Ellsworth Fund Ltd. Declares First Quarter Dividend and
Results from Annual Shareholder Meeting
Davis-Dinsmore Management Company


January 11, 2008 –- The Board of Trustees of Ellsworth Fund Ltd. (AMEX: ECF) declared its eighty-sixth quarterly dividend today.

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

The following actions were taken at the Annual Shareholders meeting held on Friday January 11th: (1) two trustees were elected and (2) the selection of Tait, Weller & Baker LLP as independent auditors for the 2008 fiscal year was ratified.

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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