SOURCE: Ellsworth Fund Ltd.

April 22, 2008 11:30 ET

Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - April 22, 2008) - Ellsworth Fund Ltd. (AMEX: ECF) today reported earnings, financial highlights and certain portfolio information for the six months ended March 31, 2008:

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EARNINGS REPORT           Three Months Ended           Six Months Ended
                                March 31                   March 31

                          2008          2007          2008          2007
                     ------------  ------------  ------------  ------------
Net Income             $1,262,000    $1,163,000    $2,432,000    $2,229,000
  Per Share                 $0.10         $0.09         $0.18         $0.18
Shares Outstanding     13,153,252    12,659,098    13,153,252    12,659,098
Total Net Assets     $112,095,000  $123,187,000  $112,095,000  $123,187,000
Net Asset Value Per
 Share                      $8.52         $9.73         $8.52         $9.73


FUND STATISTICS                    TOP TEN HOLDINGS                % of Net
                                    by underlying common stock       Assets
Market value                 $7.70  Prudential Financial, Inc.          3.4
Net asset value (NAV)        $8.52  Bristol-Myers Squibb Co.            2.7
Premium/(Discount)           9.62%  Freeport-McMoRan Copper & Gold Inc. 2.5
Total Net Assets      $112,095,000  Chesapeake Energy Corp.             2.4
12-Month income                     Companhia Vale do Rio Doce          2.4
 distribution                $0.33  LSB Industries, Inc.                2.4
Yield on market value        4.29%  New York Community Bancorp, Inc.    2.3
Ratio of expenses           1.10%*  St. Jude Medical, Inc.              2.3
Ratio of net income         3.91%*  MetLife, Inc.                       1.9
Portfolio turnover          24.17%  Oil States International, Inc.      1.9
Shares outstanding      13,153,252
* Annualized


                          % of Net
MAJOR INDUSTRY EXPOSURE     Assets  MOODY'S PORTFOLIO RATINGS
                                     (From S&P when Moody's is unavailable)
Energy                        14.0
Pharmaceuticals                9.7                         % of Portfolio
Insurance                      8.6             Aa                4
Semiconductors                 6.4              A               19
Telecommunications             5.9            Baa               16
Minerals and Mining            5.7             Ba                3
Computer Hardware              5.5              B               22
Consumer Goods                 5.3            Caa                4
Banking/Savings and Loan       4.0             NR               30
Health Care                    3.7

                          % of Net
ASSET ALLOCATION            Assets

Convertible Bonds & Notes     52.7
Corporate Bonds and Notes      1.1
Convertible Preferred Stock    8.4
Mandatory Convertibles        24.5
Common Stock                   2.2
Short-term Securities          9.2
Other Assets                   2.1

Data is unaudited and as of March 31, 2008. 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, 2007.

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 American Stock Exchange under the ticker symbol ECF.

Contact Information

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