SOURCE: Ellsworth Fund Ltd.

May 21, 2014 11:20 ET

Ellsworth Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwired - May 21, 2014) - Ellsworth Fund Ltd. (NYSE MKT: ECF) today reported earnings, financial highlights and certain portfolio information for the six months ended March 31, 2014:

           
EARNINGS REPORT   Six Months Ended
    March 31
           
    2014     2013
           
Net Income   $960,000     $1,445,000
  Per Share   $0.07     $0.11
Shares Outstanding   13,140,692     13,507,882
Total Net Assets   $133,566,000     $121,227,000
Net Asset Value Per Share   $10.16     $8.97
           
           
FUND STATISTICS          
           
Market price   $8.60      
Net asset value (NAV)   $10.16      
Premium/(Discount)   (15.35 )%    
Total Net Assets   $133,566,000      
12-Month income distribution   $0.240      
Yield on market price   2.8 %    
Ratio of expenses (annualized)   1.1 %    
Ratio of net income (annualized)   1.5 %    
Portfolio turnover   33 %    
Shares outstanding   13,140,692      
           
           
TOP TEN HOLDINGS          
  by underlying common stock          
    % of Net Assets      
Gilead Sciences, Inc.   2.3      
United Technologies Corp.   2.0      
AT&T Inc.   1.8      
Iconix Brand Group, Inc.   1.8      
The Priceline Group Inc.   1.8      
NextEra Energy, Inc.   1.7      
Hawaiian Holdings, Inc.   1.6      
Intel Corp.   1.5      
Nuance Communications, Inc.   1.5      
Micron Technology, Inc.   1.4      
           
           
Sector Weightings          
    % of Net Assets      
Consumer Discretionary   10.2      
Consumer Staples   4.4      
Energy   6.7      
Financials   19.6      
Health Care   16.2      
Industrials   8.4      
Information Technology   22.4      
Materials   2.5      
Telecommunication Services   6.1      
Utilities   2.8      
           
           
ASSET ALLOCATION          
    % of Net Assets      
Convertible Bonds & Notes   56.2      
Convertible Preferred Stock   11.6      
Mandatory Convertible Securities   8.1      
Common Stock   23.4      
Cash & Equivalents   0.7      
           
           

Data is unaudited and as of March 31, 2014. 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, 2014. 

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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