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 Ellsworth Convertible G & I Fund Announces Dividend, Earnings and Financial Update
Davis-Dinsmore Management Company
Morristown, NJ, October 17, 2005 -- Ellsworth Convertible Growth and Income Fund, Inc. (AMEX - ECF) today reported financial highlights and certain portfolio information for the twelve months ended September 30, 2005.
The Fund declared its seventy-seventh quarterly dividend today:
Dividend
$0.0975 per share
from ordinary income |
Payable Date
November 23, 2005 |
Record Date
October 27, 2005 |
No net capital gains were realized during the fiscal year ended September 30, 2005.
Shareholders who are not members of the Company's Automatic Dividend Investment Plan will be given the option to receive the dividend either in cash or in shares of common stock of the Company. Because of this option, the dividend is taxable to all shareholders whether or not they choose to receive cash.
Shareholders Meeting Date: The directors also set January 13, 2006 as the date of the annual shareholders meeting with a record date of November 16, 2005.
| Earnings Report |
Three Months Ended |
Twelve Months Ended |
|
September 30 |
September 30 |
|
2005
------------------ |
2004
------------------ |
2005
------------------ |
2004
------------------ |
| Net Income |
$1,055,000 |
$832,000 |
$3,830,000 |
$3,647,000 |
| Per Share |
$0.09 |
$0.07 |
$0.31 |
$0.30 |
| Shares Outstanding |
12,362,269 |
12,298,127 |
12,362,269 |
12,298,127 |
| Total Net Assets |
$114,843,000 |
$107,107,000 |
$114,843,000 |
$107,107,000 |
| Net Asset Value |
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| Per Share |
$9.29 |
$8.71 |
$9.29 |
$8.71 |
| Fund Statistics as of September 30, 2005 |
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Top Ten Holdings by underlying common stock as of September 30, 2005 |
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% of Net Assets |
| Market price |
$7.84 |
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Chesapeake Energy Corp. |
4.0 |
| Net asset value (NAV) |
$9.29 |
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The Walt Disney Company |
2.9 |
| Premium/(Discount) |
(15.61)% |
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Nuveen Investments, Inc. |
2.4 |
| Total Net Assets |
$114,843,000 |
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Genworth Financial, Inc. |
2.1 |
| 12-Month income distribution |
$0.295 |
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The St. Paul Travelers Companies, Inc. |
2.1 |
| Yield on market price |
3.76% |
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Amerada Hess Corp. |
2.0 |
| Ratio of expenses |
1.17% |
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MetLife, Inc. |
2.0 |
| Ratio of net income |
3.49% |
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The TJX Companies, Inc. |
2.0 |
| Portfolio turnover |
81.70% |
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The Williams Companies, Inc. |
2.0 |
| Shares outstanding |
12,362,269 |
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Freeport-McMoRan Copper and Gold, Inc. |
1.9 |
| Major Industry Exposure as of September 30, 2005 |
% of Net Assets |
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Portfolio Ratings from Moody's as of September 30, 2005
(From S&P when Moody's is unavailable) |
% of Portfolio |
| Financial and Insurance |
15.3 |
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Aa |
9 |
| Energy |
13.7 |
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A |
7 |
| Pharmaceuticals |
11.6 |
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Baa |
23 |
| Technology |
8.4 |
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Ba |
12 |
| Banking/Savings and Loan |
7.2 |
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B |
29 |
| Retail |
6.4 |
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NR |
20 |
| Telecommunications |
6.3 |
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| Health Care |
5.7 |
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| Entertainment |
4.2 |
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| Chemicals |
3.4 |
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| Asset Allocation as of September 30, 2005 |
% of Net Assets |
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| Convertible Bonds & Notes |
50.8 |
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| Convertible Preferred Stocks |
23.6 |
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| Mandatory Convertible Securities |
17.7 |
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| Common Stock |
3.5 |
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| Short-term Securities |
3.8 |
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| Other Assets |
0.6 |
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Data is unaudited and as of September 30, 2005. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Stockholders for the six months ended March 31, 2005.
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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