UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G/A
(Rule 13d-102)
Information Statement Pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. ) *
ELLSWORTH FUND LTD.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
289074106
(CUSIP Number)
(Holdings as of December 31, 2010)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1(b)
[_] Rule 13d-1(c)
[_] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP NO. 289074106
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
RELATIVE VALUE PARTNERS, LLC TIN 20-1026469
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)[_]
(b)[_]
Not Applicable
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
ILLINOIS
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NUMBER OF 5. Sole Voting Power: 812,336
SHARES
BENEFICIALLY 6. Shared Voting Power: 0
OWNED BY
EACH 7. Sole Dispositive Power: 812,336
REPORTING
PERSON 8. Shared Dispositive Power: 0
WITH
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
812,336
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.08%
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12. TYPE OF REPORTING PERSON
IA
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CUSIP NO. 289074106
ITEM 1(A) Name of Issuer:
ELLSWORTH FUND LTD.
ITEM 1(B) Address of Issuer's Principal Executive Offices:
65 MADISON AVE, SUITE 550
MORRISTOWN, NJ 07960
ITEM 2(A) Name of Person Filing:
RELATIVE VALUE PARTNERS, LLC
ITEM 2(B) Address of Principal Business Office or, if none, Residence:
1033 SKOIKIE BLVD. SUITE 470, NORTHBROOK, IL 60062
ITEM 2(C) Citizenship:
ILLINOIS
ITEM 2(D) Title of Class of Securities:
COMMON STOCK
ITEM 2(E) CUSIP Number:
289074106
ITEM 3. If this statement is filed pursuant to (S)(S)240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) [_] Broker or dealer registered under section 15 of the Act (15
U.S.C. 78o).
(b) [_] Bank as defined in section 3(a)(6) of the Act (15 U.S.C.
78c).
(c) [_] Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C 80a-8);
(e) [X] An investment adviser in accordance with
(S)240.13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
(S)240.13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
(S) 240.13d-1(b)(1)(ii)(G);
(h) [_] A savings associations as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) [_] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3);
(j) [_] Group, in accordance with (S)240.13d-1(b)(1)(ii)(J).
ITEM 4 OWNERSHIP
ITEM 4(A): Amount Beneficially Owned:
812,336 shares
ITEM 4(B): Percent of Class:
6.08%
ITEM 4(C): Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 812,336
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition of: 812,336
(iv) shared power to dispose or to direct the disposition of: 0
ITEM 5 Ownership of Five Percent or Less of a Class:
Not Applicable.
ITEM 6 Ownership of More than Five Percent on Behalf of Another Person:
Not Applicable.
ITEM 7 Identification and Classification of the Subsidiary which Acquired the
Security Being Reported on by the Parent Holding Company:
Not Applicable.
ITEM 8 Identification and Classification of Members of the Group:
Not Applicable.
ITEM 9 Notice of Dissolution of Group:
Not Applicable.
ITEM 10 CERTIFICATION:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having such
purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
February 11, 2011
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DATE
/s/ MAURY FERTIG
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SIGNATURE
MAURY FERTIG/MANAGING MEMBER
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NAME/TITLE