ECF

ELLSWORTH GROWTH AND INCOME FUND LTD.

2nd Quarter - June 30, 2022

INVESTMENT OBJECTIVE

Ellsworth Growth and Income Fund Ltd. operates as a closed-end, diversified management investment company and invests primarily in convertible securities and common stock, 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.

PORTFOLIO HIGHLIGHTS - 06/30/22

Total Net Assets

$165 Million

Net Asset Value ("NAV") per share

$9.84

NYSE American Market Price

$8.52

Premium (Discount)

(13.4)%

Expense Ratio (a)(b)

1.1%

Turnover (b)

18%

Inception Date

6/30/1986

Cash & Equivalents

0.5%

  1. Ratio of operating expenses to average net assets attributable to common shares.
  2. As of 3/31/22

TOP SECTORS OF PORTFOLIO

NYSE American: ECF

CUSIP: 289074106

CAPITAL STRUCTURE

14 Million

$135 Million

Common Shares

(NAV)

5.25% Series A

$30

Cumulative Preferred (ECF PrA)

Million

Convertible Investment Risk. Similarly to straight debt, a convertible bond contains the risk of the issuer not being able to repay the principal at maturity. Credit risk or default risk refers to the risk which may arise due to default on the part of the issuer of the fixed income security (i.e. will be unable to make timely principal and interest payments on the security). Normally, the value of a fixed income security will fluctuate depending upon the actual changes in the perceived level of credit risk as well as the actual event of default. Interest rate risk also refers to the risk that bond prices generally fall as interest rates rise and vice versa. Preferred securities may include provisions that permit the issuer to defer or omit distributions for a certain period of time and reporting the distribution for tax purposes may be required even though the income may not have been received. Further preferred securities may lose substantial value, due to the omission or deferment of dividend payments.

Leverage Risk. The use of leverage, which can be described as exposure to changes in price at a ratio greater than the amount of equity invested, through the issuance­ of preferred shares, magnifies both the favorable and unfavorable effects of price movements in the investments made by the Fund. The Fund's use of leverage in its investment operations subjects it to substantial risk of loss.

TOP TEN HOLDINGS

Computer Software &

19.8%

Services

Health Care

13.1%

Real Estate Investment

8.5%

Trusts

Financial Services

6.6%

Telecommunications

6.2%

Information regarding the Fund's distribution policy and the most recent quarterly report, which contains a more extensive list of holdings, is available by calling 800-GABELLI(800-422-3554). The distribution rate is not representative of dividend yield or the total return of the Fund. After the end of the calendar year, the Fund will send you a Form 1099- DIV that will tell you how to report the year's distribution for federal income tax purposes.

  • NextEra Energy Inc., CVP
  • Eli Lilly and Co.
  • Microsoft Corp.
  • Equinix Inc.
  • Lumentum Holdings Inc., 0.500%, 12/15/26 & 0.500%, 06/15/28 Broadcom Inc. 8.00%, 09/30/22
  • Cutera Inc., 2.25%, 03/15/26, & 2.25%, 06/01/28
  • i3 Verticals LLC, 1.00%, 02/15/25
  • Broadcom Inc. CVP
  • Ford Motor Co., 0.00%, 03/15/26
  • Verint Systems Inc., 0.25%, 04/15/26

The top ten holdings and top sectors listed are not necessarily representative of the entire portfolio and are subject to change.

To participate in the Dividend Reinvestment Cash Purchase Plan please contact American Stock Transfer (888) 888-0314

ELLSWORTH GROW TH AND INCOME FUND LTD.

2nd Quarter - June 30, 2022

PORTFOLIO MANAGEMENT

Thomas Dinsmore, CFA, joined Gabelli Funds LLC. in 2015. He currently serves as portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Funds Complex. From 1996 to 2015 Mr. Dinsmore was Chairman and CEO of Dinsmore Capital Management; CEO and Portfolio Manager of Bancroft Fund Ltd; and CEO, Portfolio Manager, and co-founder of Ellsworth Fund Ltd. He has a BS in Economics from the Wharton School of Business and an M.A. in Economics from Fairleigh Dickinson University.

James Dinsmore, CFA, joined Gabelli Funds LLC. in 2015. He currently serves as portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Funds Complex. Mr. Dinsmore received a BA in Economics from Cornell University and an MBA from Rutgers University.

PERFORMANCE

Total Returns through June 30, 2022 (a) (b)

Ellsworth Growth and Income Fund Ltd.

Quarter

1 Year

3 Year

5 Year

10 Year

Since Inception

(06/30/86)

NAV Total Return (c)

(17.59)%

(26.91)%

4.28%

7.10%

8.64%

7.68%

Investment Total Return (d)

(18.37)

(34.46)

3.69

6.78

9.17

8.08

ICE BofA U.S. Convertibles Index

(15.65)

(20.63)

10.08

10.02

10.63

N/A (e)

Bloomberg Balanced U.S. Convertibles

(13.72)

(21.07)

7.10

6.91

7.25

N/A (f)

Index

(a) Performance returns for periods of less than one year are not annualized. Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund's use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The ICE BofA U.S. Convertibles Index is a market value weighted index of all dollar denominated convertible securities that are exchangeable into U.S. equities that have a market value of more than $50 million. The Bloomberg Balanced U.S. Convertibles Index is a market value weighted index that tracks the performance of publicly placed, dollar denominated convertible securities that are between 40% and 80% sensitive to movements in their underlying common stocks. Dividends and interest income are considered reinvested. You cannot invest directly in an index.

  1. The Fund's fiscal year ends on September 30.
  2. Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date

for tTotal returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date for the period beginning November 2015, and are net of expenses. Total returns and average annual returns were not adjusted for the 2004 rights offering. For the period from December 2008 through October 2015, distributions were reinvested on the payable date using market prices. From inception through November 2008, distributions were reinvested on the payable date using NAV. Since inception return is based on an initial NAV of $9.30.

  1. Total returns and average annual returns reflect changes in closing market values on the NYSE American and reinvestment of distributions. Total returns and average annual returns were not adjusted for the 2004 rights offering. Since inception return is based on an initial offering price of $10.00.
  2. The ICE BofA U.S. Convertibles Index inception date is December 31, 1994.
  3. The Bloomberg Balanced U.S. Convertibles Index inception date is January 1, 2003.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.

One Corporate Center, Rye, NY 10580-1422 | 1-800-GABELLI | www.gabelli.com

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Disclaimer

Ellsworth Growth and Income Fund Ltd. published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2022 20:04:03 UTC.