 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 |
|
|
|
|
|
|
|
|
|
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|
|
|
|
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) |
|
|
|
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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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