Ellsworth Fund Ltd. Announces Earnings and Financial Update
Davis-Dinsmore Management Company


Morristown, NJ, April 22, 2008 -- Ellsworth Fund Ltd. (ECF) today reported financial highlights and certain portfolio information for the three months ended March 31, 2008.

Fund Statistics as of March 31, 2008		Top Ten Holdings by underlying common stock as of March 31, 2008
			% of
Market price	$7.70		Net Assets
Net asset value (NAV)	$8.52	Prudential Financial, Inc.	3.4
Premium/(Discount)	(9.62)%	Bristol-Myers Squibb Co.	2.7
Total Net Assets	$112,095,000	Freeport-McMoRan Copper & Gold Inc.	2.5
12-Month income distribution	$0.33	Chesapeake Energy Corp.	2.4
Yield on market price	4.29%	Companhia Vale do Rio Doce	2.4
Ratio of expenses	1.10%*	LSB Industries, Inc.	2.4
Ratio of net income	3.91%*	New York Community Bancorp, Inc.	2.3
Portfolio Turnover	24.17%	St. Jude Medical, Inc.	2.3
Shares outstanding	13,153,252	MetLife, Inc.	1.9
* Annualized		Oil States International, Inc.	1.9
Major Industry Exposure	% of	Portfolio Ratings from Moody's
as of March 31, 2008	Net Assets	as of March 31, 2008
Energy	14.0	(From S&P when Moody's is unavailable)	% of Portfolio
Pharmaceuticals	9.7	Aa	4
Insurance	8.6	A	19
Semiconductors	6.4	Baa	16
Telecommunications	5.9	Ba	3
Minerals and Mining	5.7	B	22
Computer Hardware	5.5	Caa	4
Consumer Goods	5.3	NR	30
Banking/Savings and Loan	4.0	Common Stock	1
Health Care	3.7
Asset Allocation	% of
as of March 31, 2008	Net Assets
Convertible Bonds & Notes	52.7
Corporate Bonds & Notes	1.1
Convertible Preferred Stock	8.4
Mandatory Convertible Securities	24.4
Common Stock	2.2
Short-term Securities	9.2
Other Assets	2.0

Data is unaudited and as of March 31, 2008. This selected information should be read in conjunction with the financial statements and notes included in the Fund's Annual Report to Shareholders for the twelve months ended September 30, 2007.

Detailed portfolio information is available on Ellworth's website (www.ellsworthfund.com). Contact them by e-mail at info@ellsworthfund.com or call (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.



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