MORRISTOWN, NJ--(Marketwire - January 10, 2011) - Ellsworth Fund Ltd. (NYSE Amex: ECF) announced today that, effective January 1, 2011, the following portfolio manager change became effective: Ms. Jane D. O'Keeffe and Mr. James A. Dinsmore, C.F.A. became co-portfolio managers of Ellsworth Fund Ltd. (the "Fund"). They join Mr. Thomas H. Dinsmore, C.F.A., who has served as portfolio manager of the Fund since 1996.

Since 1994, Ms. O'Keeffe has served as President of the Fund, Bancroft Fund Ltd. ("Bancroft") and the Fund's advisor, Dinsmore Capital Management Co. (the "Advisor"), as well as Managing Director of Research for the Advisor. Mr. James A. Dinsmore has served as Vice President of the Fund, Bancroft and the Advisor since 2007 and also has been a research analyst for the Advisor since 2004.

The Fund 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 Equities exchange under the ticker symbol ECF.

CUSIP# 289 074 106

For further information please contact:
Gary I. Levine        Ph. (973) 631-1177         Fax (973) 631-9893

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