SOURCE: Ellsworth Fund Ltd.

November 11, 2013 12:31 ET

Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwired - Nov 11, 2013) -  Ellsworth Fund Ltd. (NYSE MKT: ECF) today reported earnings, financial highlights and certain portfolio information for the twelve months ended September 30, 2013:

           
EARNINGS REPORT   Twelve Months Ended
    September 30
           
    2013     2012
               
Net Income   $ 2,341,000     $ 2,572,000
  Per Share   $ 0.17     $ 0.19
Shares Outstanding     13,507,882       13,453,777
Total Net Assets   $ 128,814,000     $ 114,154,000
Net Asset Value Per Share   $ 9.54     $ 8.48
               
FUND STATISTICS              
               
Market price   $ 7.87        
Net asset value (NAV)   $ 9.54        
Premium/(Discount)     (17.51 )%      
Total Net Assets   $ 128,814,000        
12-Month income distribution   $ 0.2580        
Yield on market price     3.28 %      
Ratio of expenses (annualized)     1.1 %      
Ratio of net income (annualized)     1.9 %      
Portfolio turnover     48 %      
Shares outstanding     13,507,882        
               
TOP TEN HOLDINGS              
  by underlying common stock              
    % of Net Assets        
Gilead Sciences, Inc.     3.8        
United Technologies Corp.     2.0        
AT&T Inc.     1.8        
Wells Fargo & Co.     1.8        
EMC Corp.     1.7        
Iconix Brand Group, Inc.     1.7        
Priceline.com Inc.     1.7        
NextEra Energy, Inc.     1.5        
ConocoPhillips     1.4        
Intel Corp.     1.4        
               
MAJOR INDUSTRY EXPOSURE              
    % of Net Assets        
Biotechnology     7.6        
Semiconductors & Semiconductor Equipment     6.9        
Software     6.5        
Real Estate Investment Trusts     5.9        
Pharmaceuticals     5.6        
Oil, Gas & Consumable Fuels     5.2        
Metals & Mining     3.9        
Diversified Telecommunications Services     3.6        
Insurance     3.5        
Commercial Banks     3.0        
               
ASSET ALLOCATION              
    % of Net Assets        
Convertible Bonds & Notes     64.0        
Convertible Preferred Stock     12.4        
Mandatory Convertible Securities     9.0        
Common Stock     11.4        
Cash & Equivalents     3.2        
               

Data is unaudited and as of September 30, 2013. 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, 2013.

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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