-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 EzEQW4peFsNYmcUvous0gqOxJdpHTNhoQshxhmEtBiMipZ1R2/8F0UXj3dyQX44p
 fuVcL+WZEVe/mcRQ01tPag==

<SEC-DOCUMENT>0000793040-08-000002.txt : 20080229
<SEC-HEADER>0000793040-08-000002.hdr.sgml : 20080229
<ACCEPTANCE-DATETIME>20080229161649
ACCESSION NUMBER:		0000793040-08-000002
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080229
DATE AS OF CHANGE:		20080229
EFFECTIVENESS DATE:		20080229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELLSWORTH FUND LTD
		CENTRAL INDEX KEY:			0000793040
		IRS NUMBER:				133345139
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04656
		FILM NUMBER:		08655972

	BUSINESS ADDRESS:	
		STREET 1:		65 MADISON AVENUE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960
		BUSINESS PHONE:		(973) 631-1177

	MAIL ADDRESS:	
		STREET 1:		65 MADISON AVE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELLSWORTH CONVERTIBLE GROWTH & INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>e1207nq.txt
<DESCRIPTION>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
<TEXT>

<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM N-Q

               QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
                              MANAGEMENT INVESTMENT COMPANY

                  Investment Company Act file number: 811-04656
                  ---------------------------------------------

                                Ellsworth Fund Ltd.
- -------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)

               65 Madison Avenue, Morristown, New Jersey 07960-7308
- -------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip code)

                               Thomas H. Dinsmore
                               Ellsworth Fund Ltd.
                               65 Madison Avenue
                       Morristown, New Jersey 07960-7308
                     (Name and address of agent for service)

                                    Copy to:
                               Steven B. King, Esq.
                      Ballard Spahr Andrews & Ingersoll, LLP
                        1735 Market Street, 51st Floor
                          Philadelphia, PA 19103-7599


Registrant's telephone number, including area code: 973-631-1177

Date of fiscal year end:  September 30, 2008

Date of reporting period:  December 31, 2007

<PAGE>
ITEM 1. SCHEDULE OF INVESTMENTS.

<TABLE>
<CAPTION>

ELLSWORTH FUND LTD.---------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS December 31, 2007 (unaudited)----------------------------------

 Principal                                                                                        Value
   Amount                                                                                        (Note 1)
- ----------                                                                                    ------------
<S>                                                                                           <C>
              CONVERTIBLE BONDS AND NOTES -- 62.2%

              Aerospace and Defense -- 4.2%
$1,500,000    AAR Corp. 1.75%, due 2026 cv. sr. notes (BB)................................... $  2,158,125
 1,000,000    Alliant Techsystems Inc. 2.75%, due 2011 cv. sr. sub. notes (B1)...............    1,323,750
 1,500,000    DRS Technologies, Inc. 2%, due 2026 cv. sr. notes (B1).........................
               (Acquired 01/30/06 - 05/16/07; Cost $1,647,761) (1,2).........................    1,636,875
                                                                                              ------------
                                                                                                 5,118,750
                                                                                              ------------
              Agriculture -- 1.9%
 2,000,000    Merrill Lynch & Co., Inc. 1.5%, due 2012 cv. securities (A1)
               (exchangeable into Archer-Daniels-Midland Co. common stock)
               (Acquired 02/23/07; Cost $2,059,933) (1,2)....................................    2,326,700
                                                                                              ------------

              Banking/Savings and Loan -- 0.8%
 1,000,000    PrivateBancorp, Inc. 3.625%, due 2027 cv. sr. notes (NR).......................      967,500
                                                                                              ------------

