# Ellsworth Growth & Income Fund

Ellsworth Growth & Income Fund is an Asset Manager based in Morristown, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Morristown, United States
- **Region:** North America
- **Address:** Morristown, NJ, United States
- **Founded:** 1986
- **Assets under management:** Undisclosed
- **Website:** ellsworthfund.com

## Regulatory record

- **Reports private funds:** No

## About

Thomas H. Dinsmore launched the Ellsworth Growth & Income Fund in 1986, building a closed-end vehicle dedicated to convertible securities at a time when the hybrid asset class remained fragmented and underfollowed. The fund maintains its headquarters in Morristown, New Jersey, and has operated primarily as a publicly traded investment company rather than a private family vehicle, distinguishing it from conventional single-family office structures. The firm's investment mandate centers on convertible bonds and convertible preferred stocks, primarily of small and mid-capitalization companies. This focus creates exposure to equity appreciation while retaining the contractual income and seniority features of fixed-income instruments. The portfolio typically emphasizes U.S.-domiciled issuers alongside select Canadian names, with sector tilts historically including technology, healthcare, and industrial convertibles. Confirmed positions have included convertibles issued by firms such as Apollo Commercial Real Estate Finance and similar structured credit vehicles, reflecting a preference for income-generating underlying credits. Ellsworth operates alongside its sister fund, Bancroft Fund Ltd., under shared management — a two-fund structure that allows the managers to deploy the same core convertible strategy across slightly differentiated mandates. The firm reports total net assets in periodic filings but does not aggregate private wealth figures, consistent with its identity as a listed closed-end fund rather than a family office. In recent years, the fund has maintained a managed distribution policy, aiming for controlled payouts to shareholders from income and realized gains. Ellsworth's structural differentiator lies in its longevity as a dedicated convertible specialist with a closed-end wrapper — able to hold less-liquid small-cap converts without facing redemption pressure, a design that large daily-liquidity mutual funds cannot replicate. The fund's insider ownership and lean management structure allow it to invest with a truly long-duration mindset, avoiding the asset-gathering imperatives that drive competitors into larger, more liquid issuance.

## Sectors

- Convertible Securities
- Public Equities

## People

- Thomas H. Dinsmore — Chairman and CEO
- James P. Conn — Executive Vice President

## Questions

### How does Ellsworth Growth & Income Fund source its convertible investments?

Ellsworth sources primarily through public market issuances of convertible bonds and preferred stocks, focusing on new-issue calendars and secondary-market screens for small-to-mid-cap names. The fund's closed-end structure allows it to hold less-liquid converts that do not fit typical mutual fund mandates, providing a structural sourcing advantage in smaller deal sizes.

### What is the relationship between Ellsworth and Bancroft Fund?

Both Ellsworth Growth & Income Fund and Bancroft Fund Ltd. operate under shared management, with Thomas H. Dinsmore serving as Chairman and CEO of each. The funds pursue similar convertible-focused strategies but maintain separate corporate structures and publicly traded shares, functioning as sister closed-end funds.

### How does the fund's closed-end structure benefit its convertible strategy?

Unlike open-end mutual funds, Ellsworth is not subject to daily shareholder redemptions. This eliminates forced selling of illiquid convertible positions during market stress. The fund can hold smaller, less frequently traded convertibles through full market cycles without liquidity-based portfolio disruption.

## Related profiles

- [Flaherty & Crumrine Total Return Fund](https://altss.com/profile/flaherty-and-crumrine-total-return-fund-inc)
- [Owlet](https://altss.com/profile/owlet-inc)

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Last updated: 2026-06-03T20:00:00.000Z

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