-----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,
 F81vejXodzQ7J3YzY77Jkd6dXm8ho8pfmLoIqVIcmesMX84G3gW6oN+PqTMe1suj
 KOhaBbksu/ksnNOwAFqfOw==

<SEC-DOCUMENT>0001145443-11-000246.txt : 20110301
<SEC-HEADER>0001145443-11-000246.hdr.sgml : 20110301
<ACCEPTANCE-DATETIME>20110301102151
ACCESSION NUMBER:		0001145443-11-000246
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110301
DATE AS OF CHANGE:		20110301
EFFECTIVENESS DATE:		20110301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELLSWORTH FUND LTD
		CENTRAL INDEX KEY:			0000793040
		IRS NUMBER:				133345139
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04656
		FILM NUMBER:		11649454

	BUSINESS ADDRESS:	
		STREET 1:		65 MADISON AVENUE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960
		BUSINESS PHONE:		(973) 631-1177

	MAIL ADDRESS:	
		STREET 1:		65 MADISON AVE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELLSWORTH CONVERTIBLE GROWTH & INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>d27914.htm
<DESCRIPTION>N-Q
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:576px"><P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>UNITED STATES</P>
<P style="margin:0px; font-family:Verdana" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="margin:0px; font-family:Verdana" align=center>Washington, DC 20549</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>FORM N-Q</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</P>
<P style="margin:0px; font-family:Verdana" align=center>MANAGEMENT INVESTMENT COMPANY</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>Investment Company Act file number: 811-04656</P>
<P style="margin:0px; font-family:Verdana" align=center>-------------------------------------------------------------------------------</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>Ellsworth Fund Ltd.</P>
<P style="margin:0px; font-family:Verdana" align=center>-------------------------------------------------------------------------------</P>
<P style="margin:0px; font-family:Verdana" align=center>(Exact name of registrant as specified in charter)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>65 Madison Avenue, Morristown, New Jersey 07960-7308</P>
<P style="margin:0px; font-family:Verdana" align=center>-------------------------------------------------------------------------------</P>
<P style="margin:0px; font-family:Verdana" align=center>(Address of principal executive offices) (Zip code)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>Thomas H. Dinsmore</P>
<P style="margin:0px; font-family:Verdana" align=center>Ellsworth Fund Ltd.</P>
<P style="margin:0px; font-family:Verdana" align=center>65 Madison Avenue</P>
<P style="margin:0px; font-family:Verdana" align=center>Morristown, New Jersey 07960-7308</P>
<P style="margin:0px; font-family:Verdana" align=center>(Name and address of agent for service)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>Copy to:</P>
<P style="margin:0px; font-family:Verdana" align=center>Steven B. King, Esq.</P>
<P style="margin:0px; font-family:Verdana" align=center>Ballard Spahr LLP</P>
<P style="margin:0px; font-family:Verdana" align=center>1735 Market Street, 51st Floor</P>
<P style="margin:0px; font-family:Verdana" align=center>Philadelphia, PA 19103-7599</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Registrant's telephone number, including area code: 973-631-1177</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Date of fiscal year end: &nbsp;September 30, 2011</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Date of reporting period: &nbsp;December 31, 2010</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">ITEM 1. SCHEDULE OF INVESTMENTS.</P>
<P style="margin:0px"><BR></P>

<HR NOSHADE SIZE="1">

<PAGE>
<DIV style="width:624px"><P style="margin:0px"><BR>
<BR></P>

<TABLE style="font-size:10pt" cellspacing=0 align=center>
<TR height=0 style="font-size:0"><TD width=452.733></TD><TD width=13.533>
</TD><TD width=52></TD><TD width=21.6></TD><TD width=13.533></TD><TD width=58.333></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:10pt"><B><I>Ellsworth Schedule of
Investments</I></B>
<BR>December 31, 2010</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>

<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=452.733 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:8pt" align=center>Principal<BR>Amount</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;Value </P>
</TD></TR>
<TR>
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>CONVERTIBLE BONDS AND NOTES -
65.2%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Aerospace and Defense - 1.1%
</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Alliant Techsystems Inc. 2.75%, due
2011 cv. sr. sub. notes (B)</P>
</TD><TD valign=bottom width=13.533 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">$</P>
</TD><TD valign=bottom width=52 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$</P>
</TD><TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,023,750</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Kaman Corp. 3.25%, due 2017 cv.
sr. notes (BB) (1)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>262,188</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,285,938</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Automotive - 1.4%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Titan International, Inc. 5.625%,
due 2017 cv. sr. sub. notes (B)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,578,750</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Computer Hardware - 3.0%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">EMC Corp. 1.75%, due 2013 cv.
sr. notes (A)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,900,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,871,375</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">NETAPP, Inc. 1.75%, due 2013 cv.
sr. notes (A)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>446,875</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>3,318,250</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Computer Software - 5.4%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Digital River, Inc. 2%, due
2030 cv. sr. notes (A) (1)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,100,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,080,750</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">GSI Commerce, Inc. 2.5%, due 2027
cv. sr. notes (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>545,625</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Microsoft Corp. 0%, due 2013
cv. sr. notes (AAA) (2)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>539,375</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Nuance Communications Inc. 2.75%,
due 2027 cv. sr. deb. &nbsp;(B)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,357,500</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">RightNow Technologies, Inc.
2.50%, due 2030 cv. sr. notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>499,375</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Rovi Corp. 2.625%, due 2040 cv. sr.
notes (BBB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,085,625</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>6,108,250</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Construction Material - 1.0%</B>
</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">CEMEX, S.A.B. de C.V. 4.875%,
due 2015 cv. sub. notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;(exchangeable for ADS
representing common shares)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,097,500</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Consumer Goods - 0.3%</B>
</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Regis Corp. 5%, due 2014 cv. sr.
notes (B)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>320,625</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Containers - 0.9%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Owens-Brockway Glass Container,
Inc. 3%, due 2015 exch. sr. notes (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,011,250</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Data Processing - 0.5%</B>
</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">CSG Systems International, Inc. 3%,
due 2017 cv. sr. sub. notes (BBB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>511,250</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Energy - 6.2%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Goodrich Petroleum Corp. 5%,
due 2029 cv. sr. notes (CCC)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>978,750</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">McMoRan Exploration Co. 5.25%, due
2011 cv. sr. notes (B)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>590,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>707,263</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Oil States International, Inc.
2.375%, due 2025 contingent cv. sr. notes (A)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,028,125</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">SunPower Corp. 1.25%, due 2027 cv.
sr. deb. (CCC)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,421,250</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">SunPower Corp. 4.5%, due 2015
sr. cash cv. deb. (CCC)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>676,425</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Transocean Inc. 1.5%, due 2037 cv.
sr. notes (BBB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>972,500</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Trina Solar Ltd. 4%, due 2013
cv. sr. notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;(exchangeable for ADS
representing common shares) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,155,000</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>6,939,313</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Financial Services - 5.4%</B>
</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Coinstar, Inc. 4%, due 2014 cv.
sr. notes (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>398,438</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Old Republic International Corp.
8%, due 2012 cv. sr. notes (BBB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,912,500</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Euronet Worldwide, Inc. 3.5%,
due 2025 cv. deb. (B) (3)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>993,750</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Knight Capital Group, Inc. 3.5%,
due 2015 cash cv. sr. sub. notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>955,000</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">National Financial Partners
Corp. 4% due 2017 cv. sr. notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>930,938</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Tower Group Inc. 5% due 2014 cv.
sr. notes (BBB) (1)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>765,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>860,625</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>6,051,251</P>
</TD></TR>
</TABLE>

