EARNINGS REPORT           Three Months Ended         Six Months Ended                                March 31                   March 31                          2009           2008         2009         2008                       -----------  ------------  -----------  ------------ Net Income             $1,283,600    $1,262,000   $2,318,600    $2,432,000     Per Share               $0.10         $0.10        $0.17         $0.18 Shares Outstanding     13,277,717    13,153,252   13,277,717    13,153,252 Total Net Assets      $74,220,000  $112,095,000  $74,220,000  $112,095,000 Net Asset Value Per  Share                      $5.59         $8.52        $5.59         $8.52 -------------------------------------------------------------------------- FUND STATISTICS Market price                $4.76 Net asset value (NAV)       $5.59 Premium/(Discount)       (14.85)% Total Net Assets      $74,220,000 12-Month income  distribution              $0.358 Yield on market price       7.52% Ratio of expenses  (annualized)               1.25% Ratio of net income  (annualized)               6.22% Portfolio Turnover         31.11% Shares outstanding     13,277,717 ---------------------------------- TOP TEN HOLDINGS   by underlying common   stock                  % of Net                            Assets Blackboard                    3.1 Equinix                       2.8 LSB Industries                2.8 LSI                           2.8 Schering-Plough               2.7 Freeport-McMoRan  Copper & Gold                2.7 Wyeth                         2.4 Nabors Industries             2.3 Intel                         2.2 Teva Pharmaceutical  Industries                   2.2 ---------------------------------- MAJOR INDUSTRY           % of Net   EXPOSURE                 Assets Energy                       13.0 Pharmaceuticals              12.2 Telecommunications           11.2 Healthcare                    9.2 Semiconductors                5.0 Banking/Savings and Loan      4.9 Computer Software             4.1 Minerals and Mining           3.9 Computer Hardware             3.5 Foods                         3.2 ---------------------------------- QUALITY ALLOCATION * (From Moody's or S&P  when Moody's is  unavailable)                    % of Portfolio       AA                  0        A                  9       BBB                16       BB                 20        B                 23       CCC                 2    Not Rated             32 * Excludes equity securities and cash ---------------------------------- ASSET ALLOCATION         % of Net                            Assets Convertible Bonds  & Notes                     68.6 Corporate Bonds  & Notes                      1.0 Convertible Preferred  Stocks                       7.5 Mandatory Convertible  Securities                   9.3 Common Stocks                 2.9 Cash & Equivalents           10.7 ---------------------------------- 

Data is unaudited and as of March 31, 2009. 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, 2008.

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.

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

SOURCE: Ellsworth Fund Ltd.

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