Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - May 08, 2009) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the six months ended March 31, 2009:

 

EARNINGS REPORT           Three Months Ended         Six Months Ended
                               March 31                   March 31

                         2009           2008         2009         2008
                      -----------  ------------  -----------  ------------

Net Income             $1,283,600    $1,262,000   $2,318,600    $2,432,000
    Per Share               $0.10         $0.10        $0.17         $0.18
Shares Outstanding     13,277,717    13,153,252   13,277,717    13,153,252
Total Net Assets      $74,220,000  $112,095,000  $74,220,000  $112,095,000
Net Asset Value Per
 Share                      $5.59         $8.52        $5.59         $8.52

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FUND STATISTICS

Market price                $4.76
Net asset value (NAV)       $5.59
Premium/(Discount)       (14.85)%
Total Net Assets      $74,220,000
12-Month income
 distribution              $0.358
Yield on market price       7.52%
Ratio of expenses
 (annualized)               1.25%
Ratio of net income
 (annualized)               6.22%
Portfolio Turnover         31.11%
Shares outstanding     13,277,717

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TOP TEN HOLDINGS
  by underlying common stock
                         % of Net
                           Assets
Blackboard                    3.1
Equinix                       2.8
LSB Industries                2.8
LSI                           2.8
Schering-Plough               2.7
Freeport-McMoRan
 Copper & Gold                2.7
Wyeth                         2.4
Nabors Industries             2.3
Intel                         2.2
Teva Pharmaceutical
 Industries                   2.2

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MAJOR INDUSTRY           % of Net
  EXPOSURE                 Assets

Energy                       13.0
Pharmaceuticals              12.2
Telecommunications           11.2
Healthcare                    9.2
Semiconductors                5.0
Banking/Savings and Loan      4.9
Computer Software             4.1
Minerals and Mining           3.9
Computer Hardware             3.5
Foods                         3.2

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QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
 unavailable)
                   % of Portfolio
      AA                  0
       A                  9
      BBB                16
      BB                 20
       B                 23
      CCC                 2
   Not Rated             32

* Excludes equity securities and cash
----------------------------------

ASSET ALLOCATION         % of Net
                           Assets

Convertible Bonds & Notes    68.6
Corporate Bonds & Notes       1.0
Convertible Preferred Stocks  7.5
Mandatory Convertible
 Securities                   9.3
Common Stocks                 2.9
Cash & Equivalents           10.7
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Data is unaudited and as of March 31, 2009. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Shareholders for the twelve months ended September 30, 2008.

Detailed portfolio information is available on our website (www.ellsworthfund.com). Contact us by email at info@ellsworthfund.com or call us at (973) 631-1177.

Ellsworth Fund Ltd. operates as a closed-end, diversified management investment company and invests primarily in convertible securities, with the objectives of providing income and the potential for capital appreciation; which objectives the Fund considers to be relatively equal, over the long-term, due to the nature of the securities in which it invests. Its shares are traded on the American Stock Exchange under the ticker symbol ECF.