SOURCE: Ellsworth Fund Ltd.

February 06, 2012 11:12 ET

Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - Feb 6, 2012) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the three months ended December 31, 2011:

EARNINGS REPORT Three Months Ended
December 31
2011 2010
Net Income $990,000 $951,000
Per Share $0.07 $0.07
Shares Outstanding 13,453,777 13,409,101
Total Net Assets $104,557,000 $112,354,000
Net Asset Value Per Share $7.77 $8.38
FUND STATISTICS
Market price $6.60
Net asset value (NAV) $7.77
Premium/(Discount) (15.06 )%
Total Net Assets $104,557,000
12-Month income distribution $0.244
Yield on market price 3.70 %
Ratio of expenses (annualized) 1.16 %
Ratio of net income (annualized) 3.77 %
Portfolio turnover 7.72 %
Shares outstanding 13,453,777
TOP TEN HOLDINGS
by underlying common stock % of Net
Assets
Intel 2.7 %
EMC 2.6 %
Verizon Communications 2.3 %
Equinix 2.3 %
Nuance Communications 2.1 %
AT&T 2.0 %
Chesapeake Energy 2.0 %
Wells Fargo 2.0 %
SBA Communications 1.8 %
Fifth Third Bancorp 1.6 %
MAJOR INDUSTRY % of Net
EXPOSURE Assets
Telecommunications 13.1 %
Energy 11.9 %
Pharmaceuticals 11.0 %
Financial Services 8.7 %
Semiconductors 8.0 %
Computer Software 6.4 %
Banking/Savings and Loan 5.8 %
Metals and Mining 4.8 %
Healthcare 4.3 %
Computer Hardware 2.9 %
QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is unavailable)
% of Portfolio
AAA 1
AA 4
A 22
BBB 17
BB 18
B 12
CCC & below 2
Not Rated 24
* Excludes equity securities and cash
ASSET ALLOCATION % of Net
Assets
Convertible Bonds & Notes 60.9
Corporate Bonds & Notes 0.2
Convertible Preferred Stocks 13.0
Mandatory Convertible Securities 11.1
Common Stocks 9.8
Cash & Equivalents 5.0

Data is unaudited and as of December 31, 2011. 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, 2011.

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