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Ellsworth Fund Ltd. Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
April 16, 2007
Cusip 289074106 |
For Information:
Joshua P. Lake
(973) 631-1177 |
Ellsworth Fund Ltd. (AMEX - ECF)
today reported financial highlights and certain portfolio information for the six months
ended March 31, 2007.
The Fund declared its eighty-third quarterly dividend
today:
|
|
Payable date |
|
Record date |
$0.08 per share
from ordinary income |
 |
May 30, 2007 |
|
May 16, 2007 |
| |
Three Months Ended
March 31 |
Six Months Ended
March 31 |
| Earnings Report |
2007 |
2006 |
2007 |
2006 |
| Net Income |
$1,163,000 |
$1,203,000 |
$2,229,000 |
$2,145,000 |
| Per Share |
$0.09 |
$0.10 |
$0.18 |
$0.17 |
| Shares Outstanding |
12,659,098 |
12,429,083 |
12,659,098 |
12,429,083 |
| Total Net Assets |
$123,187,000 |
$118,207,000 |
$123,187,000 |
$118,207,000 |
| Net Asset Value Per Share |
$9.73 |
$9.51 |
$9.73 |
$9.51 |
| Fund
Statistics as of March 31, 2007 |
|
Top Ten Holdings by underlying common stock as of March 31, 2007 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$8.58 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$9.73 |
|
The Walt Disney Company |
3.0 |
| Premium/(Discount) |
|
(11.82)% |
|
Celanese Corp. |
|
2.7 |
| Total Net Assets |
|
$123,187,000 |
|
Nuveen Investments, Inc. |
|
2.5 |
| 12-Month income distribution |
$0.35 |
|
Prudential Financial, Inc. |
2.4 |
| Yield on market price |
|
4.08% |
|
Equinix,
Inc. |
2.3 |
| Ratio of expenses |
|
1.11%* |
|
Bristol-Myers Squibb Co. |
|
2.1 |
| Ratio of
net income |
|
|
3.69%* |
|
MetLife, Inc. |
2.1 |
| Portfolio Turnover |
|
42.94% |
|
Alleghany Corp. |
2.0 |
| Shares
outstanding |
|
|
12,659,098 |
|
Teva Pharmaceutical Industries Ltd. |
2.0 |
| * Annualized |
|
|
|
U.S. Bancorp |
2.0 |
|
|
|
|
|
|
|
| Major Industry Exposure |
|
|
% of |
|
Portfolio Ratings from Moody's |
|
|
| as of March 31, 2007 |
|
|
Net Assets |
|
as of March 31, 2007 |
|
|
| Pharmaceuticals |
|
|
12.2 |
|
(From S&P when Moody's
is unavailable) |
|
% of
Portfolio |
| Insurance |
|
10.8 |
|
Aa |
|
13 |
| Semiconductors |
|
|
10.7 |
|
A |
|
18 |
| Energy |
|
|
7.8 |
|
Baa |
|
20 |
| Banking/Savings and Loan |
|
6.9 |
|
Ba |
|
7 |
| Computer Hardware |
|
|
5.6 |
|
B |
|
16 |
| Multi-Industry |
|
|
5.6 |
|
<B |
|
1 |
| Aerospace and Defense |
|
|
5.1 |
|
NR |
|
21 |
| Telecommunications |
|
|
4.8 |
|
Common Stock |
|
4 |
| Chemicals |
|
|
4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of March 31, 2007 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds & Notes |
|
|
62.0 |
|
|
|
|
| Convertible Preferred Stock |
|
|
10.9 |
|
|
|
|
| Mandatory Convertibles |
|
|
20.7 |
|
|
|
|
| Common Stock |
|
|
4.2 |
|
|
|
|
| Other Assets |
|
|
2.2 |
|
|
|
|
Data is unaudited and as of March 31, 2007. This selected
information should be read in conjunction with the financial statements and notes included
in the Company's Annual Report to Shareholders for the twelve months ended September 30,
2006.
Detailed portfolio information is available on our website (http://www.ellsworthfund.com). Contact us by
e-mail at info@ellsworthfund.com or call us at
(973) 631-1177.
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. |