Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ -- (Marketwire) -- 02/05/13 -- Ellsworth Fund Ltd. (NYSE MKT: ECF) today reported earnings, financial highlights and certain portfolio information for the three months ended December 31, 2012:

EARNINGS REPORT                                      Twelve Months Ended
                                                         December 31

                                                     2012          2011

Net Income                                            $749,855      $990,000
  Per Share                                              $0.06         $0.07
Shares Outstanding                                  13,507,882    13,453,777
Total Net Assets                                  $113,939,000  $104,557,000
Net Asset Value Per Share                                $8.44         $7.77
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FUND STATISTICS

Market price                                             $7.14
Net asset value (NAV)                                    $8.44
Premium/(Discount)                                    (15.35)%
Total Net Assets                                  $113,939,000
12-Month income
  distribution                                         $0.2625
Yield on market price                                    3.68%
Ratio of expenses (annualized)                           1.14%
Ratio of net income (annualized)                         2.58%
Portfolio turnover                                      13.96%
Shares outstanding                                  13,507,882
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TOP TEN HOLDINGS                                      % of Net
  by underlying common stock                            Assets

Gilead Sciences                                           2.6%
Verizon Communications                                    2.3%
Wells Fargo                                               2.2%
AT&T                                                      2.1%
EMC                                                       2.0%
United Technologies                                       2.0%
Nuance Communications                                     1.7%
Bank of America                                           1.6%
Chesapeake Energy                                         1.6%
General Motors                                            1.5%
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MAJOR INDUSTRY                                        % of Net
  EXPOSURE                                              Assets

Software                                                  8.0%
Semiconductors & Semiconductor Equipment                  7.9%
Pharmaceuticals                                           6.2%
Oil, Gas & Consumable Fuels                               5.3%
Metals & Mining                                           5.0%
Diversified Telecommunication Services                    4.9%
Commercial Banks                                          4.7%
Insurance                                                 4.4%
Biotechnology                                             4.0%
Real Estate Investment Trusts                             3.1%
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ASSET ALLOCATION                                      % of Net
                                                        Assets

Convertible Bonds & Notes                                 59.8
Convertible Preferred Stock                               12.9
Mandatory Convertible
  Securities                                              10.3
Preferred Stock                                            0.4
Common Stock                                              13.5
Cash & Equivalents                                         3.1
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Data is unaudited and as of December 31, 2012. 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, 2012.

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 MKT LLC under the ticker symbol ECF.

Cusip 289074106