MORRISTOWN, NJ, Jul. 20, 2010 (Marketwire) --
MORRISTOWN, NJ -- (Marketwire) -- 07/20/10 -- Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the nine months ended June 30, 2010:
EARNINGS REPORT Three Months Ended Nine Months Ended
June 30 June 30
2010 2009 2010 2009
----------- ----------- ----------- -----------
Net Income $ 816,000 $ 872,000 $ 3,189,000 $ 3,191,000
Per Share $ 0.06 $ 0.07 $ 0.24 $ 0.24
Shares Outstanding 13,360,463 13,277,717 13,360,463 13,277,717
Total Net Assets $97,875,000 $84,863,000 $97,875,000 $84,863,000
Net Asset Value Per Share $ 7.33 $ 6.39 $ 7.33 $ 6.39
---------------------------------------------------------------------------
FUND STATISTICS
Market price $ 6.39
Net asset value (NAV) $ 7.33
Premium/(Discount) (12.82)%
Total Net Assets $97,875,000
12-Month income
distribution $ 0.2985
Yield on market price 4.67%
Ratio of expenses
(annualized) 1.16%
Ratio of net income
(annualized) 4.32%
Portfolio turnover 45.49%
Shares outstanding 13,360,463
---------------------------------------
TOP TEN HOLDINGS
by underlying common stock % of Net
Assets
EMC 2.5
Equinix 2.5
Nuance Communications 2.1
Intel 2.0
Covanta Holding 1.9
SAVVIS 1.9
SunPower 1.9
Old Republic International 1.8
SBA Communications 1.8
Vale S.A. 1.8
---------------------------------------
MAJOR INDUSTRY % of Net
EXPOSURE Assets
---------------------------------------
Telecommunications 14.8
Energy 13.3
Healthcare 9.8
Computer Software 8.8
Pharmaceuticals 7.8
Financial Services 5.9
Metals and Mining 4.2
Banking/Savings and Loan 3.7
Foods 3.3
Computer Hardware 3.1
---------------------------------------
QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
unavailable)
% of
Portfolio
AAA 1
AA 0
A 8
BBB 5
BB 15
B 17
CCC & below 1
Not Rated 53
* Excludes equity securities and cash
---------------------------------------
ASSET ALLOCATION % of Net
Assets
Convertible Bonds & Notes 74.3
Corporate Bonds & Notes 0.4
Convertible Preferred
Stocks 8.8
Mandatory Convertible
Securities 7.1
Common Stocks 3.7
Cash & Equivalents 5.7
---------------------------------------
Data is unaudited and as of June 30, 2010. 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, 2010.
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
