SOURCE: Ellsworth Fund Ltd.

January 23, 2014 14:50 ET

Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwired - Jan 23, 2014) - Ellsworth Fund Ltd. (NYSE MKT: ECF) today reported earnings, financial highlights and certain portfolio information for the three months ended December 31, 2013:

     
EARNINGS REPORT   Three Months Ended
    December 31
         
    2013   2012
         
Net Income   $468,000   $750,000
  Per Share   $0.03   $0.06
Shares Outstanding   13,373,947   13,507,882
Total Net Assets   $131,706,000   $113,939,000
Net Asset Value Per Share   $9.85   $8.44
         
         
FUND STATISTICS        
         
Market price   $8.19    
Net asset value (NAV)   $9.85    
Premium/(Discount)   (16.85)%    
Total Net Assets   $131,706,000    
12-Month income distribution   $0.243    
Yield on market price   2.97%    
Ratio of expenses (annualized)   1.01%    
Ratio of net income (annualized)   1.39%    
Portfolio turnover   14.14%    
Shares outstanding   13,373,947    
         
         
TOP TEN HOLDINGS        
  by underlying common stock        
    % of Net Assets    
Gilead Sciences, Inc.   4.4    
United Technologies Corp.   2.0    
AT&T Inc.   1.9    
Iconix Brand Group, Inc.   1.8    
Priceline.com Inc.   1.8    
Wells Fargo & Co.   1.7    
NextEra Energy, Inc.   1.6    
Nuance Communications, Inc.   1.6    
Intel Corp.   1.5    
ConocoPhillips   1.4    
         
         
Sector Weightings        
    % of Net Assets    
Consumer Discretionary   9.3    
Consumer Staples   3.0    
Energy   6.7    
Financials   19.1    
Health Care   17.3    
Industrials   8.2    
Information Technology   23.3    
Materials   3.2    
Telecommunication Services   6.5    
Utilities   2.6    
         
         
ASSET ALLOCATION        
    % of Net Assets    
Convertible Bonds & Notes   63.5    
Convertible Preferred Stock   12.4    
Mandatory Convertible Securities   7.9    
Common Stock   15.4    
Cash & Equivalents   0.8    
         
         

Data is unaudited and as of December 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, 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

Contact Information