Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire -05/01/12)- Ellsworth Fund Ltd. (ECF - News) 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

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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

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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%

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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%

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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

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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

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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