-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IWd1GRHvI4mzzqqz0f0gEHRn0MgFEP03UmmZ7MXNENutDXTASkSnRD7rBEXFlyy6 67om1GiecU8iopPACkv0jA== 0000793040-97-000004.txt : 19970604 0000793040-97-000004.hdr.sgml : 19970604 ACCESSION NUMBER: 0000793040-97-000004 CONFORMED SUBMISSION TYPE: NSAR-A/A PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970603 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELLSWORTH CONVERTIBLE GROWTH & INCOME FUND INC CENTRAL INDEX KEY: 0000793040 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NSAR-A/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-04656 FILM NUMBER: 97618369 BUSINESS ADDRESS: STREET 1: 65 MADISON AVE 4TH FL CITY: MORRISTOWN STATE: NJ ZIP: 07960 BUSINESS PHONE: 2122699236 MAIL ADDRESS: STREET 1: 65 MADISON AVE STREET 2: 4TH FLOOR CITY: MORRISTOWN STATE: NJ ZIP: 07960 NSAR-A/A 1 N-SAR (3.0.A) PAGE 1 000 A000000 03/31/97 000 C000000 0000793040 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 Y 000 H000000 N 000 I000000 3.0.a 000 J000000 A 001 A000000 ELLSWORTH CONVERTIBLE GROWTH & INCOME FUND, I 001 B000000 811-4656 001 C000000 2016311177 002 A000000 65 MADISON AVENUE, 5TH FLOOR 002 B000000 MORRISTOWN 002 C000000 NJ 002 D010000 07960 002 D020000 7308 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A000001 DAVIS-DINSMORE MANAGEMENT COMPANY 008 B000001 A 008 C000001 801-08123 008 D010001 MORRISTOWN 008 D020001 NJ 008 D030001 07960 008 D040001 7308 012 A000001 THE BANK OF NEW YORK 012 B000001 85-5006 012 C010001 NEW YORK 012 C020001 NY 012 C030001 10286 012 C040001 1258 013 A000001 COOPERS AND LYBRAND L.L.P. 013 B010001 NEW YORK 013 B020001 NY 013 B030001 10019 013 B040001 6013 PAGE 2 015 A000001 THE BANK OF NEW YORK 015 B000001 C 015 C010001 NEW YORK 015 C020001 NY 015 C030001 10006 015 E010001 X 018 000000 Y 019 A000000 N 019 B000000 0 020 A000001 GEORGE K. BAUM & CO. 020 B000001 44-0522232 020 C000001 5 020 A000002 GOLDMAN, SACHS & CO., INC. 020 B000002 13-5108880 020 C000002 4 020 A000003 KEEFE, BRUYETTE & WOODS, INC. 020 B000003 13-1964616 020 C000003 2 020 A000004 BEAR, STEARNS & CO., INC. 020 B000004 13-3299429 020 C000004 2 020 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP. 020 B000005 13-2741729 020 C000005 1 020 A000006 MORGAN (J.P.) SECURITIES, INC. 020 B000006 13-3224016 020 C000006 1 020 A000007 MONTGOMERY SECURITIES 020 B000007 94-1701676 020 C000007 0 020 A000008 SMITH BARNEY, INC. 020 B000008 13-1912900 020 C000008 0 020 A000009 RAYMOND JAMES & ASSOCIATES, INC. 020 B000009 59-1237041 020 C000009 0 020 A000010 BROWN (ALEX.) & SONS, INC. 020 B000010 52-1319768 020 C000010 0 021 000000 17 022 A000001 AMERICAN EXPRESS CREDIT CORP. 022 B000001 11-1988350 022 C000001 70150 022 D000001 0 022 A000002 SEARS ROEBUCK ACCEPTANCE CORP. 022 B000002 51-0080535 022 C000002 19870 022 D000002 0 022 A000003 GE CAPITAL SERVICES, INC. 022 B000003 13-1500700 022 C000003 10800 PAGE 3 022 D000003 0 022 A000004 MORGAN STANLEY & CO., INC. 022 B000004 13-2655998 022 C000004 1788 022 D000004 0 022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. 022 B000005 13-5674085 022 C000005 4747 022 D000005 124 022 A000006 GOLDMAN, SACHS & CO., INC. 022 B000006 13-5108880 022 C000006 2506 022 D000006 1369 022 A000007 BEAR, STEARNS & CO., INC. 022 B000007 13-3299429 022 C000007 1405 022 D000007 1653 022 A000008 WECHSLER & CO., INC. 022 B000008 13-1944376 022 C000008 1611 022 D000008 1151 022 A000009 BAIRD, PATRICK & CO., INC. 022 B000009 13-2766571 022 C000009 0 022 D000009 2444 022 A000010 MORGAN (J.P.) 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matters to a vote of security holders At Registrant's Annual Meeting of Shareholders held on January 11, 1997, a pro- posal to amend the Articles of Incorporation, that would give shareholders the right to tender their shares during the current fiscal year, was voted upon. There were 839,938 shares voted for and 2,134,249 shares voted against the charter amendment. There were 2,901,616 shares that were broker non-votes. A Special Meeting of Shareholders was held on October 25, 1996, at which 3,408,247 shares were present. The matters voted upon, a new investment advisory agreement and changes to three fundamental investment policies, were approved as follows: Broker For Against Abstentions non-votes New advisory agreement with 3,151,425 97,926 158,896 0 Davis-Dinsmore Management Company Change policy regarding 2,917,042 204,920 126,176 160,109 purchase of securities of foreign issuers Change policy imposing a history 2,946,790 167,813 133,535 160,109 of operations requirement Eliminate policy regarding 2,650,600 429,132 168,406 160,109 illiquid and restricted securities FUNDAMENTAL POLICY CHANGES At a special meeting of shareholders held on October 25, 1996, shareholders approved a change to the Company's fundamental investment policy which limits investment in securities of foreign issuers to permit the purchase of U.S. dollar-denominated securities convertible into American Depository Receipts ADRs). ADRs are certificates representing an ownership interest in a security or a pool of securities issued by a foreign issuer and deposited with a depositary, typically a bank, and held in trust for the investor. At such special shareholders meeting, shareholders also approved an amendment that allows the Company to look to either the issuer or the guarantor of securities to satisfy the Company's history of operations requirement. Also at the aforementioned special meeting, shareholders approved the elimination of the fundamental investment policy regarding the purchase of illiquid and restricted securities. That