January 11, 2008 – Ellsworth Fund Ltd. (AMEX: ECF) today announced that effective January 1, 2008, the number of trustees comprising the Board of Trustees of the Fund was increased from six to seven, and that Mr. Kinchen C. Bizzell was appointed to serve as a trustee of the Fund.

Kinchen Bizzell, age 53, is a Senior Counselor with Burson-Marsteller, a global public relations firm, where he advises companies on investor relations, financial crisis issues, and mergers & acquisitions.  From 2000 through 2003, Mr. Bizzell was a Managing Director of Burson-Marsteller’s corporate and financial practice. Prior to joining Burson, Mr. Bizzell practiced law as a partner with the New York firm Mendes & Mount.

Mr. Bizzell received a JD from Duke University and a BA from North Carolina State University. Mr. Bizzell is also a Chartered Financial Analyst.

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.

AMEX - ECF      Cusip 289074106

For further information please contact:
Gary I. Levine
Executive Vice President, Chief Financial Officer and Secretary

Ph. (973) 631-1177 Fax (973) 631-9893