Ellsworth Fund Ltd. Announces Earnings and Financial Update

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Symbol	Price	Change
ECF	6.54	-0.02

{"s" : "ecf","k" : "c10,l10,p20,t10","o" : "","j" : ""}

MORRISTOWN, NJ--(MARKET WIRE)--Feb 6, 2009 -- Ellsworth Fund Ltd. (AMEX:ECF - News) today reported earnings, financial highlights and certain portfolio information for the three months ended December 31, 2008:

 
EARNINGS REPORT                  Three Months Ended
                                     December 31
                               2008               2007
                           -----------        ------------

Net Income                  $1,035,000          $1,170,000
    Per Share                    $0.08               $0.09
Shares Outstanding          13,277,717          13,153,252
Total Net Assets           $73,627,000        $122,645,000
Net Asset Value Per Share        $5.55               $9.32


FUND STATISTICS                       TOP TEN HOLDINGS
                                       by underlying common stock  % of Net
Market price                   $4.87                                 Assets
Net asset value (NAV)          $5.55  Wyeth                             4.1
Premium/(Discount)          (12.25)%  LSI                               3.0
Total Net Assets         $73,627,000  Blackboard                        2.7
12-Month income                       LSB Industries                    2.7
 distribution                 $0.373  EMC                               2.6
Yield on market price          7.66%  Walt Disney                       2.6
Ratio of expenses (annualized) 1.23%  Intel                             2.4
Ratio of net income                   Nabors Industries                 2.3
 (annualized)                  5.27%  Schering-Plough                   2.3
Portfolio Turnover            20.85%  Teva Pharmaceutical Industries    2.2
Shares outstanding        13,277,717


MAJOR INDUSTRY              % of Net  QUALITY ALLOCATION *
 EXPOSURE                     Assets  (From Moody's or S&P when Moody's is
                                       unavailable)
Energy                          12.7                        % of Portfolio
Pharmaceuticals                 12.1            Aa                 0
Telecommunications               9.6             A                18
Healthcare                       8.2           Baa                13
Banking/Savings and Loan         6.1            Ba                15
Semiconductors                   5.4             B                21
Computer Hardware                5.0           Caa                 2
Multi-Industry                   4.4     Not Rated                31
Consumer Goods                   3.6
Computer Software                3.5  *Excludes equity securities and cash


ASSET ALLOCATION            % of Net
                              Assets

Convertible Bonds & Notes       65.8
Corporate Bonds & Notes          1.1
Convertible Preferred Stocks     8.0
Mandatory Convertible
 Securities                     12.7
Common Stocks                    3.2
Cash & Equivalents               9.2

Data is unaudited and as of December 31, 2008. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Shareholders for the twelve months ended September 30, 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.

Cusip 289074106

     For further information please contact:
     Gary I. Levine
     Chief Financial Officer
     Ph. (973) 631-1177
     Fax (973) 631-9893
     http://www.ellsworthfund.com