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
CUSIP# 289 074 106