SOURCE: Ellsworth Fund Ltd.

January 21, 2011 14:22 ET

Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - January 21, 2011) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the three months ended December 31, 2010:

EARNINGS REPORT
                                                  Three Months Ended
                                                      December 31
                                                 2010            2009
                                             ------------      ------------

Net Income                                       $951,032          $943,568
    Per Share                                       $0.07             $0.07
Shares Outstanding                             13,409,101        13,360,463
Total Net Assets                             $112,354,000      $100,677,000
Net Asset Value Per Share                           $8.38             $7.54
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FUND STATISTICS

Market price                                        $7.35
Net asset value (NAV)                               $8.38
Premium/(Discount)                                 (12.29)%
Total Net Assets                             $112,354,000
12-Month income
 distribution                                     $0.2735
Yield on market price                                3.72 %
Ratio of expenses                                    1.03 %
Ratio of net income                                  3.37 %
Portfolio turnover                                  16.94 %
Shares outstanding                             13,409,101
---------------------------------------------------------
TOP TEN HOLDINGS
    by underlying common stock                   % of Net
                                                   Assets

EMC                                                   2.6
Ford Motor                                            2.3
Vale S.A.                                             2.2
Nuance Communications                                 2.1
Equinix                                               1.9
Intel                                                 1.9
SunPower                                              1.9
Verizon Communications                                1.9
AT&T                                                  1.8
Wells Fargo                                           1.8
---------------------------------------------------------
MAJOR INDUSTRY                                   % of Net
   EXPOSURE                                        Assets

Energy                                               14.0
Telecommunications                                   11.8
Pharmaceuticals                                      10.4
Healthcare                                            7.0
Metals and Mining                                     6.4
Financial Services                                    6.1
Banking/Savings and Loan                              5.9
Computer Software                                     5.4
Automotive                                            4.7
Semiconductors                                        4.0
---------------------------------------------------------
QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
 unavailable)

                                       % of Portfolio
               AAA                            1
               AA                             2
               A                             16
               BBB                           13
               BB                            23
               B                             20
               CCC & below                    8
               Not Rated                     17

* Excludes equity securities and cash
---------------------------------------------------------
ASSET ALLOCATION                                 % of Net
                                                   Assets

Convertible Bonds & Notes                            65.2
Corporate Bonds & Notes                               0.4
Convertible Preferred Stocks                         14.2
Mandatory Convertible
 Securities                                          12.1
Common Stocks                                         6.9
Cash & Equivalents                                    1.2

Data is unaudited and as of December 31, 2010. 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, 2010.

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

Contact Information

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