UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-04656
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Ellsworth Fund Ltd.
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(Exact name of registrant as specified in charter)
65 Madison Avenue, Morristown, New Jersey 07960-7308
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(Address of principal executive offices) (Zip code)
Thomas H. Dinsmore
Ellsworth Fund Ltd.
65 Madison Avenue
Morristown, New Jersey 07960-7308
(Name and address of agent for service)
Copy to:
Martha J. Hays, Esq.
Ballard Spahr Andrews & Ingersoll, LLP
1735 Market Street, 49th Floor
Philadelphia, PA 19103-7599
Registrant's telephone number, including area code: 973-631-1177
Date of fiscal year end: September 30, 2007
Date of reporting period: December 31, 2006
ITEM 1. SCHEDULE OF INVESTMENTS.
ELLSWORTH FUND LTD.-------------------------------------------------------------
PORTFOLIO OF INVESTMENTS December 31, 2006 (unaudited)--------------------------
Principal Value
Amount (Note 1)
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CONVERTIBLE BONDS AND NOTES -- 59.5%
AEROSPACE AND DEFENSE -- 5.0%
$1,500,000 AAR Corp. 1.75% 2026 cv. sr. notes (BB) . . . . . . . . . . . $ 1,762,500
1,000,000 Alliant Techsystems Inc. 2.75% 2011 cv.
sr. sub. notes (B1)
(Acquired 09/07/06; Cost $1,009,375) (1) . . . . . . . . . .. 1,027,500
1,000,000 Ceradyne, Inc. 2.875% 2035 sr. sub. cv. notes (NR) (2) . . .. 1,203,750
2,000,000 DRS Technologies, Inc. 2% 2026 cv. sr. notes (B1)
(Acquired 01/30/06; Cost $2,100,194) (1,2) . . . . . . . . .. 2,115,000
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6,108,750
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BANKING/SAVINGS AND LOAN -- 1.3%
1,500,000 U.S. Bancorp floating rate 2035
cv. sr. deb. (Aa2) . . . . . . . . . . . . . . . . . . . . .. 1,522,500
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COMPUTER HARDWARE -- 3.8%
1,000,000 C&D Technologies, Inc. 5.25% 2025 cv. sr. notes (NR)
(Acquired 11/16/05; Cost $1,000,000) (1) . . . . . . . . . .. 921,250
2,000,000 Credit Suisse First Boston (USA), Inc. 15.55% 2007
equity-linked notes (Aa3)(exchangeable for
Corning Inc. common stock) . . . . . . . . . . . . . . . . .. 1,782,600
250,000 EMC Corp. 1.75% 2011 cv. sr. notes (BBB+)
(Acquired 11/13/06; Cost $250,000) (1) . . . . . . . . . . .. 260,313
500,000 EMC Corp. 1.75% 2013 cv. sr. notes (BBB+)
(Acquired 11/13/06; Cost $500,000) (1) . . . . . . . . . . .. 520,625
1,000,000 Richardson Electronics, Ltd. 8% 2011
cv. sr. sub. notes (NR) . . . . . . . . . . . . . . . . . .. 1,130,000
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4,614,788
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COMPUTER SOFTWARE -- 3.2%
1,500,000 Lehman Brothers Holdings Inc. 1% 2009 medium-term notes (A1)
(performance linked to Microsoft Corp. common stock) (2) . .. 1,567,500
1,000,000 Sybase, Inc. 1.75% 2025 cv. sub. notes (NR) . . . . . . . . . 1,117,500
1,000,000 Symantec Corp. 1% 2013 cv. sr. notes (NR) . . . . . . . . . . 1,221,250
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3,906,250
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CONSUMER GOODS -- 1.2%
1,000,000 Church & Dwight Co., Inc. 5.25% 2033 cv. sr. deb. (Ba1) . . . 1,445,000
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ENERGY -- 4.3%
1,000,000 Cameron International Corp. 2.50% 2026 cv. sr. notes (Baa1) . 1,078,750
1,500,000 Nabors Industries, Inc. 0.94% 2011 sr. exchangeable
notes (A-)(exchangeable for Nabors Industries Ltd.
