SOURCE: Ellsworth Fund Ltd.

July 27, 2011 12:35 ET

Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - Jul 27, 2011) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the nine months ended June 30, 2011:

EARNINGS REPORT                                   Nine Months Ended
                                                       June 30
                                                2011             2010

Net Income                                    $2,265,000         $3,189,000
    Per Share                                      $0.17              $0.24
Shares Outstanding                            13,409,101         13,360,463
Total Net Assets                            $115,456,000        $97,875,000
Net Asset Value Per Share                          $8.61              $7.33
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FUND STATISTICS

Market price                                       $7.54
Net asset value (NAV)                              $8.61
Premium/(Discount)                                (12.43)%
Total Net Assets                            $115,456,000
12-Month income
   distribution                                   $0.261
Yield on market price                               3.45 %
Ratio of expenses (annualized)                      1.13 %
Ratio of net income (annualized)                    3.08 %
Portfolio turnover                                 37.65 %
Shares outstanding                            13,409,101
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TOP TEN HOLDINGS
    by underlying common stock                  % of Net
                                                  Assets

EMC                                                  2.9 %
Intel                                                2.4 %
Nuance Communications                                2.3 %
Equinix                                              2.1 %
Vale S.A.                                            2.0 %
AT&T                                                 1.9 %
Verizon                                              1.9 %
Wells Fargo                                          1.8 %
SunPower                                             1.7 %
SBA Communications                                   1.6 %
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MAJOR INDUSTRY                                  % of Net
   EXPOSURE                                       Assets

Telecommunications                                  13.0 %
Energy                                              12.6 %
Pharmaceuticals                                     10.5 %
Financial Services                                   9.3 %
Healthcare                                           6.2 %
Computer Software                                    5.9 %
Metals and Mining                                    5.7 %
Banking/Savings and Loan                             5.7 %
Semiconductors                                       5.4 %
Computer Hardware                                    3.6 %
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QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
  unavailable)
                                          % of Portfolio
             AAA                                     1
             AA                                      5
             A                                      24
             BBB                                    14
             BB                                     19
             B                                      11
             CCC & below                             2
             Not Rated                              24

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

Convertible Bonds & Notes                           64.1
Corporate Bonds & Notes                              0.4
Convertible Preferred Stocks                        13.0
Mandatory Convertible
  Securities                                        13.1
Common Stocks                                        6.8
Cash & Equivalents                                   2.7
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Data is unaudited and as of June 30, 2011. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi Annual Report to Shareholders for the six months ended March 31, 2011.

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

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