SOURCE: Ellsworth Fund Ltd.

January 23, 2008 14:05 ET

Ellsworth Fund Ltd. Reports Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - January 23, 2008) - Ellsworth Fund Ltd. (AMEX: ECF) today reported financial highlights and certain portfolio information for the three months ended December 31, 2007.

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Earnings Report                        Three Months Ended
                                          December 31
                                      2007            2006
                                 ------------   ------------

Net Income                         $1,170,000     $1,066,000
    Per Share                           $0.09          $0.08
Shares Outstanding                 13,153,252     12,659,098
Total Net Assets                 $122,645,000   $121,530,000

Net Asset Value Per Share               $9.32          $9.60

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Fund Statistics as                  Top Ten Holdings by underlying common
of December 31, 2007                stock as of December 31, 2007
                                                           % of Net Assets
Market price               $8.16    Prudential Financial, Inc.         3.2
Net asset value (NAV)      $9.32    LSB Industries, Inc.               3.0
Premium/(Discount)        (12.45)%  Bristol-Myers Squibb Co.           2.5
Total Net Assets    $122,645,000    Freeport-McMoRan Copper
12-Month income                        & Gold Inc.                     2.5
 distribution            $0.3200    Bristow Group Inc.                 2.3
Yield on                            The Walt Disney Company            2.3
 market price               3.92%   Chesapeake Energy Corp.            2.1
Ratio of expenses           1.13%*  Companhia Vale do Rio Doce         2.1
Ratio of net income         3.78%*  New York Community Bancorp, Inc.   2.1
Portfolio Turnover         15.49%   St. Jude Medical, Inc.             2.0
Shares outstanding    13,153,252
* Annualized


Major Industry Exposure              Portfolio Ratings from Moody's
as of December 31, 2007              as of December 31, 2007
                 % of Net Assets     (From S&P when Moody's is unavailable)
Energy                      17.2
Pharmaceuticals              9.0                        % of Portfolio
Insurance                    8.5     Aa                           2
Semiconductors               6.4     A                           20
Telecommunications           6.3     Baa                         15
Minerals and Mining          5.6     Ba                           4
Computer Hardware            5.5     B                           20
Consumer Goods               5.1     Caa                          4
Banking/Savings and Loan     4.8     NR                          34
Aerospace and Defense        4.5     Common Stock                 1


Asset Allocation as of December 31, 2007

                             % of Net Assets
Convertible Bonds and Notes             62.2
Corporate Bonds and Notes                1.2
Convertible Preferred Stock              9.2
Mandatory Convertibles                  24.6
Common Stock                             0.6
Short-term Securities                    1.2
Other Assets                             1.0

Data is unaudited and as of December 31, 2007. This selected information should be read in conjunction with the financial statements and notes included in the Fund's Annual Report to Shareholders for the twelve months ended September 30, 2007.

Detailed portfolio information is available on our website (http://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.

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