SOURCE: Dinsmore Capital Management Co.

October 19, 2015 17:02 ET

Dinsmore Capital Management Co. Announces Results of Special Shareholders Meeting

Gabelli Funds, LLC Named Adviser to Bancroft Fund Ltd. and Ellsworth Growth and Income Fund Ltd.

MORRISTOWN, NJ--(Marketwired - Oct 19, 2015) - Dinsmore Capital Management Co. announced today the results of the special meeting of shareholders of Bancroft Fund Ltd. (NYSE MKT: BCV) and Ellsworth Growth and Income Fund Ltd. (NYSE MKT: ECF).

At the joint meeting, shareholders of each Fund were asked to approve the new investment advisory agreement between such Fund and Gabelli Funds, LLC. As previously reported, Gabelli Funds, LLC and Dinsmore Capital Management Co., the Funds' current investment adviser, had signed a strategic alliance agreement earlier this year.

Results of the Meeting:

At the meeting, shareholders of each Fund (1) approved the new investment advisory agreement with Gabelli Funds, LLC and (2) elected the entire slate of board nominees. The new investment advisory agreements are expected to become effective on November 1, 2015, after which time the Funds will be managed by the Dinsmore Group of Gabelli Funds, LLC. The Dinsmore Group of Gabelli Funds, LLC consists of the Funds' current portfolio management team, who will become employees of Gabelli Funds, LLC. Gabelli Funds, LLC was also retained as the Funds' administrator under the agreement. 

Dinsmore Capital, formerly Davis-Dinsmore Management, an SEC-registered investment adviser, was founded in 1971. Dinsmore Capital is one of the longest running convertible securities money management firms. The firm manages two closed-end funds: Bancroft Fund Ltd. (founded in 1971) and Ellsworth Growth and Income Fund Ltd. (formerly Ellsworth Fund Ltd.) (founded in 1986). Assets under management of the two Funds as of September 30, 2015 were approximately $230 million. 

GAMCO Investors, Inc. (NYSE: GBL), through its subsidiaries, manages assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.) and is known for its Private Market Value with a Catalyst™ style of investment. As of June 30, 2015, GAMCO Investors, Inc. had $45.4 billion in assets under management.

Contact Information

  • For further information please contact:
    Thomas H. Dinsmore
    Chief Executive Officer
    (973) 631-1177
    DCM@dinsmorecap.com

    Agnes Mullady
    Gabelli Funds, LLC
    (914) 921-8371