May 3, 2007
United States Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
By: /s/ Gary I. Levine
Gary I. Levine
Executive Vice President, Chief Financial Officer and Secretary
RE: Registered Management Investment Company Bond
Dear Sir or Madam:
We are filing electronically herewith, pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), the following items with respect to the joint insured Investment Company Bond covering Ellsworth Fund Ltd. ("Ellsworth" or the "Fund"), Bancroft Fund Ltd. ("Bancroft" and together with Ellsworth, the "Funds") and Davis-Dinsmore Management Company):
1. A certified copy of resolutions adopted by a majority of the members of the Board of Trustees of Ellsworth Fund Ltd. who are not interested persons at a meeting of the Board held on February 12, 2007; and
2. A copy of Investment Company Bond No. 82126582, showing coverage of $1,050,000, effective April 1, 2007, which was received in executed form by the Company on or about April 30, 2007.
Were it not to hold a joint insured bond with Bancroft Fund Ltd., Ellsworth would be required to maintain a fidelity bond in the amount of $525,000.
The premium for this bond was paid on or about May 1, 2007.
The period for which premiums have been paid is April 1, 2007 through May 1, 2008.
A copy of the 2007 agreement entered into by Bancroft Fund Ltd., Ellsworth Fund Ltd. and Davis-Dinsmore Management Company pursuant to Rule 17g-1(f) under the 1940 Act is also attached.
Sincerely,
Ellsworth Fund Ltd.
By: /s/ Gary I. Levine
Gary I. Levine
ELLSWORTH FUND LTD.
RESOLUTIONS ADOPTED AT A MEETING
OF THE BOARD OF TRUSTEES
February 12, 2007
At a meeting of the Board of Trustees, the following resolutions were adopted by unanimous vote, including the votes of a majority of the members of the Board of Trustees who are not "interested persons" as defined in Section 2(a) (19) of the Investment Company Act of 1940:
| RESOLVED,
that having considered the value of the aggregate assets of the Funds, the
aggregate assets of each of the investment companies named as insureds, and the provisions of Rule 17g-1 under the
Investment Company Act of 1940, the Boards of Trustees, including all of those
trustees who are not "interested persons" of the Funds within the
meaning of the Investment Company Act of 1940, hereby authorize and approve
joint fidelity bond coverage with the Funds' investment adviser, Davis-Dinsmore
Management Company, in the amount of $1,050,000 through Federal Insurance
Company c/o Chubb Group ("Chubb"), and find that the form, terms,
amount of coverage and provisions of the joint fidelity bond are adequate in
all material respects; |
| FURTHER
RESOLVED, that having considered the nature of the business of Davis-Dinsmore
Management Company, the extent of its assets and the fact that the Funds'
officers have informed the Boards of Trustees that the Funds' share amounts of
the premium for the forthcoming year's coverage for the joint fidelity bond
will not exceed the premium for a single fidelity bond in the same principal
amount, the Boards of Trustees, including all of the trustees who are not
"interested persons" of the Funds within the meaning of the
Investment Company Act of 1940, hereby determine that the premium for the joint
fidelity bond for the forthcoming year shall be allocated solely between the
Funds on the basis of relative total assets; |
| FURTHER
RESOLVED, that the Boards of Trustees hereby approve the portion of the premium
for the joint fidelity bond to be paid by the Funds, based upon the ratio of
the total assets of the Funds to the aggregate total assets of the Funds; |
| FURTHER RESOLVED, that the Executive Vice President of the Funds is hereby designated as the officer to give notice of any changes in the coverage or of other events which require notice under the provisions of Section 17(g) and Rule 17g-1 under the Investment Company Act of 1940. |
I, Gary I. Levine, the duly elected Executive Vice President, Chief Financial Officer and Secretary of Ellsworth Fund Ltd., a Delaware statutory trust, hereby certify the foregoing to be a true copy of the resolutions adopted at a meeting of the Board of Trustees of the Fund on February 12, 2007, at which meeting a quorum of the Board was present and voted on the resolutions. I further certify that said resolutions continue in full force and effect.
ATTEST:
/s/ Gary I. Levine
Gary I. Levine
Morristown, New Jersey
May 3, 2007
AGREEMENT
dated as of May 3, 2007 between Bancroft Fund Ltd., Ellsworth Fund Ltd. and
Davis-Dinsmore Management Company.
Pursuant to the provisions of Rule
17g-1 (f) of the Investment Company Act of 1940, the parties hereto agree that
in the event recovery is received under the joint surety bond issued by Federal
Insurance Company c/o Chubb Group ("Chubb") as a result of loss
sustained by the parties hereto, each of the parties to this Agreement shall
receive an equitable and proportionate share of the recovery, at least equal to
the amount it would have received had it provided and maintained a single
insured bond with the minimum coverage required by Rule 17g-1 (d) (1) under the
Investment Company Act of 1940.
Bancroft Fund Ltd.
By: /s/ Thomas H. Dinsmore
Chairman of the Board and
Chief Executive Officer
Ellsworth Fund Ltd.
By: /s/ Thomas H. Dinsmore
Chairman of the Board and
Chief Executive Officer
Davis-Dinsmore Management Company
By: /s/ Jane D. O'Keeffe
President
