Ellsworth Announces Trustee Changes

October 2, 2007 – Ellsworth Fund Ltd. (AMEX: ECF) today announced that Duncan O. McKee has retired as a trustee of the Fund for health reasons. Mr. McKee’s retirement was effective as of the end of the Fund’s fiscal year on September 30, 2007.

Mr. McKee served as Director Emeritus of the Fund from April 1988 to November 1996 and served as a Director of the Fund from November 1996 to February 2006. Mr. McKee has served as a Trustee of the Fund since its reorganization as a trust in February 2006. “Duncan has made invaluable contributions to the Fund, and we are grateful to him for his service to the Fund as a trustee and director during the past two decades,” said Thomas H. Dinsmore, Chairman and Chief Executive Officer of the Fund.

The Fund also announced that Robert J. McMullan has resigned as a trustee of the Fund effective as of October 1, 2007 because of personal and professional time commitments. Mr. McMullan has served as a trustee since 2004. The Board of Trustees thanks Mr. McMullan for his many contributions to the Fund and wishes him success in his other business endeavors.

Ellsworth is a diversified closed-end management investment company. Ellsworth 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 due to the nature of the securities in which it invests).

AMEX - ECF Cusip 289074106

For further information please contact:
Joshua P. Lake, Treasurer Ph. (973) 631-1177 Fax (973) 631-9893