Davis-Dinsmore Management Company
Morristown, NJ, July 18, 2006 -- Ellsworth Fund Ltd. (ECF) today reported financial highlights and certain portfolio information for the nine months ended June 30, 2006.
The Fund declared its eightieth quarterly dividend today:
| $0.07 per share |
Payable Date |
Record Date |
| from ordinary income |
August 30, 2006 |
August 16 , 2006 |
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Earnings Report Three Months Ended Nine Months Ended
June 30 June 30
2006 2005 2006 2005
------------ ------------ ------------ ------------
Net Income $927,000 $1,178,000 $3,072,000 $2,775,000
Per Share $0.07 $0.10 $0.25 $0.22
Shares Outstanding 12,429,083 12,362,269 12,429,083 12,362,269
Total Net Assets $115,438,000 $108,694,000 $115,438,000 $108,694,000
Net Asset Value Per
Share $9.29 $8.79 $9.29 $8.79
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Fund Statistics as of Top Ten Holdings by underlying common
June 30, 2006 stock as of June 30, 2006
% of Net Assets
Market value $7.95 The Walt Disney Company 3.6
Net asset value (NAV) $9.29 Nuveen Investments, Inc. 2.5
Premium/(Discount) (14.42)% Advanced Micro Devices, Inc. 2.2
Total Net Assets $115,438,000 Chesapeake Energy Corp. 2.2
12-Month income Celanese Corp. 2.1
distribution $0.3075 Euronet Worldwide, Inc. 2.1
Yield on market value 3.87% Genworth Financial, Inc. 2.1
Ratio of expenses 1.26%* The St. Paul Travelers
Ratio of net income 3.55%* Companies, Inc. 2.1
Portfolio turnover 51.69% The TJX Companies, Inc. 2.1
Shares outstanding 12,429,083 Manor Care, Inc. 1.9
* Annualized
Major Industry Exposure Portfolio Ratings from Moody's
as of June 30, 2006 as of June 30, 2006
% of Net Assets (From S&P when Moody's is unavailable)
Technology 18.0
Financial and Insurance 15.5 % of Portfolio
Pharmaceuticals 10.2 Aa 10
Energy 9.3 A 14
Banking/Savings and Loan 5.7 Baa 20
Entertainment 5.3 Ba 7
Aerospace and Defense 4.7 B 19
Health Care 4.3 < B 1
Retail 4.1 NR 29
Telecommunications 3.6
Asset Allocation as of June 30, 2006
% of Net Assets
Convertible Bonds & Notes 58.0
Convertible Preferred Stock 18.5
Mandatory Convertibles 17.1
Common Stock 3.3
Short-term Securities 1.0
Other Assets 2.1
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Data is unaudited and as of June 30, 2006. 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, 2006.
Ellsworth is a diversified closed-end management investment company. Ellsworth's investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. It seeks to achieve this objective by investing primarily in convertible securities.
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