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Ellsworth Fund Ltd. Increases Quarterly Dividend Over Previous Quarter
and Announces Earnings and Financial Update
Davis-Dinsmore Management Company

 

July 17, 2007 - Ellsworth Fund Ltd. (AMEX - ECF) today reported financial highlights and certain portfolio information for the nine months ended June 30, 2007.

 

The Fund declared its eighty-fourth quarterly dividend today.  The ten cents ($0.10) per share dividend is payable from net investment income, and represents an increase of 25%, or two cents ($0.02) per share, over the previous dividend.

 

 

 

Payable date

 

Record date

$0.10 per share
from ordinary income

August 30, 2007

August 16, 2007

 

 

Three Months Ended
June 30

Nine Months Ended
June 30

Earnings Report

2007

2006

2007

2006

Net Income

$1,118,000

$927,000

$3,347,000

$3,072,000

Per Share

$0.09

$0.07

$0.26

$0.25

Shares Outstanding

12,659,098

12,429,083

12,659,098

12,429,083

Total Net Assets

$129,587,000

$115,438,000

$129,587,000

$115,438,000

Net Asset Value Per Share

$10.24

$9.29

$10.24

$9.29

 

Fund Statistics as of June 30, 2007

 

Top Ten Holdings by underlying common stock as of June 30, 2007

 

 

 

 

 

 

 

% of

Market price

 

 

$9.14

 

 

 

Net Assets

Net asset value (NAV)

 

$10.24

 

LSB Industries, Inc.

3.2

Premium/(Discount)

 

(10.74)%

 

Celanese Corp.

 

3.1

Total Net Assets

 

$129,587,000

 

Prudential Financial, Inc.

 

2.4

12-Month income distribution

$0.36

 

LSI Corp.

2.3

Yield on market price

 

3.94%

 

The Walt Disney Company

2.3

Ratio of expenses

 

1.09%*

 

Bristow Group Inc.

 

2.2

Ratio of net income

 

 

3.62%*

 

Alleghany Corp.

 

2.0

Portfolio turnover

 

59.71%

 

Freeport-McMoRan Copper & Gold Inc.

2.0

Shares outstanding

 

 

12,659,098

 

MetLife, Inc.

2.0

* Annualized

 

 

 

New York Community Bancorp, Inc.

2.0

 

 

 

 

 

 

 

Major Industry Exposure

 

 

% of

 

Portfolio Ratings from Moody's

 

 

as of June 30, 2007

 

 

Net Assets

 

as of June 30, 2007

 

 

Insurance

 

 

9.5

 

(From S&P when Moody's
is unavailable)

 

% of
Portfolio

Energy

 

9.3

 

Aa

 

11

Pharmaceuticals

 

 

7.5

 

A

 

16

Semiconductors

 

 

6.6

 

Baa

 

17

Banking/Savings and Loan

 

6.5

 

Ba

 

7

Multi-Industry

 

 

6.5

 

B

 

19

Computer Hardware

 

 

5.3

 

<B

 

0

Computer Software

 

 

4.9

 

NR

 

28

Chemicals

 

 

4.6

 

Common Stocks

 

2

Health Care

 

 

4.2

 

 

 

 

 

 

 

 

 

 

 

 

Asset Allocation

 

 

% of

 

 

 

 

as of June 30, 2007

 

 

Net Assets

 

 

 

 

Convertible Bonds and Notes

 

 

64.1

 

 

 

 

Corporate Bonds and Notes

 

 

  1.2

 

 

 

 

Convertible Preferred Stock

 

 

11.3

 

 

 

 

Mandatory Conv. Securities

 

 

18.9

 

 

 

 

Common Stock

 

 

  1.6

 

 

 

 

Short-term Securities

 

 

  4.4

 

 

 

 

Other Assets

 

 

 (1.5)

 

 

 

 

 

Data is unaudited and as of June 30, 2007. 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, 2007.

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