Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - May 11, 2011) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the six months ended March 31, 2011:

EARNINGS REPORT                                      Six Months Ended
                                                         March 31
                                                    2011           2010

Net Income                                        $1,612,000     $2,373,000
    Per Share                                          $0.12          $0.18
Shares Outstanding                                13,409,101     13,360,463
Total Net Assets                                $116,858,000   $103,846,000
Net Asset Value Per Share                              $8.71          $7.77
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FUND STATISTICS
Market price                                           $7.59
Net asset value (NAV)                                  $8.71
Premium/(Discount)                                    (12.86)%
Total Net Assets                                $116,858,000
12-Month income
   distribution                                       $0.267
Yield on market price                                   3.52 %
Ratio of expenses                                       1.17 %
Ratio of net income                                     3.08 %
Portfolio turnover                                     30.94 %
Shares outstanding                                13,409,101
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TOP TEN HOLDINGS
 by underlying common stock                         % of Net
                                                      Assets

EMC                                                      2.8
Intel                                                    2.3
Nuance Communications                                    2.2
Vale S.A.                                                2.1
Equinix                                                  2.0
SunPower                                                 2.0
Verizon Communications                                   2.0
AT&T                                                     1.8
Titan International                                      1.8
Wells Fargo                                              1.8
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MAJOR INDUSTRY                                      % of Net
 EXPOSURE                                             Assets

Energy                                                  13.6
Telecommunications                                      12.8
Financial Services                                       8.8
Pharmaceuticals                                          8.4
Healthcare                                               6.7
Computer Software                                        6.3
Metals and Mining                                        5.8
Banking/Savings and Loan                                 5.7
Semiconductors                                           5.1
Computer Hardware                                        3.5
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QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
 unavailable)
                                              % of Portfolio
                 AAA                                 1
                 AA                                  4
                 A                                  15
                 BBB                                23
                 BB                                 17
                 B                                  14
             CCC & below                             3
              Not Rated                             23

* Excludes equity securities and cash
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ASSET ALLOCATION                                    % of Net
                                                      Assets

Convertible Bonds & Notes                               65.0
Corporate Bonds & Notes                                  0.4
Convertible Preferred Stocks                            12.7
Mandatory Convertible Securities                        13.5
Common Stocks                                            6.7
Cash & Equivalents                                       1.7
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Data is unaudited and as of March 31, 2011. 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, 2010.

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 NYSE Amex under the ticker symbol ECF.

Cusip 289074106