Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - April 13, 2010) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the six months ended March 31, 2010:

EARNINGS REPORT         Three Months Ended           Six Months Ended
                             March 31                    March 31
                        2010          2009          2010          2009
                    ------------  ------------- ------------- -------------

Net Income          $  1,429,000  $   1,284,000 $   2,373,000 $   2,319,000
    Per Share       $       0.11  $        0.10 $        0.18 $        0.17
Shares Outstanding    13,360,463     13,277,717    13,360,463    13,277,717
Total Net Assets    $103,846,000  $  74,220,000 $ 103,846,000 $  74,220,000
Net Asset Value Per
 Share              $       7.77  $        5.59 $        7.77 $        5.59
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FUND STATISTICS

Market price        $       6.84
Net asset value
 (NAV)              $       7.77
Premium/(Discount)       (11.97)%
Total Net Assets    $103,846,000
12-Month income
 distribution       $      0.306
Yield on market
 price                      4.47%
Ratio of expenses
 (annualized)               1.15%
Ratio of net income
 (annualized)               4.82%
Portfolio turnover         29.26%
Shares outstanding    13,360,463
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TOP TEN HOLDINGS
  by underlying common stock
                         % of Net
                          Assets
Equinix                      2.6
Blackboard                   2.4
EMC                          2.3
Vale S.A.                    2.3
Nuance
 Communications              2.1
Disney (Walt)                2.0
Euronet Worldwide            2.0
Intel                        2.0
Wells Fargo                  1.9
Whiting Petroleum            1.9
-------------------------------------
MAJOR INDUSTRY          % of Net
   EXPOSURE               Assets

Telecommunications          16.3
Energy                      15.2
Computer Software            9.8
Pharmaceuticals              8.5
Healthcare                   7.7
Financial Services           5.8
Metals and Mining            5.4
Banking/Savings and
 Loan                        4.5
Foods                        3.7
Computer Hardware            2.9
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QUALITY ALLOCATION *
(From Moody's or S&P when Moody's
 is unavailable)
                           % of
                       Portfolio
     AA                    0
      A                    8
     BBB                   6
     BB                   17
      B                   19
  CCC & below              0
   Not Rated              50

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

ASSET ALLOCATION        % of Net
                          Assets

Convertible Bonds &
 Notes                      71.4
Corporate Bonds &
 Notes                       1.2
Convertible
 Preferred Stocks           10.0
Mandatory
 Convertible
 Securities                  8.8
Common Stocks                6.5
Cash & Equivalents           2.1
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