Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - November 3, 2010) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the twelve months ended September 30, 2010:

EARNINGS REPORT                                   Twelve Months Ended
                                                     September 30
                                                 2010            2009
                                            -------------   ---------------

Net Income                                  $   3,981,000   $     4,424,000
    Per Share                               $        0.30   $          0.33
Shares Outstanding                             13,360,463        13,277,717
Total Net Assets                            $ 106,256,000   $    94,973,000
Net Asset Value Per Share                   $        7.95   $          7.15
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FUND STATISTICS

Market price                                $        7.17
Net asset value (NAV)                       $        7.95
Premium/(Discount)                                  (9.81)%
Total Net Assets                            $ 106,256,000
12-Month income distribution                $       0.301
Yield on market price                                4.20%
Ratio of expenses                                    1.14%
Ratio of net income                                  3.97%
Portfolio turnover                                  63.85%
Shares outstanding                             13,360,463
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TOP TEN HOLDINGS
    by underlying common stock                   % of Net
                                                   Assets

Equinix                                               2.6
EMC                                                   2.5
Nuance Communications                                 2.1
Vale S.A.                                             2.1
Intel                                                 2.0
SunPower                                              2.0
SBA Communications                                    1.9
Old Republic International                            1.8
Wells Fargo                                           1.7
AT&T                                                  1.6
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MAJOR INDUSTRY                                   % of Net
   EXPOSURE                                        Assets

Telecommunications                                   13.9
Energy                                               13.4
Pharmaceuticals                                      11.1
Healthcare                                            7.9
Financial Services                                    5.3
Metals and Mining                                     5.3
Computer Software                                     4.4
Semiconductors                                        3.9
Banking/Savings and Loan                              3.7
Computer Hardware                                     3.2
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QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
 unavailable)
                                           % of Portfolio
               AAA                                1
               AA                                 0
               A                                  8
               BBB                                9
               BB                                15
               B                                 18
           CCC & below                            1
            Not Rated                            48

* Excludes equity securities and cash
---------------------------------------------------------
ASSET ALLOCATION                                 % of Net
                                                   Assets

Convertible Bonds & Notes                            69.3
Corporate Bonds & Notes                               0.4
Convertible Preferred Stocks                          8.5
Mandatory Convertible Securities                      8.9
Common Stocks                                         6.1
Cash & Equivalents                                    6.8
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Data is unaudited and as of September 30, 2010. 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, 2010.

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