Dinsmore Capital Management
formerly Davis-Dinsmore Management

Davis-Dinsmore Management, founded in 1971 and renamed Dinsmore Capital Management in 2008, is a privately held registered investment adviser specializing in convertible securities. Assets under management include two publicly held closed-end funds, Bancroft Fund Ltd. (AMEX: BCV) and Ellsworth Fund Ltd. (AMEX: ECF). Davis-Dinsmore was included in Nelson's World's Best Money Managers listing for three years ended December 31, 2003. Ellsworth's Net Asset Value (with dividends reinvested) earned a Performance Achievement Certificate from Lipper, Inc., for the one and three years ended December 31, 2007, outperforming the other closed-end convertible funds followed by Lipper. Ellsworth also earned a Performance Achievement Certificate for the ten year periods ended December 31, 2004 and December 31, 2003.*

The experienced management team has extensive expertise in convertible securities as well as equities and trading.

INVESTMENT PHILOSOPHY

  • Our objectives include appreciation of capital, a superior rate of current income
    and reduced volatility by using securities with an equity orientation.
  • Long-term growth and lower risk are the primary focus of our decision making.
  • Our decisions are driven by a bottom-up approach.

DECISION MAKING AND PROCESS

  • Rigorous investment analysis on each company with an attractive convertible security is done internally.
  • The investment universe is divided by industry among our four investment professionals.
  • Investment seminars and field trips for primary research are extensively employed.
  • Publications, broker research, on-line information, telephone interviews and conferences enhance our research capabilities.
  • We review our holdings in a weekly meeting so that all professionals are current on each holding and its objectives.

PERSONAL SERVICE

  • Over 30 years of operating history.
  • Four investment management professionals with more than 70 years of investment experience.
  • A highly skilled operating and support staff.
  • Effectiveness is based on the efficiency, professionalism and diversity of our staff.

* Lipper, Inc. is a globally recognized organization that ranks the performance of mutual funds. The fund is ranked based on total return, as calculated by Lipper, Inc. Each fund is ranked within a universe of funds similar in investment objective. Ellsworth's 2007 performance was listed in Lipper Closed-End Fund Performance Analysis Certificate Edition dated December 31, 2007 with dividends reinvested, for the twelve closed-end convertible funds followed by Lipper, Inc. (ten for 1 and 10 years). Ellsworth's 2004 performance was listed in Lipper Closed-End Fund Performance Analysis Certificate Edition dated December 31, 2004 with dividends reinvested, for the ten closed-end convertible funds followed by Lipper, Inc. at that time (seven for 10 years). Ellsworth's 2003 performance was listed in Lipper Closed-End Fund Performance Analysis Certificate Edition dated December 31, 2003 with dividends reinvested, for the ten closed-end convertible funds followed by Lipper, Inc. at that time (seven for 10 years).
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