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Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - May 1, 2012) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the six months ended March 31, 2012:


EARNINGS REPORT		Six Months Ended
		March 31

		2012	2011

Net Income		$1,752,000	$1,612,000
	Per Share	$0.13	$0.12
Shares Outstanding		13,453,777	13,409,101
Total Net Assets		$113,626,000	$116,858,000
Net Asset Value Per Share		$8.45	$8.71


FUND STATISTICS

Market price		$7.35
Net asset value (NAV)		$8.45
Premium/(Discount)		(12.97)%
Total Net Assets		$113,626,000
12-Month income distribution		$0.2455
Yield on market price		3.34%
Ratio of expenses (annualized)		1.14%
Ratio of net income (annualized)		4.35%
Portfolio turnover		18.96%
Shares outstanding		13,453,777


TOP TEN HOLDINGS
by underlying common stock		% of Net
		Assets

EMC		3.1%
Intel		2.8%
Equinix		2.7%
Verizon Communications		2.0%
Wells Fargo		2.0%
AT&T		1.9%
Gilead Sciences		1.9%
Nuance Communications		1.9%
SBA Communications		1.9%
Chesapeake Energy		1.8%


MAJOR INDUSTRY		% of Net
EXPOSURE		Assets

Telecommunications		12.8%
Pharmaceuticals		11.2%
Energy		10.1%
Financial Services		8.3%
Semiconductors		8.1%
Computer Software		7.9%
Banking/Savings and Loan		5.9%
Metals and Mining		5.0%
Computer Hardware		4.4%
Healthcare		2.7%


QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
unavailable)
		% of Portfolio
AAA		1
AA		3
A		18
BBB		24
BB		20
B		10
CCC & below		2
Not Rated		22

* Excludes equity securities and cash


ASSET ALLOCATION		% of Net
		Assets

Convertible Bonds & Notes		64.6
Convertible Preferred Stocks		12.7
Mandatory Convertible
Securities		9.6
Common Stocks		10.2
Cash & Equivalents		2.9

Data is unaudited and as of March 31, 2012. 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, 2011.

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