policy prohibited the Company from investing more than 10% of its total assets in restricted securities. The Board of Directors has instead adopted a nonfundamental investment policy which provides that the Company may not purchase the securities of an issuer if, after giving effect to such purchase, more than 20% of its net assets would be invested in illiquid securities. EX-99.2 3 SUB-ITEM 77Q1 FINAL INV ADV CONTRACT ELLSWORTH CONVERTIBLE GROWTH AND INCOME FUND, INC. Investment Advisory Agreement August 1, 1996 (Approved October 25, 1996) DAVIS-DINSMORE MANAGEMENT COMPANY 65 Madison Avenue Morristown, New Jersey 07960 Gentlemen: The undersigned, Ellsworth Convertible Growth and Income Fund, Inc., a Delaware corporation (the "Company"), is an investment company registered under the Investment Company Act of 1940 (the "Act"). The Company is a diversified closed-end investment company, and invests and reinvests its assets. The Company hereby engages you to act as its Investment Adviser and to supervise certain of its affairs, subject to the terms and conditions herein set forth. Section 1. Advisory Services. The Company will from time to time furnish to you detailed statements of its investments and resources and information as to its investment needs, and will make available to you such financial reports, proxy statements, legal and other information relating to its investments as may be in the possession of the Company or available to it. You shall, at your expense, furnish to the Company, at the regular executive offices of the Company, continuing investment information, advice and recommendations with respect to the purchase and sale of investments and the making of commitments with respect thereto. In giving such advice and making such recommendations, you shall be guided by the Company's investment policy as delineated by the statements contained in the various documents filed with the Securities and Exchange Commission as such documents may from time to time be amended. You shall place at the disposal of the Company such statistical, research, analytical and technical services, information and reports as may reasonably be required. Your advice and recommendations with respect to the purchase and sale of investments and the making of investment commitments shall be submitted at the principal office of the Company to an officer or officers of the Company designated for that purpose by the Board of Directors of the Company. Such officer or officers shall have, subject to the control of the Company's Board of Directors, sole responsibility for investment decisions, and full authority to act upon your advice and recommendations and to place orders on behalf of the Company for the purchase and sale of portfolio securities. Reports of portfolio transactions shall be made monthly to the Board of Directors of the Company. Section 2. Independent Contractor. You shall, for all purposes hereof, be deemed to be an independent contractor and shall have no authority to act for or represent the Company unless otherwise provided. No agreement, bid, offer, commitment, contract or other engagement entered into by you, whether on your behalf or whether purported to have been entered into on behalf of the Company, shall be binding upon the Company, and all acts authorized to be done by you under this contract shall be done by you as an independent contractor and not as agent. Section 3. Expenses. To the extent described in this Section 3, you shall provide the Company with office space and facilities, pay the salaries of its executive officers and furnish clerical, bookkeeping and statistical services to the Company. The Company will pay all expenses incurred by it and not assumed by you including, but not by way of limitation, expenses in connection with its organization and with the offering of its securities; fees and expenses of its unaffiliated directors; salaries of employees other than executive officers; the compensation and related personnel expenses of the Treasurer of the Company and all personnel working under the Treasurer's direction and the expenses of office space, facilities, and equipment used by the Treasurer and such personnel in performance of their duties to the Company in an aggregate amount not to exceed $50,000 per year; legal and accounting fees, fees of custodian, registrar, transfer agents and dividend disbursing agents; taxes, interest, brokerage commissions; direct costs of postage, printing, copying and travel expenses attributable to the conduct of the business of the Company, etc. You shall assume and pay all expenses incurred by you in performance of this contract. Section 4. Compensation. As compensation for these services, the Company will pay to you on the last day of each month a fee for such month computed at an annual rate of 3/4 of 1% of the first $100,000,000 and 1/2 of 1% of the excess over $100,000,000 of the Company's net asset value in such month, subject to reduction as follows: the annual fee payable shall be reduced to the extent the Company's ordinary expenses for the year (including your fee but excluding interest, local, state and Federal taxes on the Company and extraordinary items) exceed 1.5% of the first $100,000,000 and 1% of the excess over $100,000,000 of the average of the monthly net asset values of the Company for the twelve months of such year. You will promptly refund any amount theretofore paid in excess of the fee determined to be due for such year. For the purpose of calculation of the fee, the net asset value for a month will be the average of the Company's