              Computer Hardware -- 5.5%
 1,000,000    C&D Technologies, Inc. 5.25%, due 2025 cv. sr. notes (NR)......................    1,050,000
 2,000,000    Credit Suisse, New York Branch 14.00%, due 2008 equity-linked notes (NR)
               (exchangeable for Corning Inc. common stock)..................................    1,999,400
 1,000,000    EMC Corp. 1.75%, due 2011 cv. sr. notes (BBB+).................................    1,356,250
 1,000,000    EMC Corp. 1.75%, due 2013 cv. sr. notes (BBB+).................................    1,376,250
 1,000,000    Richardson Electronics, Ltd. 8%, due 2011 cv. sr. sub. notes (NR)..............      994,000
                                                                                              ------------
                                                                                                 6,775,900
                                                                                              ------------
              Computer Software -- 3.1%
 1,000,000    Blackboard Inc. 3.25%, due 2027 cv. sr. notes (B-).............................    1,050,000
 1,000,000    GSI Commerce, Inc. 2.5%, due 2027 cv. sr. notes (NR)...........................      955,000
 1,500,000    Lehman Brothers Holdings Inc. 1%, due 2009 medium-term notes (A1)
               (performance linked to Microsoft Corp. common stock) (1)......................    1,791,300
                                                                                              ------------
                                                                                                 3,796,300
                                                                                              ------------
              Consumer Goods -- 2.5%
 1,500,000    Chattem, Inc. 1.625%, due 2014 cv. sr. notes (NR)..............................    1,781,250
   750,000    Church & Dwight Co., Inc. 5.25%, due 2033 cv. sr. deb. (Ba1)...................    1,322,813
                                                                                              ------------
                                                                                                 3,104,063
                                                                                              ------------
              Energy -- 6.7%
 1,000,000    Cameron International Corp. 2.50%, due 2026 cv. sr. notes (Baa1)...............    1,545,000
 1,000,000    Canadian Solar Inc. 6%, due 2017 cv. sr. notes (NR)
               (Acquired 12/04/07; Cost $1,000,000) (2)......................................    1,424,600
 1,500,000    Covanta Holding Corp. 1%, due 2027 sr. cv. deb. (B1) (1).......................    1,680,000
 1,325,000    Oil States International, Inc. 2.375%, due 2025 contingent cv. sr. notes (NR)..    1,712,563
 1,250,000    Rentech, Inc. 4%, due 2013 cv. sr. notes (NR)..................................      900,000
 1,000,000    USEC Inc. 3%, due 2014 cv. sr. notes (CCC).....................................      982,500
                                                                                              ------------
                                                                                                 8,244,663
                                                                                              ------------
              Financial Services -- 1.7%
 2,000,000    Euronet Worldwide, Inc. 3.50%, due 2025 cv. deb. (B+) (1)......................    2,085,000
                                                                                              ------------

              Foods -- 1.8%
   500,000    The Great Atlantic & Pacific Tea Company, Inc. 5.125%,
               due 2011 cv. sr. notes (Caa1).................................................      535,000
 1,500,000    The Great Atlantic & Pacific Tea Company, Inc. 6.75%,
               due 2012 cv. sr. notes (Caa1).................................................    1,614,375
                                                                                              ------------
                                                                                                 2,149,375
                                                                                              ------------

</TABLE>

Page 1

<PAGE>
<TABLE>
<CAPTION>

ELLSWORTH FUND LTD.---------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS December 31, 2007 (continued)----------------------------------


 Principal                                                                                        Value
   Amount                                                                                        (Note 1)
- ----------                                                                                    ------------
<S>                                                                                           <C>
              CONVERTIBLE BONDS AND NOTES -- continued

              Health Care -- 2.3%
$1,000,000    Omnicare, Inc. 3.25%, due 2035 cv. sr. deb. (B2) (1)........................... $    733,750
 1,000,000    SonoSite Inc. 3.75%, due 2014 cv. sr. notes (NR)...............................    1,116,250
 1,000,000    St. Jude Medical, Inc. 1.22%, due 2008 cv. sr. deb. (BBB+).....................    1,007,500
                                                                                              ------------
                                                                                                 2,857,500
                                                                                              ------------
              Insurance -- 3.2%
 3,000,000    Prudential Financial, Inc. floating rate, due 2036 cv. sr. notes (A3)..........    3,004,800
 1,000,000    Prudential Financial, Inc. floating rate, due 2037 cv. sr. notes (A3)
               (Acquired 12/07/07; Cost $988,750) (2)........................................      975,300
                                                                                              ------------
                                                                                                 3,980,100
                                                                                              ------------
              Media and Entertainment -- 2.3%
 2,500,000    The Walt Disney Company 2.125%, due 2023 cv. sr. notes (A2)....................    2,862,500
                                                                                              ------------

              Minerals and Mining -- 1.0%
 1,000,000    Newmont Mining Corp. 1.25%, due 2014 cv. sr. notes (BBB+)......................    1,257,500
                                                                                              ------------

