SOURCE: Ellsworth Fund Ltd.

November 16, 2011 12:08 ET

Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - Nov 16, 2011) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the twelve months ended September 30, 2011:

EARNINGS REPORT Twelve Months Ended
September 30
2011 2010
Net Income $2,982,000 $3,981,000
Per Share $0.22 $0.30
Shares Outstanding 13,409,101 13,360,463
Total Net Assets $100,008,000 $106,256,000
Net Asset Value Per Share $7.46 $7.95
FUND STATISTICS
Market price $6.43
Net asset value (NAV) $7.46
Premium/(Discount) (13.81 )%
Total Net Assets $100,008,000
12-Month income distribution $0.254
Yield on market price 3.95 %
Ratio of expenses (annualized) 1.06 %
Ratio of net income (annualized) 3.07 %
Portfolio turnover 47.30 %
Shares outstanding 13,409,101
TOP TEN HOLDINGS
by underlying common stock % of Net
Assets
EMC 2.7 %
Intel 2.7 %
Nuance Communications 2.5 %
Chesapeake Energy 2.2 %
Equinix 2.2 %
Verizon Communications 2.2 %
Wells Fargo 2.1 %
AT&T 2.0 %
SBA Communications 1.7 %
Vale S.A. 1.7 %
MAJOR INDUSTRY % of Net
EXPOSURE Assets
Telecommunications 12.7 %
Energy 11.6 %
Pharmaceuticals 10.5 %
Financial Services 8.5 %
Computer Software 7.2 %
Semiconductors 6.9 %
Banking/Savings and Loan 5.9 %
Healthcare 5.5 %
Metals and Mining 5.2 %
Computer Hardware 3.0 %
QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is unavailable)
% of Portfolio
AAA 1
AA 4
A 20
BBB 19
BB 21
B 12
CCC & below 3
Not Rated 20
* Excludes equity securities and cash
ASSET ALLOCATION % of Net
Assets
Convertible Bonds & Notes 61.5
Corporate Bonds & Notes 0.2
Convertible Preferred Stocks 14.2
Mandatory Convertible Securities 11.1
Common Stocks 8.4
Cash & Equivalents 4.6

Data is unaudited and as of September 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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