund and Dinsmore Capital (2009 through 2012),
    Director of Dinsmore Capital.</TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt" WIDTH="20%">Jane D. O&#8217;Keeffe &#8211; 59<BR> Trustee and<BR> Executive Vice President</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt; text-align: center" WIDTH="10%">1994</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt" WIDTH="60%">Information about Ms.&nbsp;O&#8217;Keeffe is presented earlier in this proxy statement under &#8220;Proposal 1, Election of Trustees &#8211; Information About the Trust&#8217;s Nominees - Nominee Who Is an Interested Person.&#8221;</TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt" WIDTH="20%">H. Tucker Lake, Jr. &#8211; 67<BR> Vice President</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt; text-align: center" WIDTH="10%">1994</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt" WIDTH="60%">Vice President of the Trust, Bancroft Fund and Dinsmore Capital.</TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt" WIDTH="20%">Gary I. Levine &#8211; 57<BR> Executive Vice President,<BR> Chief Financial Officer<BR> and Secretary</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt; text-align: center" WIDTH="10%">1986</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt" WIDTH="60%">Executive Vice President, Chief Financial Officer and Secretary of the Trust, Bancroft Fund and Dinsmore Capital.</TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt" WIDTH="20%">Germaine M. Ortiz &#8211; 45<BR> Vice President</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt; text-align: center" WIDTH="10%">1998</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt" WIDTH="60%">Vice President of the Trust, Bancroft Fund
    and Dinsmore Capital.</TD>
</TR>

</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">17</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt" WIDTH="20%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Name,
        Age and Position(s)<BR> Held with the Trust</B></P></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt" WIDTH="10%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Officer
        Since</B></P></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt" WIDTH="60%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Principal
        Occupation(s) During Past 5 Years<BR>
        and Business Experience </B></P></TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-left: 9.35pt; font-size: 10pt; text-indent: -9.35pt" WIDTH="20%">Mercedes A. Pierre &#8211; 53<BR> Vice President and<BR> Chief Compliance Officer</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt; text-align: center" WIDTH="10%">1997</TD>
    <TD STYLE="padding-top: 12pt; padding-bottom: 3pt; font-size: 10pt" WIDTH="60%">Vice President and Chief Compliance Officer of the Trust, Bancroft Fund and Dinsmore Capital.</TD>
</TR>
</TABLE>

<P STYLE="font: bold 11pt Times New Roman Bold; margin: 0 0 12pt"><BR>
Certain Relationships</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Thomas H. Dinsmore and Ms. O&#8217;Keeffe
are brother and sister. Thomas H. Dinsmore is the father of, and Ms. O&#8217;Keeffe is the aunt of, James A. Dinsmore. H. Tucker
Lake, Jr. is the first cousin of Thomas H. Dinsmore and Ms. O&#8217;Keeffe. Ms. Ortiz is the first cousin of Mr. Levine&#8217;s
wife.</P>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Dollar Range of Securities Held
by Trustees and Nominees</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Set forth below is the dollar range of
equity securities beneficially owned <SUP>(1)</SUP> in both the Trust and Fund Complex by each trustee and each nominee for election
as a trustee of the Trust as of November 18, 2014.<SUP> (2)</SUP></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 42%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: red">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: red">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: red">&nbsp;</P></TD>
    <TD STYLE="width: 1%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="width: 22%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Dollar Range of <BR>Equity Securities <BR> in the Trust<FONT STYLE="font-family: Times New Roman Bold"><SUP> (3)</SUP></FONT> </B></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 25%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Aggregate Dollar Range<BR> of Equity Securities
        in<BR> All Funds Overseen by<BR> the Trustee or Nominee</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>in Fund Complex<FONT STYLE="font-family: Times New Roman Bold"><SUP>
        (4)</SUP></FONT> </B></P></TD>
    <TD STYLE="width: 1%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Kinchen C. Bizzell</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 13.5pt; text-align: center">$10,001-$50,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 13.5pt; text-align: center">$50,001-$100,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Elizabeth C. Bogan, Ph.D</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 13.5pt; text-align: center">over $100,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 13.5pt; text-align: center">over $100,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Thomas H. Dinsmore</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 13.5pt; text-align: center">over $100,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 13.5pt; text-align: center">over $100,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Daniel D. Harding</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12.2pt; text-align: center">$50,001-$100,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12.45pt; text-align: center">over $100,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Jane D. O&#8217;Keeffe</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 13.5pt; text-align: center">over $100,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 13.5pt; text-align: center">over $100,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Nicolas W. Platt</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12.2pt; text-align: center">$1-$10,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12.2pt; text-align: center">$1-$10,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">_______________________________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 62.1pt; color: red">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 62.1pt; color: red">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: red">&nbsp;</TD>
</TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 0.25in">(1)</TD>
<TD>Beneficial ownership has been determined based upon the trustee&#8217;s or nominee&#8217;s direct or indirect pecuniary interest
in the equity securities.</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 0.25in">(2)</TD>
<TD>The dollar ranges are: $1-$10,000, $10,001-$50,000, $50,001-$100,000, or over $100,000.</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 0.25in">(3)</TD>
<TD>The dollar range of equity securities owned in the Trust is based on the closing price of $8.51 on November 18, 2014 on the
NYSE MKT LLC stock exchange.</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 0.25in">(4)</TD>
<TD>The dollar range of equity securities owned in the Fund Complex is based on the closing price of $8.51 for the Trust and $20.13
for Bancroft Fund on November 18, 2014 on the NYSE MKT LLC stock exchange.</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal">Proxy Solicitation</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trust expects to solicit proxies
principally by mail. The Trust will pay the cost of soliciting proxies and may reimburse third parties for their expenses in forwarding
solicitation materials to the beneficial owners of the Trust&#8217;s shares. Officers of the Trust may also solicit proxies by
telephone, facsimile, the Internet or personal interview, and will not receive any additional compensation for such solicitation.</P>

