SOURCE: Ellsworth Fund Ltd.

July 17, 2007 16:14 ET

Ellsworth Fund Ltd. Increases Quarterly Dividend Over Previous Quarter and Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - July 17, 2007) - Ellsworth Fund Ltd. (AMEX: ECF) today reported financial highlights and certain portfolio information for the nine months ended June 30, 2007.

The Fund declared its eighty-fourth quarterly dividend today. The ten cents ($0.10) per share dividend is payable from net investment income, and represents an increase of 25%, or two cents ($0.02) per share, over the previous dividend.

$0.10 per share            Payable Date                Record Date
from ordinary income     August 30, 2007             August 16, 2007
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Earnings Report        Three Months Ended           Nine Months Ended
                            June 30                      June 30

                       2007          2006          2007           2006
                   ------------  ------------  ------------   ------------
Net Income           $1,118,000      $927,000    $3,347,000     $3,072,000
  Per Share               $0.09         $0.07         $0.26          $0.25
Shares Outstanding   12,659,098    12,429,083    12,659,098     12,429,083
Total Net Assets   $129,587,000  $115,438,000  $129,587,000   $115,438,000

Net Asset Value Per
 Share                   $10.24         $9.29        $10.24          $9.29
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Fund Statistics as of June 30, 2007   Top Ten Holdings by underlying common
                                      stock as of June 30, 2007
                                                            % of Net Assets
Market value                 $9.14    LSB Industries, Inc.              3.2
Net asset value (NAV)       $10.24    Celanese Corp.                    3.1
Premium/(Discount)          (10.74)%  Prudential Financial, Inc.        2.4
Total Net Assets      $129,587,000    LSI Corp.                         2.3
12-Month income                       The Walt Disney Company           2.3
 distribution                $0.36    Bristow Group Inc.                2.2
Yield on market value         3.94%   Alleghany Corp.                   2.0
Ratio of expenses             1.09%*  Freeport-McMoRan Copper &
Ratio of net income           3.62%*  Gold Inc.                         2.0
Portfolio turnover           59.71%   MetLife, Inc.                     2.0
Shares outstanding      12,659,098    New York Community Bancorp, Inc.  2.0
* Annualized


Major Industry Exposure              Portfolio Ratings from Moody's
as of June 30, 2007                  as of June 30, 2006
                  % of Net Assets    (From S&P when Moody's is unavailable)
Insurance                     9.5
Energy                        9.3                        % of Portfolio
Pharmaceuticals               7.5         Aa                         11
Semiconductors                6.6         A                          16
Banking/Savings and Loan      6.5         Baa                        17
Multi-Industry                6.5         Ba                          7
Computer Hardware             5.3         B                          19
Computer Software             4.9         < B                         0
Chemicals                     4.6         NR                         28
Health Care                   4.2         Common Stock                2



Asset Allocation as of June 30, 2007

                           % of Net Assets
Convertible Bonds & Notes             64.1
Corporate Bonds and Notes              1.2
Convertible Preferred Stock           11.3
Mandatory Convertibles                18.9
Common Stock                           1.6
Short-term Securities                  4.4
Other Assets                          (1.5)

Data is unaudited and as of June 30, 2007. 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, 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 is a diversified closed-end management investment company. Ellsworth's investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. It seeks to achieve this objective by investing primarily in convertible securities.

AMEX - ECF Cusip 289074106

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