Ellsworth Fund Ltd. Announces Earnings and Financial Update
Ellsworth Fund Ltd. (NYSE Amex: ECF) today reported earnings, financial highlights and certain portfolio information for the three months ended December 31, 2011:
| EARNINGS REPORT | Three Months Ended | |||||
| December 31 | ||||||
| 2011 | 2010 | |||||
| Net Income | $990,000 | $951,000 | ||||
| Per Share | $0.07 | $0.07 | ||||
| Shares Outstanding | 13,453,777 | 13,409,101 | ||||
| Total Net Assets | $104,557,000 | $112,354,000 | ||||
| Net Asset Value Per Share | $7.77 | $8.38 | ||||
| FUND STATISTICS | ||||||
| Market price | $6.60 | |||||
| Net asset value (NAV) | $7.77 | |||||
| Premium/(Discount) | (15.06 | )% | ||||
| Total Net Assets | $104,557,000 | |||||
| 12-Month income distribution | $0.244 | |||||
| Yield on market price | 3.70 | % | ||||
| Ratio of expenses (annualized) | 1.16 | % | ||||
| Ratio of net income (annualized) | 3.77 | % | ||||
| Portfolio turnover | 7.72 | % | ||||
| Shares outstanding | 13,453,777 | |||||
| TOP TEN HOLDINGS | ||||||
| by underlying common stock | % of Net | |||||
| Assets | ||||||
| Intel | 2.7 | % | ||||
| EMC | 2.6 | % | ||||
| Verizon Communications | 2.3 | % | ||||
| Equinix | 2.3 | % | ||||
| Nuance Communications | 2.1 | % | ||||
| AT&T | 2.0 | % | ||||
| Chesapeake Energy | 2.0 | % | ||||
| Wells Fargo | 2.0 | % | ||||
| SBA Communications | 1.8 | % | ||||
| Fifth Third Bancorp | 1.6 | % | ||||
| MAJOR INDUSTRY | % of Net | |||||
| EXPOSURE | Assets | |||||
| Telecommunications | 13.1 | % | ||||
| Energy | 11.9 | % | ||||
| Pharmaceuticals | 11.0 | % | ||||
| Financial Services | 8.7 | % | ||||
| Semiconductors | 8.0 | % | ||||
| Computer Software | 6.4 | % | ||||
| Banking/Savings and Loan | 5.8 | % | ||||
| Metals and Mining | 4.8 | % | ||||
| Healthcare | 4.3 | % | ||||
| Computer Hardware | 2.9 | % | ||||
| QUALITY ALLOCATION * | ||||||
| (From Moody's or S&P when Moody's is unavailable) | ||||||
| % of Portfolio | ||||||
| AAA | 1 | |||||
| AA | 4 | |||||
| A | 22 | |||||
| BBB | 17 | |||||
| BB | 18 | |||||
| B | 12 | |||||
| CCC & below | 2 | |||||
| Not Rated | 24 | |||||
| * Excludes equity securities and cash | ||||||
| ASSET ALLOCATION | % of Net | |||||
| Assets | ||||||
| Convertible Bonds & Notes | 60.9 | |||||
| Corporate Bonds & Notes | 0.2 | |||||
| Convertible Preferred Stocks | 13.0 | |||||
| Mandatory Convertible Securities | 11.1 | |||||
| Common Stocks | 9.8 | |||||
| Cash & Equivalents | 5.0 | |||||
Data is unaudited and as of December 31, 2011. 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, 2011.
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
info@ellsworthfund.com
www.ellsworthfund.com
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