Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - July 20, 2009) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the nine months ended June 30, 2009:

EARNINGS REPORT         Three Months Ended          Nine Months Ended
                              June 30                     June 30
                        2009          2008          2009          2008
                    ------------- ------------- ------------- -------------

Net Income               $872,400    $1,201,000    $3,191,000    $3,633,000
    Per Share               $0.07         $0.09         $0.24         $0.28
Shares Outstanding     13,277,717    13,153,252    13,277,717    13,153,252
Total Net Assets      $84,863,000  $113,865,000   $84,863,000  $113,865,000
Net Asset Value Per
 Share                      $6.39         $8.66         $6.39         $8.66
------------------- ------------- ------------- ------------- -------------

FUND STATISTICS

Market price                            $5.49
Net asset value (NAV)                   $6.39
Premium/(Discount)                     (14.08)%
Total Net Assets                  $84,863,000
12-Month income
 distribution                          $0.343
Yield on market price                    6.25%
Ratio of expenses (annualized)           1.20%
Ratio of net income (annualized)         5.58%
Portfolio Turnover                      51.43%
Shares outstanding                 13,277,717
---------------------------------- ----------
TOP TEN HOLDINGS
 by underlying common stock          % of Net
                                       Assets
LSB Industries                            3.0
Blackboard                                2.7
Equinix                                   2.7
Wyeth                                     2.4
Disney (Walt)                             2.3
Euronet Worldwide                         2.3
Freeport-McMoRan Copper & Gold            2.3
Chattem                                   2.2
Millipore                                 2.1
Covanta Holding                           2.0
---------------------------------- ----------
MAJOR INDUSTRY                       % of Net
 EXPOSURE                              Assets

Telecommunications                       14.1
Energy                                   13.7
Pharmaceuticals                          11.7
Healthcare                                8.6
Minerals and Mining                       5.2
Banking/Savings and Loan                  5.1
Computer Hardware                         3.7
Computer Software                         3.7
Financial Services                        3.5
Foods                                     3.5
-------------------------------- ------------

QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
  unavailable)
                               % of Portfolio
               AA                      0
               A                       8
               BBB                    11
               BB                     18
               B                      22
               CCC                     3
               Not Rated              38

* Excludes equity securities and cash
---------------------------------------------

ASSET ALLOCATION                     % of Net
                                       Assets

Convertible Bonds & Notes                68.6
Corporate Bonds & Notes                   0.9
Convertible Preferred Stocks              8.7
Mandatory Convertible
 Securities                               7.6
Common Stocks                             5.6
Cash & Equivalents                        8.6
---------------------------------------------

Data is unaudited and as of June 30, 2009. 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, 2009.

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 NYSE Amex under the ticker symbol ECF.

Cusip 289074106