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

 
EARNINGS REPORT         Three Months Ended           Nine Months Ended
                              June 30                     June 30

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

Net Income             $1,201,000   $1,118,000     $3,633,000   $3,347,000
   Per Share                $0.09        $0.09          $0.28        $0.26
Shares Outstanding     13,153,252   12,659,098     13,153,252   12,659,098
Total Net Assets     $113,865,000 $129,587,000   $113,865,000 $129,587,000
Net Asset Value
 Per Share                  $8.66       $10.24          $8.66       $10.24

FUND STATISTICS                    TOP TEN HOLDINGS                 % of
                                     by underlying common stock  Net Assets
Market price                $7.77  Prudential Financial, Inc.        3.4
Net asset value (NAV)       $8.66  Freeport-McMoRan Copper &
Premium/(Discount)        (10.28)%   Gold Inc.                        3.2
Total Net Assets (000's) $113,865  Chesapeake Energy Corp.           3.0
12-Month income                     Companhia Vale do Rio Doce       2.6
 distribution               $0.34  Bristol-Myers Squibb Co.          2.6
Yield on market price       4.38%  LSB Industries, Inc.              2.4
Ratio of expenses          1.07%*  New York Community Bancorp, Inc.  2.4
Ratio of net income        4.08%*  The Walt Disney Company           2.3
Portfolio Turnover         41.97%  EMC Corp.                         2.3
Shares outstanding     13,153,252  Wyeth                             2.2
* Annualized

MAJOR INDUSTRY           % of Net  Quality Allocation #
 EXPOSURE                  Assets  (From Moody's or S&P when Moody's is
Energy                       13.5   unavailable)
Pharmaceuticals              10.3                    % of Portfolio
Insurance                     7.4          Aa               6
Telecommunications            7.0           A              18
Minerals and Mining           6.6         Baa              15
Banking/Savings and Loan      5.9          Ba               3
Consumer Goods                5.1           B              19
Health Care                   5.0         Caa               4
Semiconductors                4.8   Not Rated              32
Computer Hardware             4.5
                                    # Excludes equity securities and cash
ASSET ALLOCATION   % of Net Assets

Convertible Bonds & Notes    49.9
Corporate Bonds & Notes       1.1
Convertible Preferred Stocks 11.1
Mandatory Convertible
 Securities                  25.2
Common Stocks                 2.9
Cash & Equivalents            9.8

Data is unaudited and as of June 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