<P STYLE="font: bold 11pt Times New Roman Bold; margin: 0 0 12pt">Section 16(a) Beneficial Ownership Reporting Compliance</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 16(a) of the Exchange Act, Section&nbsp;30(h)
of the Investment Company Act, and the regulations of the SEC thereunder, require the Trust&#8217;s officers and trustees and direct
or indirect</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">18</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">beneficial owners of more than 10% of the Trust&#8217;s shares, as well as Dinsmore Capital, its directors and officers
and certain of its other affiliated persons (collectively, Reporting Persons), to file initial reports of ownership and changes
in ownership with the SEC. Reporting Persons are required to furnish the Trust with copies of all Section 16(a) forms they file.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Based solely on its review of the copies
of such forms received by it and written representations, the Trust believes that all filing requirements applicable to the Reporting
Persons have been complied with on a timely basis during the fiscal year ended September 30, 2014<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 11pt Times New Roman Bold; margin: 0 0 12pt"><FONT STYLE="font-weight: normal"><B>Shareholder Proposals</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If you would like us to consider including
a shareholder proposal in the Trust&#8217;s proxy statement for the 2016 annual meeting of shareholders, we must receive it from
you no later than August 1, 2015. To be eligible to submit a proposal, you must demonstrate satisfaction of the requirements for
making shareholder proposals set forth in the proxy rules promulgated by the SEC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A shareholder may bring other business
before the 2016 Annual Meeting of shareholders if: (1) the shareholder is a shareholder of record at the time of giving notice
to the Trust; (2) the shareholder is entitled to vote at the 2016 Annual Meeting; (3) the shareholder has complied with the notice
procedures in the Trust&#8217;s bylaws; and (4) such other business is otherwise a proper matter for action by shareholders. The
notice procedures require that a shareholder submit the proposal in writing to the Secretary of the Trust no earlier than October
12, 2015 but no later than November 11, 2015. The notice must include a brief description of the business desired to be brought
before the 2016 Annual Meeting, the reasons for conducting such business at the 2016 Annual Meeting, and any material interest
the shareholder and any beneficial owners on whose behalf the proposal is made may have in such business. The notice must also
include the shareholder&#8217;s name and address as they appear on the Trust&#8217;s books (and the name and address of any beneficial
owner on whose behalf the proposal is made), as well as the number of shares owned of record and beneficially by such shareholder
and beneficial owner.</P>

<P STYLE="font: bold 11pt Times New Roman Bold; margin: 0 0 12pt">Householding of Proxy Materials</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Certain shareholders who share the same
address may receive only one copy of this Proxy Statement and the Trust&#8217;s annual report to shareholders for the fiscal year
ended September 30, 2014 in accordance with a notice delivered from such shareholders&#8217; bank, broker or other holder of record,
unless the applicable bank, broker or other holder of record received contrary instructions. This practice, known as &#8220;householding,&#8221;
is designed to reduce printing and postage costs. Shareholders who own their shares through a bank, broker or other holder of record
who wish either to discontinue or commence householding, or wish to receive a separate copy of the Proxy Statement or the Trust&#8217;s
annual report to shareholders for the fiscal year ended September 30, 2014, may do so by contacting their bank, broker or other
holder of record at the telephone number or address provided in the above referenced notice. Shareholders who are requesting to
commence or discontinue householding should provide their name, the name of their broker, bank or other record holder and their
account information.</P>