              Multi-Industry -- 3.6%
   750,000    Diversa Corp. 5.5%, due 2027 cv. sr. notes (NR)
               (exchangeable for Verenium Corp. common stock)................................      656,250
 3,000,000    LSB Industries, Inc. 5.5%, due 2012 cv. sr. sub. deb. (NR)
               (Acquired 06/28/07 - 09/13/07; Cost $3,037,813) (2)...........................    3,712,500
                                                                                              ------------
                                                                                                 4,368,750
                                                                                              ------------
              Pharmaceuticals -- 6.3%
 3,000,000    Bristol-Myers Squibb Co. floating rate, due 2023 cv. sr. deb. (A2).............    3,022,500
 1,000,000    Mylan Inc. 1.25%, due 2012 sr. cv. notes (B)...................................      912,500
 1,500,000    Teva Pharmaceutical Finance Co. B.V. 1.75%, due 2026 cv. sr. deb. (Baa2)
               (exchangeable for Teva Pharmaceutical Industries Ltd. ADR)....................    1,672,500
 2,000,000    Wyeth floating rate, due 2024 cv. sr. deb. (A3)................................    2,120,080
                                                                                              ------------
                                                                                                 7,727,580
                                                                                              ------------
              Real Estate -- 0.8%
 1,000,000    ProLogis 2.25%, due 2037 cv. sr. notes (BBB+)
               (Acquired 03/20/07 - 04/16/07; Cost $982,038) (2).............................      990,000
                                                                                              ------------

              Semiconductors -- 6.3%
 2,000,000    Agere Systems Inc. 6.5%, due 2009 cv. sub. notes (B+)
               (exchangeable for LSI Corp.)..................................................    2,027,500
 1,000,000    Cypress Semiconductor Corp. 1%, due 2009 cv. sr. notes (NR)....................    1,612,500
 2,000,000    Fairchild Semiconductor Corp. 5%, due 2008 cv. sr. sub. notes (B)
               (exchangeable into Fairchild Semiconductor International, Inc. common stock)..    1,977,500
 2,000,000    Intel Corp. 2.95%, due 2035 jr. sub. cv. deb. (A-) (1).........................    2,167,500
                                                                                              ------------
                                                                                                 7,785,000
                                                                                              ------------
              Telecommunications -- 5.6%
   500,000    ADC Telecommunications Inc. 3.50%, due 2015 cv. sub. notes (NR)................      511,563
 1,000,000    ADC Telecommunications Inc. 3.50%, due 2017 cv. sub. notes (NR)................    1,017,500
 1,000,000    Anixter International Inc. 1%, due 2013 sr. cv. notes (BB-)....................    1,146,250
 2,000,000    Equinix, Inc. 2.5%, due 2012 cv. sub. notes (CCC+).............................    2,262,500
 1,000,000    General Cable Corp. 1%, due 2012 sr. cv. notes (B1)............................    1,131,250
 1,000,000    SAVVIS, Inc. 3%, due 2012 cv. sr. notes (NR)...................................      842,500
                                                                                              ------------
                                                                                                 6,911,563
                                                                                              ------------
</TABLE>

Page 2

<PAGE>
<TABLE>
<CAPTION>

ELLSWORTH FUND LTD.---------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS December 31, 2007 (continued)----------------------------------

 Principal                                                                                        Value
   Amount                                                                                        (Note 1)
- ----------                                                                                    ------------
<S>                                                                                           <C>
              CONVERTIBLE BONDS AND NOTES -- continued

              Transportation -- 1.6%
$2,000,000    ExpressJet Holdings, Inc. 4.25%, due 2023 cv. notes (NR)....................... $  1,930,000
                                                                                              ------------

              Travel and Leisure -- 0.8%
 1,000,000    Morgans Hotel Group 2.375%, due 2014 sr. sub. cv notes (NR)
               (Acquired 10/11/07 - 10/12/07; Cost $1,026,250) (2)...........................      947,500
                                                                                              ------------


              TOTAL CONVERTIBLE BONDS AND NOTES.............................................. $ 76,186,244
                                                                                              ------------



              CORPORATE BONDS AND NOTES -- 1.2%

              Retail -- 1.2%
 1,500,000    Amerivon Holdings LLC 4%, due 2010 units (NR)
               (Acquired 06/01/07; Cost $1,500,000) (2,3)....................................    1,500,000
                                                                                              ------------



Shares
              CONVERTIBLE PREFERRED STOCKS -- 9.2%

              Aerospace and Defense -- 0.3%
    40,000    Ionatron, Inc. 6.5% series A redeemable cv. pfd. (NR)
               (Acquired 10/27/05; Cost $1,000,000) (2)......................................      340,000
                                                                                              ------------

