SOURCE: Ellsworth Fund Ltd.

April 16, 2007 14:49 ET

Ellsworth Fund Ltd. Announces Dividend, Earnings and Financial Update

MORRISTOWN, NJ -- (MARKET WIRE) -- April 16, 2007 -- Ellsworth Fund Ltd. (AMEX: ECF) today reported financial highlights and certain portfolio information for the six months ended March 31, 2007.

The Fund declared its eighty-third quarterly dividend today:

$0.08 per share           Payable Date           Record Date
from ordinary income      May 30, 2007          May 16, 2007
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Earnings Report         Three Months Ended            Six Months Ended
                              March 31                     March 31

                         2007           2006          2007          2006
                    ------------  ------------  ------------  ------------
Net Income            $1,163,000    $1,203,000    $2,229,000    $2,145,000
    Per Share              $0.09         $0.10         $0.18         $0.17
Shares Outstanding    12,659,098    12,429,083    12,659,098    12,429,083
Total Net Assets    $123,187,000  $118,207,000  $123,187,000  $118,207,000

Net Asset Value
 Per Share                 $9.73         $9.51         $9.73         $9.51
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Fund Statistics as of                 Top Ten Holdings by underlying
 March 31, 2007                        common stock as of March 31, 2007
                                                            % of Net Assets

Market price                   $8.58  The Walt Disney Company          3.0
Net asset value (NAV)          $9.73  Celanese Corp.                   2.7
Premium/(Discount)          (11.82)%  Nuveen Investments, Inc.         2.5
Total Net Assets        $123,187,000  Prudential Financial, Inc.       2.4
12-Month income                       Equinix, Inc.                    2.3
 distribution                $0.3500  Bristol-Myers Squibb Co.         2.1
Yield on market price          4.08%  MetLife, Inc.                    2.1
Ratio of expenses              1.11%* Alleghany Corp.                  2.0
Ratio of net income            3.69%* Teva Pharmaceutical Industries
Portfolio Turnover            42.94%   Ltd.                            2.0
Shares outstanding        12,659,098  U.S. Bancorp                     2.0
* Annualized

Major Industry Exposure as of         Portfolio Ratings from Moody's
 March 31, 2007                        as of March 31, 2007
                                     (From S&P when Moody's is unavailable)
                  % of Net Assets
Pharmaceuticals              12.2
Insurance                    10.8                           % of Portfolio
Semiconductors               10.7             Aa                    13
Energy                        7.8             A                     18
Banking/Savings and Loan      6.9             Baa                   20
Computer Hardware             5.6             Ba                     7
Multi-Industry                5.6             B                     16
Aerospace and Defense         5.1             < B                    1
Telecommunications            4.8             NR                    21
Chemicals                     4.1             Common Stock           4

Asset Allocation as of March 31, 2007

                      % of Net Assets
Convertible Bonds & Notes       62.0
Convertible Preferred Stock     10.9
Mandatory Convertibles          20.7
Common Stock                     4.2
Other Assets                     2.2
Data is unaudited and as of March 31, 2007. 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, 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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