<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="54%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="25%" NOWRAP><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">By order
of the Board of Trustees,</DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="54%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="1%" COLSPAN="3"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">&nbsp;</DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="49%" COLSPAN="3"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">&nbsp;</DIV></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="54%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="25%" STYLE="border-bottom: solid windowtext 1pt" NOWRAP><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT
FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THOMAS H. DINSMORE<BR></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="54%"><DIV ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="25%" NOWRAP><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">Thomas
H. Dinsmore<BR> Chairman of the Board of Trustees</DIV></TD>
</TABLE>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">December 29, 2014</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0in;" ALIGN="CENTER">19</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<P ALIGN=CENTER><FONT SIZE=3 FACE=ARIAL><B>ANNUAL MEETING OF SHAREHOLDERS OF </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=6 FACE=ARIAL><B>ELLSWORTH FUND LTD.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>February 9, 2015</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>GO GREEN</B><B>:</B><BR>
e-Consent makes it easy to go paperless. With e-Consent, you can quickly access your proxy<BR> material, statements and other
eligible documents online, while reducing costs, clutter and<BR> paper waste. Enroll today via www.amstock.com to enjoy online
access.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B><U>NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL</U></B><B>:</B><BR>
The Notice of Meeting, Proxy Statement and Proxy Card <br>
are available at http://www.astproxyportal.com/ast/12198/</FONT></P>

<P STYLE="text-align: center; line-height:18pt"><FONT SIZE=5 FACE=ARIAL>Please sign, date and mail <br>
your proxy card in the <br>
envelope provided as soon <br>
as possible.</FONT></P>

<P ALIGN=CENTER> <FONT SIZE=2 FACE="WINGDINGS">&#234;</font> <FONT size=1 FACE=ARIAL>Please detach along perforated line
and mail in the envelope provided.</font> <FONT size=2 FACE="WINGDINGS">&#234;</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><IMG SRC="image001.jpg"></FONT>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=12 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
   <TD COLSPAN=12 VALIGN=TOP>
     <P ALIGN="CENTER" STYLE="Line-Height: 11pt; font: 7pt arial; margin: 1pt 0 0 0"><B>
      PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE</B></FONT> <FONT FACE="WINGDINGS" SIZE="1">x </FONT></P>
    </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
   <TD COLSPAN=12 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

    </TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>FOR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>AGAINST</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>ABSTAIN</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=7 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR<BR>PROPOSALS 1 AND 2 AND AGAINST PROPOSAL 3.</B></FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>2. PROPOSAL TO RATIFY SELECTION OF ACCOUNTANTS.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
 </TD>
 </TR>

<TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=LEFT><FONT SIZE=1 FACE=ARIAL>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>

 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=LEFT><FONT SIZE=1 FACE=ARIAL>1. ELECTION OF
 TRUSTEES:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>

 </TR>



 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 ROWSPAN=0 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL><B>THE BOARD RECOMMENDS VOTING AGAINST PROPOSAL 3.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>




 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><B>NOMINEES:</B></FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>




 <TR>
 <TD>
 <P><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><b>FOR ALL NOMINEES</b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=WINGDINGS>m</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Kinchen C. Bizzell</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>FOR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>AGAINST</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>ABSTAIN</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
<P><FONT SIZE=3 FACE=WINGDINGS>m</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Jane D. O&rsquo;Keeffe</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=1 ROWSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>3. If properly presented, to act upon a shareholder proposal recommending that the Board of Trustees consider amending the Trust&#146;s Declaration of Trust.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
 </TD>
 </TR>

 </TR>
 <TR>
 <TD>
 <P><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><b>WITHHOLD AUTHORITY<BR>
 FOR ALL NOMINEES</b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL><b>FOR ALL EXCEPT</b><BR>
 (See instructions below)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>






<TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><B><U>INSTRUCTIONS:</U></B> </FONT> </P>
 </TD>
 <TD COLSPAN=5 VALIGN=TOP>
 <P ALIGN=LEFT><FONT SIZE=1 FACE=ARIAL>To withhold authority to vote for any individual <BR>
nominee(s), mark
<B>&#147;FOR ALL EXCEPT&#148;</B> and fill in the circle  next to each nominee(s) you wish to withhold, as shown here:</FONT></FONT></P>
<P ALIGN=LEFT style="margin-left:161pt; margin-top:-25pt"><FONT SIZE=1 FACE=ARIAL><FONT SIZE=4 FACE=WINGDINGS>l</FONT></FONT> </P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<tr STYLE="FONT-SIZE:1 PX">

