SOURCE: Ellsworth Fund Ltd.

April 10, 2006 14:58 ET

Ellsworth Fund Ltd. Announces Dividend, Earnings and Financial Update

MORRISTOWN, NJ -- (MARKET WIRE) -- April 10, 2006 --Ellsworth Fund Ltd. (AMEX: ECF) (successor to Ellsworth Convertible Growth and Income Fund, Inc. ) today reported financial highlights and certain portfolio information for the six months ended March 31, 2006.

The Fund declared its seventy-ninth quarterly dividend today:

  $0.07 per share               Payable Date             Record Date
from ordinary income            May 30, 2006             May 16, 2006
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Earnings Report           Three Months Ended        Six Months Ended
                              March 31                  March 31

                         2006         2005          2006          2005
                     ------------ ------------  ------------ ------------

Net Income             $1,203,000     $700,000    $2,145,000   $1,597,000
  Per Share                 $0.10        $0.06         $0.17        $0.13
Shares Outstanding     12,429,083   12,362,269    12,429,083   12,362,269
Total Net Assets     $118,207,000 $108,478,000  $118,207,000 $108,478,000

Net Asset Value
 Per Share                  $9.51        $8.77         $9.51        $8.77
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Fund Statistics as                        Top Ten Holdings by underlying
 of March 31, 2006                        common stock as of March 31, 2006
                                                          % of Net Assets
Market price              $8.14           The Walt Disney Company     3.4
Net asset value (NAV)     $9.51           Teva Pharmaceutical
Premium/(Discount)       (14.41)%          Industries Ltd.            2.8
Total Net Assets   $118,207,000           Nuveen Investments, Inc.    2.7
12-Month income                           Freeport-McMoRan Copper
 distribution           $0.3075            and Gold, Inc.             2.2
Yield on market price      3.78%          Celanese Corp.              2.1
Ratio of expenses          1.29%*         Genworth Financial, Inc.    2.1
Ratio of net income        3.74%*         The St. Paul Travelers
Portfolio Turnover        36.55%           Companies, Inc.            2.1
Shares outstanding    12,429,083          The TJX Companies, Inc.     2.1
* Annualized                              Euronet Worldwide, Inc.     2.0
                                          Manor Care, Inc.            1.8

Major Industry Exposure as of        Portfolio Ratings from Moody's
 March 31, 2006                       as of March 31, 2006
                                     (From S&P when Moody's is unavailable)
                    % of Net Assets
Financial and Insurance       15.1
Technology                    14.3                 % of Portfolio
Pharmaceuticals               10.9             Aa              10
Energy                         7.6             A               13
Banking/Savings and Loan       6.5             Baa             18
Entertainment                  5.1             Ba               7
Telecommunications             5.0             B               23
Aerospace and Defense          4.7            < B               1
Health Care                    4.5             NR              28
Retail                         4.1

Asset Allocation as of March 31, 2006

                           % of Net Assets
Convertible Bonds & Notes       55.4
Convertible Preferred Stock     21.1
Mandatory Convertibles          15.3
Common Stock                     3.4
Short-term Securities            1.2
Other Assets                     3.6
Data is unaudited and as of March 31, 2006. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Stockholders for the twelve months ended September 30, 2005.

Detailed portfolio information is available on our website (http://www.ellsworthfund.com). Visit us there or contact us by email at info@ellsworthfund.com or call us at (973) 631-1177.

Ellsworth is a diversified closed-end management investment company. Ellsworth's investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. It seeks to achieve this objective by investing primarily in convertible securities.

AMEX - ECF Cusip 289074106

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