MORRISTOWN, NJ--(MARKET WIRE)--Oct 13, 2008 -- The Board of Trustees of Ellsworth Fund Ltd. (ECF - News) declared its eighty-ninth quarterly dividend today.

The $0.103 per share dividend is payable from net investment income on November 26, 2008 to shareholders of record October 23, 2008.

Shareholders Meeting Date: The trustees also set January 16, 2009 as the date of the annual shareholders meeting, with a record date of November 19, 2008.

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 American Stock Exchange under the ticker symbol ECF.

     For further information, please contact:
     Gary I. Levine
     CFO
     Ph. (973) 631-1177
     Website: http://www.ellsworthfund.com