SOURCE: Ellsworth Fund Ltd.

July 25, 2012 10:48 ET

Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - Jul 25, 2012) - Ellsworth Fund Ltd. (NYSE MKT: ECF) today reported earnings, financial highlights and certain portfolio information for the nine months ended June 30, 2012:

     
EARNINGS REPORT   Nine Months Ended
    June 30
         
    2012   2011
         
Net Income   $1,997,000   $2,265,000
  Per Share   $0.15   $0.17
Shares Outstanding   13,453,777   13,409,101
Total Net Assets   $109,618,000   $115,456,000
Net Asset Value Per Share   $8.15   $8.61
 
 
FUND STATISTICS        
         
Market price   $7.04    
Net asset value (NAV)   $8.15    
Premium/(Discount)   (13.60)%    
Total Net Assets   $109,618,000    
12-Month income distribution   $0.247    
Yield on market price   3.51%    
Ratio of expenses (annualized)   1.13%    
Ratio of net income (annualized)   2.49%    
Portfolio turnover   22.21%    
Shares outstanding   13,453,777    
     
     
TOP TEN HOLDINGS        
by underlying common stock   % of Net    
    Assets    
         
Equinix   3.1%    
EMC   2.8%    
Intel   2.8%    
Verizon Communications   2.4%    
AT&T   2.3%    
SBA Communications   2.2%    
Wells Fargo   2.1%    
Gilead Sciences   2.0%    
Nuance Communications   1.9%    
Chesapeake Energy   1.6%    
     
     
MAJOR INDUSTRY   % of Net    
EXPOSURE   Assets    
         
Telecommunications   14.0%    
Pharmaceuticals   10.7%    
Energy   8.8%    
Computer Software   8.4%    
Financial Services   8.0%    
Semiconductors   7.6%    
Banking/Savings and Loan   6.0%    
Metals and Mining   4.6%    
Computer Hardware   3.6%    
Healthcare   3.6%    
     
     
ASSET ALLOCATION   % of Net    
    Assets    
         
Convertible Bonds & Notes   63.7    
Convertible Preferred Stocks   11.7    
Mandatory Convertible Securities   9.3    
Common Stocks   12.4    
Cash & Equivalents   2.9    
     
     

Data is unaudited and as of June 30, 2012. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Shareholders for the six months ended March 31, 2012.

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 MKT LLC under the ticker symbol ECF.

Cusip 289074106

Contact Information