SOURCE: Ellsworth Fund Ltd.

January 12, 2007 14:28 ET

Ellsworth Fund Ltd. Announces Dividend, Earnings and Financial Update

MORRISTOWN, NJ -- (MARKET WIRE) -- January 12, 2007 --Ellsworth Fund Ltd. (AMEX: ECF) today reported financial highlights and certain portfolio information for the three months ended December 31, 2006.

The Fund declared its eighty-second quarterly dividend today:

$0.08 per share              Payable Date               Record Date
from ordinary income         February 27, 2007          February 13, 2007

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Earnings Report              Three Months Ended
                                December 31
                              2006          2005
                         ------------   -----------
Net Income                 $1,066,000      $942,000
    Per Share                   $0.08         $0.08
Shares Outstanding         12,659,098    12,429,083
Total Net Assets         $121,530,000  $113,113,000

Net Asset Value Per Share       $9.60         $9.10
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Annual Shareholders Meeting Results

The following actions were taken at the Annual Shareholders meeting on Friday January 12th: (1) three trustees were elected and (2) the selection of Tait, Weller & Baker LLP as independent auditors for the 2007 fiscal year was ratified.

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Fund Statistics as of                  Top Ten Holdings by underlying
 stock as of December 31, 2006               common stock as of
                                              December 31, 2006
                                                          % of Net Assets
Market price              $8.45     The Walt Disney Company     3.8
Net asset value (NAV)     $9.60     Nuveen Investments, Inc.    2.8
Premium/(Discount)       (11.98)%   Celanese Corp.              2.4
Total Net Assets   $121,530,000     The St. Paul Travelers
12-Month income                     Companies, Inc.             2.4
 distribution           $0.3400     Alleghany Corp.             2.0
Yield on market price      4.02%    Genworth Financial, Inc.    2.0
Ratio of expenses          1.15%*   LSB Industries, Inc.        2.0
Ratio of net income        3.63%*   MetLife, Inc.               2.0
Portfolio Turnover        12.28%    Intel Corp.                 1.8
Shares outstanding   12,659,098     Texas Industries, Inc.      1.8
* Annualized

Major Industry Exposure as of        Portfolio Ratings from Moody's
 December 31, 2006                      as of December 31, 2006
                 % of Net Assets   (From S&P when Moody's is unavailable)
Insurance              12.7
Semiconductors          9.5                     % of Portfolio
Pharmaceuticals         9.1           Aa              11
Energy                  7.3           A               15
Multi-Industry          6.7           Baa             19
Entertainment           6.3           Ba              9
Banking/Savings and                   B               16
 Loan                   5.9           C               1
Aerospace and Defense   5.6           NR              29
Telecommunications      4.6
Computer Hardware       3.8

Asset Allocation as of
 December 31, 2006

                 % of Net Assets
Convertible Bonds & Notes     59.4
Mandatory Convertibles        17.4
Convertible Preferred Stock   17.1
Common Stock                   3.0
Short-term Securities          2.1
Other Assets                   1.0
Data is unaudited and as of December 31, 2006. This selected information should be read in conjunction with the financial statements and notes included in the Fund's Annual Report to Stockholders for the twelve months ended September 30, 2006.

Detailed portfolio information is available on our website (http://www.ellsworthfund.com). 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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