              Banking/Savings and Loan -- 3.4%
    54,178    New York Community Bancorp, Inc. 6% BONUSES units (Baa1).......................    2,595,126
    20,000    Sovereign Capital Trust IV 4.375% PIERS (Baa1)
               (exchangeable for Sovereign Bancorp, Inc. common stock) (1)                         662,500
     1,100    Washington Mutual, Inc. 7.75% series R non-cumulative perpetual cv. pfd.  (NR).      947,375
                                                                                              ------------
                                                                                                 4,205,001
                                                                                              ------------
              Chemicals -- 1.8%
    40,000    Celanese Corp. 4.25% cv. perpetual pfd. (NR)...................................    2,181,600
                                                                                              ------------

              Energy -- 3.1%
    22,800    Chesapeake Energy Corp. 4.5% cum. cv. pfd. (B+)................................    2,559,300
    20,000    PetroQuest Energy, Inc. 6.875% cum. cv. perpetual pfd. (NR)....................    1,201,500
                                                                                              ------------
                                                                                                 3,760,800
                                                                                              ------------
              Telecommunications -- 0.6%
       100    Medis Technologies Ltd. 7.25% series A cum. cv. perpetual pfd. (NR)............      778,038
                                                                                              ------------


              TOTAL CONVERTIBLE PREFERRED STOCKS............................................. $ 11,265,439
                                                                                              ------------
</TABLE>

Page 3

<PAGE>
<TABLE>
<CAPTION>

ELLSWORTH FUND LTD.---------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS December 31, 2007 (continued)----------------------------------
                                                                                                  Value
  Shares                                                                                         (Note 1)
- ----------                                                                                    ------------
<S>                                                                                           <C>
              MANDATORY CONVERTIBLE SECURITIES -- 24.6% (4)

              Consumer Goods -- 2.6%
    30,000    Avery Dennison Corp. 7.875%, due 11/15/10 mandatory cv. pfd. (NR).............. $  1,571,100
     1,750    The Stanley Works floating rate, due 05/17/12 equity units (A2)................    1,572,156
                                                                                              ------------
                                                                                                 3,143,256
                                                                                              ------------
              Energy -- 7.4%
    40,000    Bristow Group Inc. 5.5%, due 09/15/09 mandatory cv. pfd. (B)...................    2,841,600
    10,000    McMoRan Exploration Co. 6.75%, due 11/15/10 mandatory cv. pfd. (NR)............    1,038,500
     2,000    Merrill Lynch & Co., Inc. 5.4%, due 09/27/10 PRIDES (A+)
               (linked to the performance of ConocoPhillips common stock)....................    1,962,920
    41,135    Merrill Lynch & Co., Inc. 12%, due 06/27/08 capped appreciation notes (NR)
               (linked to the performance of Tesoro Corp. common stock)......................    1,896,529
    45,950    NATIXIS Financial Products Inc. 9.55%, due 01/26/08
               mandatory trigger exchangeable notes (NR)
               (exchangeable for Nabors Industries, Inc. common stock)
               (Acquired 07/23/07; Cost $1,500,268) (2)......................................    1,285,382
                                                                                              ------------
                                                                                                 9,024,931
                                                                                              ------------
              Foods -- 1.0%
    50,000    Lehman Brothers Holdings Inc. 6%, due 10/12/10 PIES (A1)
               (exchangeable for General Mills, Inc. common stock)...........................    1,231,000
                                                                                              ------------

              Health Care -- 1.2%
    33,950    NATIXIS Financial Products Inc. 9%, due 04/22/08
               mandatory trigger exchangeable notes  (NR)
               (exchangeable for St. Jude Medical, Inc. common stock)
               (Acquired 10/17/07; Cost $1,533,182) (2)......................................    1,446,932
                                                                                              ------------