 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=5 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS></FONT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS></FONT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS></FONT>&nbsp;</P>
 </TD>
 </TR>

<TR>
 <TD COLSPAN=6 VALIGN=TOP>&nbsp;<BR></TD>
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>



<TR>
 <TD COLSPAN=6 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=6 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>To change
 the address on your account, please check the box at right and indicate your
 new address in the address space above. Please note that changes to the
 registered name(s) on the account may not be submitted via this method.</FONT></P>
 </TD>
 <TD>
 <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
  <TD COLSPAN=4 ROWSPAN=6 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>In their discretion, the proxies are
authorized to vote on such other business as may properly come before the Annual Meeting.
This proxy when properly executed will be voted as directed herein by the undersigned shareholder. <B>If no direction is made, this proxy will be
 voted FOR ALL NOMINEES in Proposal 1 and FOR Proposal 2.</B></FONT></P>
 </TD>

 </TR>
  <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=6 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD STYLE="BORDER-LEFT:SOLID BLACK 1PX" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="11%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%"VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

<TD WIDTH="9%"  VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 <TD WIDTH="13%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

<TD WIDTH="25%"  VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

<TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>


 </TR>
 <TR>
 <TD VALIGN=MIDDLE NOWRAP>
 <P><FONT SIZE=1 FACE=ARIAL>Signature of Shareholder&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE STYLE="PADDING: 6px; BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-LEFT:SOLID BLACK 1PX; BORDER-TOP:SOLID BLACK 1PX; BORDER-RIGHT:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>&nbsp;&nbsp;Date:&nbsp;</FONT></P>
 </TD>
<TD VALIGN=MIDDLE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-LEFT:SOLID BLACK 1PX; BORDER-TOP:SOLID BLACK 1PX; BORDER-RIGHT:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE NOWRAP>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;&nbsp;Signature of Shareholder&nbsp;</FONT></P>
 </TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-LEFT:SOLID BLACK 1PX; BORDER-TOP:SOLID BLACK 1PX; BORDER-RIGHT:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>&nbsp;&nbsp;Date:&nbsp;</FONT></P>
 </TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-LEFT:SOLID BLACK 1PX; BORDER-TOP:SOLID BLACK 1PX; BORDER-RIGHT:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

</TABLE>











<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="93%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL><B>Note:</B><FONT SIZE=1 FACE=ARIAL> Please
 sign as name appears hereon. Joint owners each sign. When signing as
 attorney, executor, administrator, trustee or guardian, please give full
 title as such.</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR=BLACK>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR=BLACK>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP BGCOLOR=BLACK>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR=BLACK>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

</TABLE>
<BR>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>





<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="87%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=WINGDINGS>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<P ALIGN=CENTER><FONT SIZE=5 FACE=ARIAL><B>ELLSWORTH FUND LTD.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Proxy for Annual Meeting of Shareholders on February 9, 2015<br>
Solicited on Behalf of the Board of Trustees </B></FONT></P>



<P align=justify><FONT SIZE=2 FACE=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Thomas H. Dinsmore, Gary I.
Levine, and Jane D. O Keeffe, and any one of them separately, attorneys and proxies, with power of substitution in each, to vote and act on behalf of the
undersigned at the annual meeting of shareholders of Ellsworth Fund Ltd. (the &#147;Trust&#148;) at The Madison Hotel, 1 Convent Road,
Morristown, New Jersey 07960 on February 9, 2015 at 10 a.m., and at all adjournments or postponements thereof, according to the number of beneficial shares
which the undersigned could vote if present, upon such subjects as may properly come before the meeting, all as set forth in the notice of the meeting and the
proxy statement furnished therewith. <b>THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED AS DIRECTED BY THE SHAREHOLDER(S).
IF NO SUCH DIRECTIONS ARE MADE, THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE RECOMMENDATION OF THE BOARD OF TRUSTEES.</b> </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>PLEASE FILL IN, DATE AND SIGN THE PROXY CARD ON THE OTHER SIDE<br>
AND RETURN IT PROMPTLY IN THE ACCOMPANYING ENVELOPE </B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="3%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="93%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P align=justify>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>14475&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

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