Ellsworth Fund Ltd. Announces Earnings and Financial Update
MORRISTOWN, NJ--(Marketwire - January 27, 2010) - Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the three months ended December 31, 2009:
EARNINGS REPORT Three Months Ended
December 31
2009 2008
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Net Income $ 943,568 $ 1,035,000
Per Share $ 0.07 $ 0.08
Shares Outstanding 13,360,463 13,277,717
Total Net Assets $ 100,677,000 $ 73,627,000
Net Asset Value Per Share $ 7.54 $ 5.55
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FUND STATISTICS
Market price $ 6.56
Net asset value (NAV) $ 7.54
Premium/(Discount) (13.00)%
Total Net Assets $ 100,677,000
12-Month income
distribution $ 0.3135
Yield on market price 4.78 %
Ratio of expenses (annualized) 0.96 %
Ratio of net income (annualized) 3.51 %
Portfolio turnover 13.71 %
Shares outstanding 13,360,463
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TOP TEN HOLDINGS
by underlying common stock % of Net
Assets
Equinix 2.8
Blackboard 2.6
Euronet Worldwide 2.1
Mylan 2.1
Vale S.A. 2.1
Intel 2.0
Kinetic Concepts 2.0
Covanta Holding 1.9
Disney (Walt) 1.9
NETAPP 1.9
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MAJOR INDUSTRY % of Net
EXPOSURE Assets
Telecommunications 16.8
Energy 14.6
Pharmaceuticals 8.7
Healthcare 8.0
Computer Software 7.0
Minerals and Mining 4.9
Financial Services 4.8
Foods 4.4
Banking/Savings and Loan 4.3
Computer Hardware 4.1
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QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
unavailable)
% of Portfolio
AA 0
A 5
BBB 8
BB 18
B 19
CCC 1
CC 1
Not Rated 48
* Excludes equity securities and cash
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ASSET ALLOCATION % of Net
Assets
Convertible Bonds & Notes 70.2
Corporate Bonds & Notes 1.1
Convertible Preferred Stocks 11.3
Mandatory Convertible
Securities 8.0
Common Stocks 5.0
Cash & Equivalents 4.4
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Data is unaudited and as of December 31, 2009. 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, 2009.
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 Amex under the ticker symbol ECF.
Cusip 289074106
For further
information please contact:
Gary I. Levine
Chief Financial Officer
Ph. (973) 631-1177
Fax (973) 631-9893
www.ellsworthfund.com