common stock). . . . . . . . . . . . . . . . . . . . . . . .. 1,441,875
1,000,000 Oil States International, Inc. 2.375% 2025
contingent cv. sr. notes (NR) . . . . . . . . . . . . . . . . 1,253,750
1,250,000 Rentech, Inc. 4% 2013 cv. sr. notes (NR) . . . . . . . . . .. 1,422,650
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5,197,025
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ENTERTAINMENT -- 6.3%
2,000,000 EchoStar Communications Corp. 5.75% 2008 cv. sub. notes (B1) 2,047,500
1,000,000 International Game Technology 2.60% 2036 cv. deb. (Baa2)
(Acquired 12/14/06 - 12/15/06; Cost $994,189) (1,2) . . . . . 997,500
3,750,000 The Walt Disney Company 2.125% 2023 cv. sr. notes (A3) . . .. 4,575,000
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7,620,000
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FINANCIAL SERVICES -- 1.8%
2,000,000 Euronet Worldwide, Inc. 3.50% 2025 cv. deb. (NR) (2) . . . .. 2,137,500
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Page 1
ELLSWORTH FUND LTD.-------------------------------------------------------------
PORTFOLIO OF INVESTMENTS December 31, 2006 (continued)--------------------------
Principal Value
Amount (Note 1)
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CONVERTIBLE BONDS AND NOTES -- CONTINUED
FOODS -- 0.9%
$1,000,000 Lehman Brothers Holdings Inc. 3% 2012 medium-term
notes (A1) (performance linked to General Mills, Inc.
common stock) (2) . . . . . . . . .. . . . . . . . . . . . .. $ 1,059,500
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HEALTH CARE -- 3.8%
1,000,000 American Medical Systems Holdings, Inc. 3.25% 2036
cv. sr. sub. notes (B3) (2) 1,171,250
812,000 China Medical Technologies, Inc. 3.5% 2011 cv.
sr. sub. notes (NR) (Acquired 11/15/06 - 12/01/06;
Cost $825,585) (1) . . . . . . . . . . . . . . . . . . . . .. 866,810
1,500,000 Manor Care, Inc. 2.125% 2035 cv. sr. notes (Baa3) . . . . . . 1,702,500
1,000,000 Omnicare, Inc. 3.25% 2035 cv. sr. deb. (B2) (2) . . . . . . . 872,500
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4,613,060
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INSURANCE -- 1.6%
2,000,000 Prudential Financial, Inc. floating rate 2036
cv. sr. notes (NR) (Acquired 12/08/06;
Cost $1,981,000) (1) . . . . . . . . . . . . . . . . . . . .. 1,978,400
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MINING -- 0.1%
125,000 Minefinders Corp. Ltd. 4.5% 2011 cv. sr. notes (NR)
(Acquired 10/19/06; Cost $125,000) (1) . . . . . . . . . . .. 140,625
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MULTI-INDUSTRY -- 6.7%
2,000,000 Citigroup Funding, Inc. 1% 2010 medium-term notes (Aa1)
(exchangeable for the cash value of a basket of
technology stocks) (2) . . . . . . . . . . . . . . . . . . .. 1,956,400
1,590,000 FTI Consulting, Inc. 3.75% 2012 cv. sr. sub. notes (B1) . . . 1,836,450
1,500,000 LSB Industries, Inc. 7% 2011 cv. sr. sub. deb. (NR) . . . . . 2,482,500
1,000,000 Lehman Brothers Holdings Inc. 1% 2011
medium-term notes (A1)(performance linked to a
basket of common stocks) (2) . . . . . . . . . . . . . . . .. 850,000
1,000,000 Trinity Industries, Inc. 3.875% 2036 cv. sub.
