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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 |
Payable Date |
Record Date |
|
$0.0975 per share from ordinary income |
November 23, 2005 |
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.
|
| |
Three Months Ended September 30 |
Twelve Months Ended September 30 |
| Earnings Report |
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 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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|
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% of |
| Market price |
|
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$7.84 |
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Net Assets |
| Net asset value (NAV) |
|
$9.29 |
|
Chesapeake Energy Corp. |
4.0 |
| Premium/(Discount) |
|
(15.61)% |
|
The Walt Disney Company |
|
2.9 |
| Total Net Assets |
|
$114,843,000 |
|
Nuveen Investments, Inc. |
|
2.4 |
| 12-Month income distribution |
$0.295 |
|
Genworth Financial, Inc. |
2.1 |
| Yield on market price |
|
3.76% |
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The St. Paul Travelers Companies, Inc. |
2.1 |
| Ratio of expenses |
|
1.17% |
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Amerada Hess Corp. |
|
2.0 |
| Ratio of net income |
|
|
3.49% |
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MetLife, Inc. |
|
2.0 |
| Portfolio Turnover |
|
81.70% |
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The TJX Companies, Inc. |
2.0 |
| Shares outstanding |
|
|
12,362,269 |
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The Williams Companies, Inc. |
2.0 |
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Freeport-McMoRan Copper and Gold, Inc. |
1.9 |
| Major Industry Exposure |
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% of |
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| as of September 30, 2005 |
|
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Net Assets |
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Portfolio Ratings from Moody's |
|
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| Financial & Insurance |
|
|
15.3 |
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as of September 30, 2005 |
|
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| Energy |
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|
13.7 |
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(From S&P when Moody's
is unavailable) |
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% of
Portfolio |
| Pharmaceuticals |
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11.6 |
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Aa |
|
9 |
| Technology |
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8.4 |
|
A |
|
7 |
| Banking/Savings & Loan |
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7.2 |
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Baa |
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23 |
| Retail |
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6.4 |
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Ba |
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12 |
| Telecommunications |
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6.3 |
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B |
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29 |
| Health Care |
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5.7 |
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NR |
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20 |
| Entertainment |
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4.2 |
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| Chemicals |
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3.4 |
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| Asset Allocation |
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% of |
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| as of September 30, 2005 |
|
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Net Assets |
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| Convertible Bonds & Notes |
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50.8 |
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|
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| Convertible Preferred Stock |
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|
23.6 |
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| Mandatory Convertible Securities |
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|
17.7 |
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| Common Stock |
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3.5 |
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| Short-term Securities |
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3.8 |
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| Other Assets |
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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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