              Insurance -- 5.3%
     4,000    Alleghany Corp. 5.75%, due 06/15/09 mandatory cv. pfd. (BBB-)..................    1,450,520
    75,000    Citigroup Funding Inc. variable rate, due 09/27/08 exchangeable notes (Aa3)
               (exchangeable for Genworth Financial, Inc. common stock)......................    1,883,250
    70,000    MetLife, Inc. 6.375%, due 08/15/08 common equity units (BBB+)..................    2,142,000
    52,500    XL Capital Ltd. 7%, due 02/15/09 equity security units (A3)....................    1,003,275
                                                                                              ------------
                                                                                                 6,479,045
                                                                                              ------------
              Minerals and Mining -- 4.6%
    20,000    Freeport-McMoRan Copper & Gold Inc. 6.75%, due 05/01/10
               mandatory cv. pfd. (B+).......................................................    3,015,400
    30,000    Vale Capital Ltd. 5.5%, due 06/15/10 mandatory convertible notes (NR)
               (exchangeable for Companhia Vale do Rio Doce ADS).............................    1,918,500
    10,000    Vale Capital Ltd. 5.5%, due 06/15/10 mandatory convertible notes (NR)
               (exchangeable for Companhia Vale do Rio Doce Preference A Shares ADS).........      647,800
                                                                                              ------------
                                                                                                 5,581,700
                                                                                              ------------
              Pharmaceuticals -- 2.7%
     1,000    Mylan Inc. 6.5%, due 11/15/10 mandatory cv. pfd. (B-)..........................    1,017,490
     9,500    Schering-Plough Corp. 6%, due 08/13/10 mandatory cv. pfd. (Baa3)...............    2,293,775
                                                                                              ------------
                                                                                                 3,311,265
                                                                                              ------------

              TOTAL MANDATORY CONVERTIBLE SECURITIES (4)..................................... $ 30,218,129
                                                                                              ------------
</TABLE>

Page 4

<PAGE>
<TABLE>
<CAPTION>

ELLSWORTH FUND LTD.---------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS December 31, 2007 (continued)----------------------------------

                                                                                                  Value
  Shares                                                                                         (Note 1)
- ----------                                                                                    ------------
<S>                                                                                           <C>
              COMMON STOCKS -- 0.6%

              Banking/Savings and Loan -- 0.6%
    20,000    Wachovia Corp.................................................................. $    760,600
                                                                                              ------------

Principal
 Amount
              SHORT-TERM SECURITIES -- 1.2%

              Commercial Paper -- 1.2%
$1,500,000    American Express Credit Corp. 4%, due 01/04/08 (P1)............................    1,499,333
                                                                                              ------------

              Total Convertible Bonds and Notes -- 62.2%..................................... $ 76,186,244
              Total Corporate Bonds and Notes -- 1.2%........................................    1,500,000
              Total Convertible Preferred Stocks -- 9.2%.....................................   11,265,439
              Total Mandatory Convertible Securities -- 24.6%................................   30,218,129
              Total Common Stocks -- 0.6%....................................................      760,600
              Total Short-Term Securities -- 1.2%............................................    1,499,333
                                                                                              ------------
              Total Investments -- 99.0%.....................................................  121,429,745

              Other assets and liabilities, net -- 1.0%......................................    1,215,102
                                                                                              ------------
              Total Net Assets -- 100.0%..................................................... $122,644,847
                                                                                              ============

</TABLE>


(1)      Contingent payment debt instrument which accrues contingent interest.
         See Note 2.

(2)      Security not registered under the Securities Act of 1933, as amended
         (i.e., the security was purchased in a Rule 144A or a Regulation D
         transaction). The security may be resold only pursuant to an exemption
         from registration under the Securities Act of 1933, typically to
         qualified institutional buyers. The Fund generally has no rights to
         demand registration of these securities. The aggregate market value of
         these securities at December 31, 2007 was $16,585,789 which represented
         13.5% of the Fund's net assets.

(3)      Investment is a restricted security, valued at fair value as determined
         in good faith in accordance with procedures adopted by the Board of
         Trustees.  It is possible that the estimated value may differ
         significantly from the amount that might ultimately be realized in the
         near term, and the difference could be material. The fair value of
         this security represented 1.2% of the Fund's net assets.

(4)      These securities are required to be converted on the dates listed; they
         generally may be converted prior to these dates at the option of the
         holder.

ADR      American Depositary Receipts.
ADS      American Depositary Shares.
BONUSES  Bifurcated Option Note Unit Securities.
PIES     Premium Income Exchangeable Securities.
PIERS    Preferred Income Equity Redeemable Securities.
PRIDES   Preferred Redeemable Income Dividend Equity Securities.

Ratings in parentheses by Moody's Investors Service, Inc. or Standard & Poor's.
NR is used whenever a rating is unavailable.


Summary of Portfolio Ratings

            % of
         Portfolio
         ---------
Aa            2
A            20
Baa          15
Ba            4
B            20
Caa           4
NR           34
Common Stock  1

                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS

Page 5
<PAGE>

ELLSWORTH FUND LTD.-------------------------------------------------------------
SELECTED NOTES TO FINANCIAL STATEMENTS (UNAUDITED)------------------------------

Ellsworth Fund Ltd. (established in 1986) (the "Fund"), is registered under the
Investment Company Act of 1940 as a diversified, closed-end management
investment company.