notes (Ba3) (2) . . . . . . . . . . . . . . . . . . . . . . . 1,015,000
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8,140,350
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PHARMACEUTICALS -- 6.7%
1,250,000 Amgen Inc. 0.125% 2011 cv. sr. notes (A2) . . . . . . . . . . 1,225,000
500,000 Amgen Inc. 0.375% 2013 cv. sr. notes (A2) . . . . . . . . . . 493,750
1,000,000 Bristol-Myers Squibb Co. floating rate 2023
cv. sr. deb. (A2) . . . . . . . . . . . . . . . . . . . . . . 1,005,000
1,000,000 Ivax Corp. 4.5% 2008 cv. sr. sub. notes (NR)
(exchangeable for Teva Pharmaceutical
Industries Ltd. ADR and cash) . . . . . . . . . . . . . . . . 991,250
750,000 MedImmune, Inc. 1.375% 2011 cv. sr. notes (BBB) . . . . . . . 851,250
750,000 MedImmune, Inc. 1.625% 2013 cv. sr. notes (BBB) . . . . . . . 864,375
1,750,000 Teva Pharmaceutical Finance Co. B.V. 1.75% 2026
cv. sr. deb. (Baa2) (exchangeable for Teva
Pharmaceutical Industries Ltd. ADR) . . . . . . . . . . . . . 1,620,938
1,000,000 Wyeth floating rate 2024 cv. sr. deb. (A3) . . . . . . . . .. 1,090,600
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8,142,163
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REAL ESTATE -- 1.3%
500,000 Archstone-Smith Operating Trust 4% 2036
exchangeable sr. notes (Baa1) (exchangeable
into Archstone-Smith Trust common stock) . . . . . . . . . .. 535,625
1,000,000 United Dominion Realty Trust, Inc. 3.625% 2011
cv. sr. notes (NR) (Acquired 10/06/06; Cost
$986,875) (1) . . . . . . . . . . . . . . . . . . . . . . . . 1,005,000
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1,540,625
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RETAIL -- 1.2%
1,500,000 Amazon.com, Inc. 4.75% 2009 cv. sub. notes (Ba3) . . . . . .. 1,479,375
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Page 2
ELLSWORTH FUND LTD.-------------------------------------------------------------
PORTFOLIO OF INVESTMENTS December 31, 2006 (continued)--------------------------
Principal Value
Amount (Note 1)
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CONVERTIBLE BONDS AND NOTES -- CONTINUED
SEMICONDUCTORS -- 7.8%
1,000,000 Agere Systems Inc. 6.5% 2009 cv. sub. notes (B1) . . . . . .. $ 1,022,500
1,000,000 Conexant Systems, Inc. 4% 2026 cv. sub. notes (NR) . . . . .. 913,750
2,000,000 Intel Corp. 2.95% 2035 jr. sub. cv. deb. (A-) (2) . . . . . . 1,820,000
1,750,000 International Rectifier Corp. 4.25% 2007 cv. sub. notes (B1). 1,745,625
1,500,000 LSI Logic Corp. 4% 2010 cv. sub. notes (B) . . . . . . . . .. 1,546,875
1,100,000 SanDisk Corp. 1% 2013 cv. sr. notes (BB-) . . . . . . . . . . 979,000
1,400,000 Vishay Intertechnology, Inc. 3.625% 2023 cv. sub. notes (B3). 1,405,250
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9,433,000
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TELECOMMUNICATIONS -- 1.0%
1,000,000 Time Warner Telecom Inc. 2.375% 2026 cv. sr. deb. (Caa1) . .. 1,262,500
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UTILITIES -- 1.6%
1,500,000 CMS Energy Corp. 2.875% 2024 cv. sr. notes (Ba3) . . . . . .. 1,920,000
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TOTAL CONVERTIBLE BONDS AND NOTES . . . . . . . . . . . . . . $ 72,261,411
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Shares
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CONVERTIBLE PREFERRED STOCKS -- 17.1%
AEROSPACE AND DEFENSE -- 0.4%
40,000 Ionatron, Inc. 6.5% Series A redeemable
cv. pfd. (NR) (Acquired 10/27/05;
Cost $1,000,000) (1) . . . . . . . . . . . . . . . . . . . .. 520,000
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BANKING/SAVINGS AND LOAN -- 4.6%
40,000 National Australia Bank Ltd. 7.875%
exch. capital units (NR) . . . . . . . . . . . . . . . . . .. 2,060,000
