SOURCE: Ellsworth Fund Ltd.

January 27, 2010 16:06 ET

Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - January 27, 2010) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the three months ended December 31, 2009:

EARNINGS REPORT                              Three Months Ended
                                                 December 31
                                             2009          2008
                                         ------------- -------------

Net Income                               $     943,568 $   1,035,000
    Per Share                            $        0.07 $        0.08
Shares Outstanding                          13,360,463    13,277,717
Total Net Assets                         $ 100,677,000 $  73,627,000
Net Asset Value Per Share                $        7.54 $        5.55
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FUND STATISTICS

Market price                             $        6.56
Net asset value (NAV)                    $        7.54
Premium/(Discount)                              (13.00)%
Total Net Assets                         $ 100,677,000
12-Month income
   distribution                          $      0.3135
Yield on market price                             4.78 %
Ratio of expenses (annualized)                    0.96 %
Ratio of net income (annualized)                  3.51 %
Portfolio turnover                               13.71 %
Shares outstanding                          13,360,463
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TOP TEN HOLDINGS
    by underlying common stock                % of Net
                                                Assets
Equinix                                            2.8
Blackboard                                         2.6
Euronet Worldwide                                  2.1
Mylan                                              2.1
Vale S.A.                                          2.1
Intel                                              2.0
Kinetic Concepts                                   2.0
Covanta Holding                                    1.9
Disney (Walt)                                      1.9
NETAPP                                             1.9
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MAJOR INDUSTRY                                % of Net
   EXPOSURE                                     Assets

Telecommunications                                16.8
Energy                                            14.6
Pharmaceuticals                                    8.7
Healthcare                                         8.0
Computer Software                                  7.0
Minerals and Mining                                4.9
Financial Services                                 4.8
Foods                                              4.4
Banking/Savings and Loan                           4.3
Computer Hardware                                  4.1
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QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
  unavailable)
                                         % of Portfolio
      AA                                       0
      A                                        5
      BBB                                      8
      BB                                      18
      B                                       19
      CCC                                      1
      CC                                       1
      Not Rated                               48

* Excludes equity securities and cash
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ASSET ALLOCATION                              % of Net
                                                Assets

Convertible Bonds & Notes                         70.2
Corporate Bonds & Notes                            1.1
Convertible Preferred Stocks                      11.3
Mandatory Convertible
  Securities                                       8.0
Common Stocks                                      5.0
Cash & Equivalents                                 4.4
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Data is unaudited and as of December 31, 2009. 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