net asset values at the close of business on the last business day on which the New York Stock Exchange is open in each week in the month. The determination of what constitutes an "extraordinary item" rather than an ordinary expense shall be conclusively determined by the directors of the Company who are not "interested persons" of either the Company or you, as defined by the Act. If this contract shall become effective subsequent to the first day of a month, or shall terminate before the last day of a month, your compensation for such fraction of the monthly period shall be determined by applying the foregoing percentage to the net asset value of the Company during such fraction of a monthly period (which net asset value shall be determined in such reasonable manner as the Board of the Company shall deem appropriate) and in the proportion that such fraction of a monthly period bears to the entire month. Compensation under this contract will begin to accrue on its effective date. Section 5. Approval of Contract; Termination. This contract will be submitted to the Company's shareholders for approval. If approved by the vote of a majority of the Company's outstanding shares of common stock as defined in the Act, the contract will be in effect from the date of approval. Unless terminated by either party, this contract will continue in force from year to year so long as the continuance is specifically approved at least annually either (i) by the Board of Directors of the Company or (ii) by the vote of a majority of the outstanding voting securities of the Company as defined in the Act, provided that in either event the contract is also approved by the vote of a majority of the directors of the Company who are not interested persons, as defined in the Act, of the Company or of you, cast in person at a meeting called for the purpose of voting on such approval. The contract is terminable without penalty by either party on sixty days' written notice and will terminate automatically in the event of any assignment. Except as specified above, this contract may not be amended, transferred, assigned, sold or in any other manner hypothecated or pledged; provided, that this limitation shall not prevent any minor amendments to the contract which may be required by Federal or state regulatory bodies. Section 6. Liability. You shall give the Company the benefit of your best judgment and efforts in rendering the services set forth herein, and the Company agrees as an inducement to the undertaking of these services by you that you shall not be liable for any error of judgment or for any loss suffered by the Company in connection with any matters to which this contract relates except that nothing herein contained shall be construed to protect you against any liability by reason of willful misfeasance, bad faith or gross negligence in the performance of your duties or by reckless disregard of your obligations or duties under this contract. Section 7. Multiple Capacities. Except to the extent necessary for performance of your obligations hereunder, nothing shall restrict your right or any of your directors, officers or employees who may be directors, officers or employees of the Company to engage in any other business or to devote time and attention to the management or other aspects of any other business whether of a similar or dissimilar nature or to render services of any kind to any other corporation, firm, individual or association. It is understood and agreed that the directors, officers, agents, employees and shareholders of the Company may be interested in your company as directors, officers, shareholders, employees, agents or otherwise, and the directors, officers, agents, employees and shareholders of your company may be interested in the Company as a shareholder or otherwise. Section 8. Concerning Applicable Provisions of Law, Etc. This contract shall be subject to all applicable provisions of law, including, but not limited to, the applicable provisions of the Act; and, to the extent that any provisions herein contained conflict with any such applicable provisions of law, the latter shall control. The laws of the State of New York shall, except to the extent that any applicable provisions of some other law shall be controlling, govern the construction, validity and effect of this contract. The headings preceding the text of the several sections herein are inserted solely for convenience of reference and shall not affect the meaning, construction or effect of this contract. If the contract set forth herein is acceptable to you, please so indicate by executing the enclosed copy of this letter and returning the same to the undersigned, whereupon this letter shall constitute a binding contract between the parties hereto, subject to approval provided for in Section 5. Yours very truly, ELLSWORTH CONVERTIBLE GROWTH AND INCOME FUND, INC. By: /s/ Thomas H. Dinsmore Thomas H. Dinsmore (President) (Corporate Seal) Attest: /s/ Sigmund Levine Sigmund Levine (Secretary) DAVIS-DINSMORE MANAGEMENT COMPANY By: /s/ Thomas H. Dinsmore Thomas H. Dinsmore (President) Attest:/s/ Sigmund Levine Sigmund Levine (Secretary) (Corporate Seal) EX-99.3 4 Form N-SAR For period ended 03/31/97 File Number 811-4656 This report is signed on behalf of the Registrant in the City of Morristown and State of New Jersey on the 28th day of May, 1997. Ellsworth Convertible Growth and Income Fund, Inc. Name of Registrant By: /s/ Gary I. Levine Gary I. Levine Treasurer Witness:/s/ Thomas H. Dinsmore Thomas H. Dinsmore Chairman -----END PRIVACY-ENHANCED MESSAGE-----