20,000 New York Community Bancorp, Inc. 6% BONUSES units (Baa2) . . 932,000
35,000 Sovereign Capital Trust IV 4.375% PIERS (Baa2)
(exchangeable for Sovereign Bancorp, Inc. common stock) (2) . 1,741,250
15,000 Washington Mutual Capital Trust 5.375% PIERS units (BBB)
(exchangeable for Washington Mutual, Inc. common stock) . . . 856,800
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5,590,050
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BUILDING PRODUCTS -- 1.8%
35,000 TXI Capital Trust I 5.5% SPuRS (B2)
(exchangeable for Texas Industries, Inc. common stock) . . .. 2,223,375
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CHEMICALS -- 2.4%
80,000 Celanese Corp. 4.25% cv. perpetual pfd. (NR) . . . . . . . .. 2,880,000
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ENERGY -- 1.6%
10,000 Chesapeake Energy Corp. 4.5% cum. cv. pfd. (B+) . . . . . . . 957,500
5,000 SEMCO Energy, Inc. 5% Series B cv. cum. pfd. (B-) . . . . . . 961,250
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1,918,750
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INSURANCE -- 5.6%
75,000 Citigroup Funding Inc. variable rate exch. notes (Aa1)
(exchangeable for Genworth Financial, Inc. common stock) . .. 2,424,000
20,000 Reinsurance Group of America, Inc. 5.75% PIERS (Baa2) . . . . 1,400,000
112,500 The St. Paul Travelers Companies, Inc.
4.5% 2032 cv. jr. sub. notes (Baa1) . . . . . . . . . . . . . 2,940,750
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6,764,750
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Page 3
ELLSWORTH FUND LTD.-------------------------------------------------------------
PORTFOLIO OF INVESTMENTS December 31, 2006 (continued)--------------------------
Value
Shares (Note 1)
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CONVERTIBLE PREFERRED STOCKS -- CONTINUED
TELECOMMUNICATIONS -- 0.7%
100 Medis Technologies Ltd 7.25% Series A cum. cv.
perpetual pfd. (NR)(Acquired 11/10/06;
Cost $1,000,000) (1) . . . . . . . . . . . . . . . . . . . .. $ 869,184
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TOTAL CONVERTIBLE PREFERRED STOCKS . . . . . . . . . . . . .. 20,766,109
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MANDATORY CONVERTIBLE SECURITIES -- 17.5% (3)
CHEMICALS -- 1.4%
40,000 Huntsman Corp. 5% mandatory cv. pfd. 02/16/08 (NR) . . . . .. 1,663,200
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ENERGY -- 1.5%
30,000 Bristow Group Inc. 5.5% mandatory cv. pfd. 09/15/09 (NR) . .. 1,514,850
1,000 Chesapeake Energy Corp. 6.25% mandatory
cv. pfd. 06/15/09 (B+) . . . . . . . . . . . . . . . . . . .. 252,410
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1,767,260
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FINANCE -- 2.8%
30,000 Merrill Lynch & Co., Inc. 6.75% mandatorily exchangeable
securities 10/15/07 (Aa3) (exchangeable for Nuveen
Investments, Inc. common stock). . . . . . . . . . . . . . .. 1,361,250
45,500 Morgan Stanley, Inc. 5.875%
mandatorily exchangeable securities 10/15/08 (Aa3)
(exchangeable for Nuveen Investments, Inc. common stock). . . 2,079,491
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3,440,741
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FINANCIAL SERVICES -- 1.0%
43,500 E*TRADE Financial Corp. 6.125% equity units 11/18/08 (Ba3) .. 1,269,765
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FOODS -- 0.9%
40,000 Lehman Brothers Holdings Inc. 6.25% PIES 10/15/07 (A1)
(exchangeable for General Mills, Inc. common stock) . . . . . 1,100,800
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INSURANCE -- 5.5%
7,000 Alleghany Corp. 5.75% mandatory cv. pfd. 06/15/09 (BBB-) . .. 2,397,010
80,000 MetLife, Inc. 6.375% common equity units 08/15/08 (BBB+) . .. 2,446,400
45,000 XL Capital, Ltd. 6.5% equity security units 05/15/07 (A3) .. 1,071,675
