Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - November 3, 2009) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the twelve months ended September 30, 2009:

EARNINGS REPORT         Three Months Ended          Twelve Months Ended
                           September 30                September 30

                         2009          2008          2009          2008
                     ------------  ------------  ------------  ------------

Net Income             $1,233,000      $503,000    $4,424,000    $4,136,000

   Per Share                $0.09         $0.04         $0.33         $0.31

Shares Outstanding     13,277,717    13,153,252    13,277,717    13,153,252

Total Net Assets      $94,973,000   $94,497,000   $94,973,000   $94,497,000

Net Asset Value
 Per Share                  $7.15         $7.18         $7.15         $7.18
------------------   ------------  ------------  ------------  ------------

FUND STATISTICS

Market price                       $6.20
Net asset value (NAV)              $7.15
Premium/(Discount)                (13.29)%
Total Net Assets             $94,973,000
12-Month income
 distribution                     $0.318
Yield on market price               5.13%
Ratio of expenses                   1.22%
Ratio of net income                 5.47%
Portfolio turnover                 70.67%
Shares outstanding            13,277,717
---------------------        -----------
TOP TEN HOLDINGS
 by underlying common stock     % of Net
                                  Assets
Equinix                              2.8
Blackboard                           2.6
LSB Industries                       2.5
Euronet Worldwide                    2.2
Kinetic Concepts                     2.1
Oil States International             2.1
Chattem                              2.0
Freeport-McMoRan Copper & Gold       2.0
Intel                                2.0
Mylan                                2.0
------------------------------  --------
MAJOR INDUSTRY                  % of Net
 EXPOSURE                         Assets

Energy                              15.9
Telecommunications                  15.4
Pharmaceuticals                      9.6
Healthcare                           8.6
Computer Software                    6.3
Minerals and Mining                  6.2
Financial Services                   4.8
Banking/Savings and Loan             4.4
Computer Hardware                    4.0
Foods                                3.6
------------------------------  --------
QUALITY ALLOCATION *
 (From Moody's or S&P when Moody's is
 unavailable)
                          % of Portfolio
                  AA             0
                   A             5
                 BBB            10
                  BB            15
                   B            22
                 CCC             2
                  CC             1
           Not Rated            45

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

ASSET ALLOCATION                % of Net
                                  Assets

Convertible Bonds & Notes           69.4
Corporate Bonds & Notes              0.8
Convertible Preferred Stocks        10.1
Mandatory Convertible
 Securities                          7.7
Common Stocks                        6.0
Cash & Equivalents                   6.0
----------------------------------------

Data is unaudited and as of September 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