SOURCE: Ellsworth Fund Ltd.

April 13, 2010 14:34 ET

Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - April 13, 2010) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the six months ended March 31, 2010:

EARNINGS REPORT         Three Months Ended           Six Months Ended
                             March 31                    March 31
                        2010          2009          2010          2009
                    ------------  ------------- ------------- -------------

Net Income          $  1,429,000  $   1,284,000 $   2,373,000 $   2,319,000
    Per Share       $       0.11  $        0.10 $        0.18 $        0.17
Shares Outstanding    13,360,463     13,277,717    13,360,463    13,277,717
Total Net Assets    $103,846,000  $  74,220,000 $ 103,846,000 $  74,220,000
Net Asset Value Per
 Share              $       7.77  $        5.59 $        7.77 $        5.59
---------------------------------------------------------------------------
FUND STATISTICS

Market price        $       6.84
Net asset value
 (NAV)              $       7.77
Premium/(Discount)         11.97%
Total Net Assets    $103,846,000
12-Month income
 distribution       $      0.306
Yield on market
 price                      4.47%
Ratio of expenses
 (annualized)               1.15%
Ratio of net income
 (annualized)               4.82%
Portfolio turnover         29.26%
Shares outstanding    13,360,463
----------------------------------
TOP TEN HOLDINGS
  by underlying common stock
                         % of Net
                          Assets
Equinix                      2.6
Blackboard                   2.4
EMC                          2.3
Vale S.A.                    2.3
Nuance
 Communications              2.1
Disney (Walt)                2.0
Euronet Worldwide            2.0
Intel                        2.0
Wells Fargo                  1.9
Whiting Petroleum            1.9
----------------------------------
MAJOR INDUSTRY          % of Net
   EXPOSURE               Assets

Telecommunications          16.3
Energy                      15.2
Computer Software            9.8
Pharmaceuticals              8.5
Healthcare                   7.7
Financial Services           5.8
Metals and Mining            5.4
Banking/Savings and
 Loan                        4.5
Foods                        3.7
Computer Hardware            2.9
----------------------------------
QUALITY ALLOCATION *
(From Moody's or S&P when Moody's
 is unavailable)
                           % of
                       Portfolio
     AA                    0
      A                    8
     BBB                   6
     BB                   17
      B                   19
  CCC & below              0
   Not Rated              50

* Excludes equity securities and cash
----------------------------------

ASSET ALLOCATION        % of Net
                          Assets

Convertible Bonds &
 Notes                      71.4
Corporate Bonds &
 Notes                       1.2
Convertible
 Preferred Stocks           10.0
Mandatory
 Convertible
 Securities                  8.8
Common Stocks                6.5
Cash & Equivalents           2.1
----------------------------------

Data is unaudited and as of March 31, 2010. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Shareholders for the twelve months ended September 30, 2009.

Detailed portfolio information is available on our website (www.ellsworthfund.com). Contact us by email at info@ellsworthfund.com or call us at (973) 631-1177.

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. Its shares are traded on the NYSE Amex under the ticker symbol ECF.

Cusip 289074106

Contact Information

  • For further information please contact:
    Gary I. Levine, Chief Financial Officer
    Ph. (973) 631-1177
    Fax (973) 631-9893
    www.ellsworthfund.com