30,000 XL Capital, Ltd. 7% equity security units 02/15/09 (A3) . . . 795,000
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6,710,085
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PHARMACEUTICALS -- 0.9%
20,000 Schering-Plough Corp. 6% mand. cv. pfd. 09/14/07 (Baa3) . . . 1,137,800
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SEMICONDUCTORS -- 1.8%
98,850 The Goldman Sachs Group, Inc. 14.75%
mandatory exchangeable notes 06/22/07 (NR)
(exchangeable for Advanced Micro Devices, Inc. common stock)
(Acquired 06/14/06; Cost $2,500,411) (1) . . . . . . . . . .. 2,130,218
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TELECOMMUNICATIONS -- 1.7%
30,000 Credit Suisse First Boston (USA), Inc. 5.5%
SAILS 11/15/08 (Aa3) (exchangeable for Equinix, Inc.
common stock) . . . . . . . . . . . . . . . . . . . . . . . . 2,037,000
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TOTAL MANDATORY CONVERTIBLE SECURITIES (3) . . . . . . . . .. $ 21,256,869
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PAGE 4
ELLSWORTH FUND LTD. ------------------------------------------------------------
Portfolio of Investments December 31, 2006 (continued)--------------------------
Value
Shares (Note 1)
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COMMON STOCKS -- 3.0%
AEROSPACE AND DEFENSE -- 0.2%
50,106 Ionatron, Inc. common stock with warrants attached
(Acquired 04/17/05 - 10/11/06; Cost $303,166) (1,4) . . . . . $ 205,435
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TRAVEL AND LEISURE -- 0.2%
2,500 Avis Budget Group, Inc. (4) . . . . . . . . . . . . . . . . . 54,225
5,000 Wyndham Worldwide Corp. (4) . . . . . . . . . . . . . . . . . 160,100
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214,325
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PHARMACEUTICALS -- 1.4%
26,300 Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . 1,736,326
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TELECOMMUNICATIONS -- 1.2%
40,000 AT&T Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,430,000
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TOTAL COMMON STOCKS . . . . . . . . . . . . . . . . . . . . . $ 3,586,086
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Principal SHORT-TERM SECURITIES -- 2.1%
Amount
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COMMERCIAL PAPER -- 2.1%
$2,500,000 American Express Credit Corp. 5% 01/02/07 (P1) . . . . . . .. 2,497,917
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TOTAL CONVERTIBLE BONDS AND NOTES -- 59.4% . . . . . . . . .. 72,261,411
TOTAL CONVERTIBLE PREFERRED STOCKS -- 17.1% . . . . . . . . . 20,766,109
TOTAL MANDATORY CONVERTIBLE SECURITIES -- 17.4% . . . . . . . 21,256,869
TOTAL COMMON STOCKS -- 3.0% . . . . . . . . . . . . . . . . . 3,586,086
TOTAL SHORT-TERM SECURITIES -- 2.1% . . . . . . . . . . . . . 2,497,917
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TOTAL INVESTMENTS -- 99.0% . . . . . . . . . . . . . . . . .. 120,368,392
OTHER ASSETS AND LIABILITIES, NET -- 1.0% . . . . . . . . . . 1,161,430
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TOTAL NET ASSETS -- 100.0% . . . . . . . . . . . . . . . . .. $ 121,529,822
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(1) Security not registered under the Securities Act of 1933, as amended
(i.e., the security was purchased in a Rule 144A or a Reg D
transaction). The security may be resold only pursuant to an exemption
from registration under the 1933 Act, typically to qualified
institutional buyers. The Fund generally has no rights to demand
registration of these securities. The aggregate market value of these
securities at December 31, 2006 was $13,557,860 which represented 11.2%
of the Fund's net assets.
