MORRISTOWN, NJ -- (Marketwire) -- 07/20/10 -- Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the nine months ended June 30, 2010:

EARNINGS REPORT               Three Months Ended      Nine Months Ended
                                    June 30                 June 30
                               2010        2009        2010        2009
                            ----------- ----------- ----------- -----------
Net Income                  $   816,000 $   872,000 $ 3,189,000 $ 3,191,000
    Per Share               $      0.06 $      0.07 $      0.24 $      0.24
Shares Outstanding           13,360,463  13,277,717  13,360,463  13,277,717
Total Net Assets            $97,875,000 $84,863,000 $97,875,000 $84,863,000
Net Asset Value Per Share   $      7.33 $      6.39 $      7.33 $      6.39
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FUND STATISTICS

Market price                $      6.39
Net asset value (NAV)       $      7.33
Premium/(Discount)               (12.82)%
Total Net Assets            $97,875,000
12-Month income
 distribution               $    0.2985
Yield on market price              4.67%
Ratio of expenses
 (annualized)                      1.16%
Ratio of net income
 (annualized)                      4.32%
Portfolio turnover                45.49%
Shares outstanding           13,360,463
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TOP TEN HOLDINGS
 by underlying common stock     % of Net
                                 Assets
EMC                                 2.5
Equinix                             2.5
Nuance Communications               2.1
Intel                               2.0
Covanta Holding                     1.9
SAVVIS                              1.9
SunPower                            1.9
Old Republic International          1.8
SBA Communications                  1.8
Vale S.A.                           1.8
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MAJOR INDUSTRY                 % of Net
 EXPOSURE                        Assets
---------------------------------------
Telecommunications                 14.8
Energy                             13.3
Healthcare                          9.8
Computer Software                   8.8
Pharmaceuticals                     7.8
Financial Services                  5.9
Metals and Mining                   4.2
Banking/Savings and Loan            3.7
Foods                               3.3
Computer Hardware                   3.1
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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                    5
           BB                    15
           B                     17
       CCC & below                1
        Not Rated                53

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

ASSET ALLOCATION               % of Net
                                 Assets

Convertible Bonds & Notes         74.3
Corporate Bonds & Notes            0.4
Convertible Preferred
 Stocks                            8.8
Mandatory Convertible
 Securities                        7.1
Common Stocks                      3.7
Cash & Equivalents                 5.7
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Data is unaudited and as of June 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