MORRISTOWN, NJ--(MARKET WIRE)--Oct 15, 2008 -- Ellsworth Fund Ltd. (ECF - News) today reported earnings, financial highlights and certain portfolio information for the twelve months ended September 30, 2008:

 
EARNINGS REPORT         Three Months Ended          Twelve Months Ended
                           September 30                September 30

                          2008         2007           2008         2007
                      ------------ ------------   ------------ ------------

Net Income                $870,000     $858,000     $4,503,000   $4,205,000
   Per Share                 $0.07        $0.07          $0.34        $0.33
Shares Outstanding      13,153,252   12,659,098     13,153,252   12,659,098
Total Net Assets       $94,497,000 $129,952,000    $94,497,000 $129,952,000
Net Asset Value
 Per Share                   $7.18       $10.27          $7.18       $10.27

                                      TOP TEN HOLDINGS             % of Net
FUND STATISTICS                        by underlying common stock   Assets

Market price                 $5.30    Prudential Financial            4.2
Net asset value (NAV)        $7.18    Wyeth                           3.1
Premium/(Discount)          (26.18)%  General Electric                2.8
Total Net Assets (000's)   $94,497    LSB Industries                  2.8
12-Month income                       The Walt Disney Company         2.6
 distribution                $0.33    Chesapeake Energy               2.4
Yield on market price        6.23%    New York Community Bancorp      2.2
Ratio of expenses            1.09%    Agere Systems                   2.1
Ratio of net income          4.03%    EMC                             2.1
Portfolio Turnover          69.46%    Webster Financial               2.1
Shares outstanding     13,153,252

MAJOR INDUSTRY           % of Net     QUALITY ALLOCATION *
 EXPOSURE                  Assets     (From Moody's or S&P when Moody's is
                                      unavailable)
Energy                       12.3
Pharmaceuticals              10.2                        % of Portfolio
Telecommunications            6.9             Aa                2
Insurance                     6.1              A               18
Banking/Savings and Loan      6.0            Baa               16
Multi-Industry                5.9             Ba               10
Health Care                   5.6              B               21
Computer Hardware             5.0            Caa                2
Consumer Goods                4.8      Not Rated               32
Minerals and Mining           4.3
                                     * Excludes equity securities and cash
ASSET ALLOCATION  % of Net Assets

Convertible Bonds & Notes    54.0
Corporate Bonds & Notes       1.1
Convertible Preferred Stocks 10.5
Mandatory Convertible
 Securities                  21.9
Common Stocks                 2.7
Cash & Equivalents            9.8

Data is unaudited and as of September 30, 2008. 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, 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 American Stock Exchange under the ticker symbol ECF.

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