(2) Contingent payment debt instrument which accrues contingent interest.
See Note 2.
(3) These securities are required to be converted on the dates listed; they
generally may be converted prior to these dates at the option of the
holder.
(4) Non-income producing security.
ADR American Depositary Receipts.
BONUSES Bifurcated Option Note Unit Securities.
PIES Premium Income Exchangeable Securities.
PIERS Preferred Income Equity Redeemable Securities.
SAILS Shared Appreciation Income Linked Securities.
SPuRS Shared Preference Redeemable Securities.
Ratings in parentheses by Moody's Investors Service, Inc. or Standard & Poor's.
NR is used whenever a rating is unavailable.
Page 5
Ellsworth Fund Ltd.
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(Selected) NOTES TO FINANCIAL STATEMENTS (UNAUDITED)----------------------------
Ellsworth Fund Ltd. (established in 1986) (the "Fund"), is registered under the
Investment Company Act of 1940 as a diversified, closed-end management
investment company.
Note 1. Security Valuation - Investments in securities traded on a national
securities exchange are valued at market using the last reported sales price as
of the close of regular trading. Listed securities for which no sales were
reported, are valued at the mean between closing reported bid and asked prices
as of the close of regular trading. Unlisted securities traded in the over-the-
counter market are valued using an evaluated quote provided by an independent
pricing service. The independent pricing service derives an evaluated quote by
obtaining dealer quotes, analyzing the listed markets, reviewing trade execution
data and employing sensitivity analysis. Evaluated quotes may also reflect
appropriate factors such as individual characteristics of the issue,
communications with broker-dealers, and other market data. Securities for which
quotations are not readily available, restricted securities and other assets are
valued at fair value as determined in good faith by management pursuant to
procedures approved by the Board of Trustees. Short-term debt securities with
original maturities of 60 days or less are valued at amortized cost.
Note 2. Securities Transactions and Related Investment Income - Security
transactions are accounted for on the trade date (date the order to buy or sell
is executed) with gain or loss on the sale of securities being determined based
upon identified cost. Dividend income is recorded on the ex-dividend date and
interest income is recorded on the accrual basis, including accretion of
discounts and amortization of non-equity premium. For certain securities, known
as "contingent payment debt instruments," Federal tax regulations require the
Fund to record non-cash, "contingent" interest income in addition to interest
income actually received.
At December 31, 2006 unrealized appreciation (depreciation) of investment
securities on a tax basis were as follows:
Unrealized appreciation $ 11,679,153
Unrealized depreciation (3,990,372)
------------
Net unrealized appreciation 7,688,781
Cost for federal income tax purposes $112,679,609
PAGE 6
ITEM 2. CONTROLS AND PROCEDURES.
Conclusions of principal officers concerning controls and procedures
(a) The Registrant's principal executive officer and principal financial
officer, or persons performing similar functions, have concluded that the
Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940, as amended (the "Act"),
(17 CFR 270.30a-3(c))) are effective as of February 21, 2007, based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under
the Act (and 15d-15(b) under the Securities Exchange Act of 1934, as amended
(17 CFR 240.15d-15(b)).
(b) There have been no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter
that has materially affected, or is reasonably likely to materially affect,
the Registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
Separate certifications of the principal executive officer and the principal
financial officer of the Registrant, as required by Rule 30a-2(a) under the
Investment Company Act of 1940, are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
Ellsworth Fund Ltd.
By: /s/Thomas H. Dinsmore
Thomas H. Dinsmore
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)
Date: February 28, 2007
Pursuant to the requirements of the Securities and Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/Thomas H. Dinsmore
Thomas H. Dinsmore
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)
Date: February 28, 2007
By: /s/Gary I. Levine
Gary I. Levine
Chief Financial Officer
(Principal Financial Officer)
Date: February 28, 2007