Ellsworth Fund Ltd. Announces Earnings and Financial Update

• Press Release
• Source: Ellsworth Fund Ltd.
• On 1:28 pm EDT, Monday July 20, 2009

MORRISTOWN, NJ--(Marketwire - 07/20/09) - Ellsworth Fund Ltd. (AMEX:ECF - News) today reported earnings, financial highlights and certain portfolio information for the nine months ended June 30, 2009:

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EARNINGS REPORT         Three Months Ended          Nine Months Ended
                              June 30                     June 30
                        2009          2008          2009          2008
                    ------------- ------------- ------------- -------------

Net Income               $872,400    $1,201,000    $3,191,000    $3,633,000

    Per Share               $0.07         $0.09         $0.24         $0.28

Shares Outstanding     13,277,717    13,153,252    13,277,717    13,153,252

Total Net Assets      $84,863,000  $113,865,000   $84,863,000  $113,865,000

Net Asset Value Per
 Share                      $6.39         $8.66         $6.39         $8.66
------------------- ------------- ------------- ------------- -------------

FUND STATISTICS

Market price                            $5.49
Net asset value (NAV)                   $6.39
Premium/(Discount)                     (14.08)%
Total Net Assets                  $84,863,000
12-Month income
 distribution                          $0.343
Yield on market price                    6.25%
Ratio of expenses (annualized)           1.20%
Ratio of net income (annualized)         5.58%
Portfolio Turnover                      51.43%
Shares outstanding                 13,277,717
---------------------------------- ----------
TOP TEN HOLDINGS
 by underlying common stock          % of Net
                                       Assets
LSB Industries                            3.0
Blackboard                                2.7
Equinix                                   2.7
Wyeth                                     2.4
Disney (Walt)                             2.3
Euronet Worldwide                         2.3
Freeport-McMoRan Copper & Gold            2.3
Chattem                                   2.2
Millipore                                 2.1
Covanta Holding                           2.0
---------------------------------- ----------
MAJOR INDUSTRY                       % of Net
 EXPOSURE                              Assets

Telecommunications                       14.1
Energy                                   13.7
Pharmaceuticals                          11.7
Healthcare                                8.6
Minerals and Mining                       5.2
Banking/Savings and Loan                  5.1
Computer Hardware                         3.7
Computer Software                         3.7
Financial Services                        3.5
Foods                                     3.5
-------------------------------- ------------

QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
  unavailable)
                               % of Portfolio
               AA                      0
               A                       8
               BBB                    11
               BB                     18
               B                      22
               CCC                     3
               Not Rated              38

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

ASSET ALLOCATION                     % of Net
                                       Assets

Convertible Bonds & Notes                68.6
Corporate Bonds & Notes                   0.9
Convertible Preferred Stocks              8.7
Mandatory Convertible
 Securities                               7.6
Common Stocks                             5.6
Cash & Equivalents                        8.6
---------------------------------------------

Data is unaudited and as of June 30, 2009. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Shareholders for the six months ended March 31, 2009.

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

 
For further information please contact:
Gary I. Levine
Chief Financial Officer
Ph. (973) 631-1177
Fax (973) 631-9893
www.ellsworthfund.com