Note 1. Security Valuation - Investments in securities traded on a national
securities exchange are valued at market using the last reported sales
price as of the close of regular trading.   Listed securities for which no
sales were reported are valued at the mean between closing reported bid and
asked prices as of the close of regular trading.  Unlisted securities traded in
the over-the-counter market are valued using an evaluated quote provided by an
independent pricing service, or, if an evaluated quote is unavailable, such
securities are valued using prices received from dealers, provided that if the
dealer supplies both bid and asked prices, the price to be used is the mean of
the bid and asked prices. The independent pricing service derives an evaluated
quote by obtaining dealer quotes, analyzing the listed markets, reviewing
trade execution data and employing sensitivity analysis. Evaluated quotes may
also reflect appropriate factors such as individual characteristics of the
issue, communications with broker-dealers, and other market data.  Securities
for which quotations are not readily available, restricted securities and other
assets are valued at fair value as determined in good faith pursuant to
procedures approved by the Board of Trustees.  Short-term debt securities with
original maturities of 60 days or less are valued at amortized cost.

Note 2. Securities Transactions and Related Investment Income - Security
transactions are accounted for on the trade date (date the order to buy or sell
is executed) with gain or loss on the sale of securities being determined based
upon identified cost.  Dividend income is recorded on the ex-dividend date and
interest income is recorded on the accrual basis, including accretion of
discounts and amortization of non-equity premium. For certain securities, known
as "contingent payment debt instruments," Federal tax regulations require the
Fund to record non-cash, "contingent" interest income in addition to interest
income actually received.

At December 31, 2007 unrealized appreciation (depreciation) of investment
securities on a tax basis were as follows:

Unrealized appreciation               $ 11,387,034
Unrealized depreciation                 (5,357,548)
                                      ------------
Net unrealized appreciation              6,029,486
                                      ============

Cost for federal income tax purposes  $115,799,810
                                      ============

PAGE 6

<PAGE>

ITEM 2. CONTROLS AND PROCEDURES.

Conclusions of principal officers concerning controls and procedures

(a) The Registrant's principal executive officer and principal financial
officer, or persons performing similar functions, have concluded that the
Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940, as amended (the "Act"),
(17 CFR 270.30a-3(c))) are effective as of February 27, 2008 based on the
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act and Rule 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.15d-15(b).

(b) There have been no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, the Registrant's internal control over financial reporting.

ITEM 3. EXHIBITS.

Separate certifications of the principal executive officer and the principal
financial officer of the Registrant, as required by Rule 30a-2(a)under the
Act, are filed herewith.

<PAGE>
SIGNATURES

  Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.

Ellsworth Fund Ltd.

By: /s/Thomas H. Dinsmore
    Thomas H. Dinsmore
    Chairman of the Board and
    Chief Executive Officer
    (Principal Executive Officer)

Date: February 29, 2008


  Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by
the  following persons on behalf of the registrant and in the capacities
and on the dates indicated.

By: /s/Thomas H. Dinsmore
    Thomas H. Dinsmore
    Chairman of the Board and
    Chief Executive Officer
    (Principal Executive Officer)

Date: February 29, 2008

By: /s/Gary I. Levine
    Gary I. Levine
    Chief Financial Officer
    (Principal Financial Officer)

Date: February 29, 2008
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e1207ex-99_cert.txt
<DESCRIPTION>302 CERTIFICATIONS
<TEXT>
EX-99.CERT

				EXHIBIT 99.CERT

				 CERTIFICATION
<PAGE>
				CERTIFICATIONS
				--------------

I, Thomas H. Dinsmore, certify that:

1. I have reviewed this report on Form N-Q of Ellsworth Fund Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report
fairly present in all material respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;

(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such
evaluation; and

(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control
over financial reporting.


Date: February 29, 2008

/s/Thomas H. Dinsmore
Thomas H. Dinsmore
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)

<PAGE>
				CERTIFICATIONS
				--------------

I, Gary I. Levine certify that:

1. I have reviewed this report on Form N-Q of Ellsworth Fund Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report
fairly present in all material respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;

(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such
evaluation; and

(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control
over financial reporting.


Date: February 29, 2008

/s/Gary I. Levine
Gary I. Levine
Chief Financial Officer
(Principal Financial Officer)
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
