SOURCE: Ellsworth Fund Ltd.

May 02, 2013 13:49 ET

Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwired - May 2, 2013) - Ellsworth Fund Ltd. (NYSE MKT: ECF) today reported earnings, financial highlights and certain portfolio information for the six months ended March 31, 2013:

   
   
EARNINGS REPORT Six Months Ended
  March 31
     
  2013 2012
     
Net Income $1,445,000 $1,634,000
  Per Share $0.11 $0.12
Shares Outstanding 13,507,882 13,453,777
Total Net Assets $121,227,000 $113,626,000
Net Asset Value Per Share $8.97 $8.45
     
FUND STATISTICS    
     
Market price $7.64  
Net asset value (NAV) $8.97  
Premium/(Discount) (14.83)%  
Total Net Assets $121,227,000  
12-Month income    
  distribution $0.2630  
Yield on market price 3.44%  
Ratio of expenses (annualized) 1.14%  
Ratio of net income (annualized) 2.50%  
Portfolio turnover 23.47%  
Shares outstanding 13,507,882  
     
TOP TEN HOLDINGS    
  by underlying common stock    
  % of Net Assets  
Gilead Sciences, Inc. 3.1  
Verizon Communications Inc. 2.4  
AT&T Inc. 2.1  
Wells Fargo & Co. 2.1  
United Technologies Corp. 2.0  
Intel Corp. 1.8  
EMC Corp. 1.7  
Bank of America Corp. 1.6  
Amtrust Financial Services, Inc. 1.5  
Nuance Communications, Inc. 1.5  
     
MAJOR INDUSTRY EXPOSURE    
  % of Net Assets  
Semiconductors & Semiconductor Equipment 7.8  
Software 6.9  
Pharmaceuticals 6.8  
Diversified Telecommunications Services 5.1  
Biotechnology 5.0  
Oil, Gas & Consumable Fuels 5.0  
Commercial Banks 4.6  
Insurance 4.3  
Metals & Mining 4.2  
Real Estate Investment Trusts 3.6  
     
ASSET ALLOCATION    
  % of Net Assets  
Convertible Bonds & Notes 59.9  
Convertible Preferred Stock 11.9  
Mandatory Convertible Securities 9.9  
Common Stock 14.5  
Cash & Equivalents 3.8  
     
     

Data is unaudited and as of March 31, 2013. 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, 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

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