Ellsworth Fund Ltd. Declares Third Quarter Dividend

Market Wire, July, 2008

The Board of Trustees of Ellsworth Fund Ltd. (the "Fund") (AMEX: ECF) declared its eighty-eighth quarterly dividend today.

The nine cents ($0.09) per share dividend is payable from net investment income on August 28, 2008 to shareholders of record August 14, 2008.

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. Fund shares are traded on the American Stock Exchange under the ticker symbol ECF.

For further information please contact: Gary I. Levine Chief Financial Officer Email Contact Ph. (973) 631-1177 www.ellsworthfund.com