<P ALIGN="CENTER">&nbsp;</P>
<HR NOSHADE SIZE="1">
<PAGE>
<BR>



<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=452.733></TD><TD width=13.533>
</TD><TD width=52></TD><TD width=21.6></TD><TD width=13.533></TD><TD width=58.333></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:10pt"><B><I>Ellsworth Schedule of
Investments - continued</I></B>
<BR>December 31, 2010</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=452.733 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:8pt" align=center>Principal<BR>Amount</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;Value </P>
</TD></TR>

<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>CONVERTIBLE BONDS AND NOTES
- - continued</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Foods - 0.9%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Central European Distribution Corp.
3%, due 2013 cv. sr. notes (B)</P>
</TD><TD valign=bottom width=13.533 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">$</P>
</TD><TD valign=bottom width=52 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$</P>
</TD><TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>466,250</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Chiquita Brands Intl. 4.25%,
due 2016 cv. sr. notes (B)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>581,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>565,749</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,031,999</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Healthcare - 6.1%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Charles River Laboratories Int'l,
Inc. 2.25%, due 2013 cv sr notes (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,005,000</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">China Medical Technologies,
Inc. 4%, due 2013 cv. sr. sub. notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;(exchangeable for ADS
representing common stock) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>855,000</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Integra LifeSciences Holdings,
2.375%, due 2012 cv. sr. notes (BBB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,067,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,072,335</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Kinetic Concepts, Inc. 3.25%, due
2015 cv. sr. notes (B)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,250,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,320,313</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">LifePoint Hospitals Inc. 3.5%,
due 2014 cv. sub. notes (B)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,013,750</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Omnicare, Inc. 3.25%, due 2035 cv.
sr. deb. (BB) (3)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>254,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>234,315</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">SonoSite Inc. 3.75%, due 2014
cv. sr. notes (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,250,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,378,125</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>6,878,838</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Metals and Mining - 3.6%</B>
</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Jaguar Mining, Inc. 4.5%, due 2014
cv. sr. notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,050,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>963,375</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Kaiser Aluminum Corp. 4.5%, due
2015 cash cv. sr. notes (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,226,000</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Northgate Minerals Corp. 3.5%, due
2016 &nbsp;cv. sr. notes (NR) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>600,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>648,750</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">RTI International &nbsp;3%, due
2015 &nbsp;cv. sr. notes (BB) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>475,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>494,594</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">United States Steel Corp. 4%, due
2014 cv. sr. notes (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>375,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>729,375</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>4,062,094</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Multi-Industry - 1.9%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Chemed Corp. 1.875%, due 2014
cv. sr. notes (A)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>890,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>893,338</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">LSB Industries, Inc. 5.5%, due 2012
cv. sr. sub. deb. (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,250,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,281,250</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,174,588</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Pharmaceuticals - 9.6%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Amylin Pharmaceutical, Inc. 3%,
due 2014 cv. sr. notes (B)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>436,250</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Amgen, Inc. 0.375%, due 2013 cv.
sr. notes (A)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,005,000</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Cephalon, Inc. 2.5%, due 2014
cv. sr. sub. notes (A)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,138,750</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Cubist Pharmaceuticals, Inc. 2.25%,
due 2013 cv. sub. notes (A)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>760,313</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Endo Pharmaceuticals Holdings,
Inc. 1.75%, due 2015 cv. sr. sub. notes (A)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,001,250</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Gilead Sciences, Inc. 0.5%, due
2011 cv. sr. notes (AA)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>775,313</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Gilead Sciences, Inc. 1%, due
2014 cv. sr. notes (AA) (1)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>517,500</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Gilead Sciences, Inc. 1.625%, due
2016 cv. sr. notes (AA) (1)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>375,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>391,875</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Millipore Corp. (Merck KGaA)
3.75%, due 2026 cv. sr. notes (BB) (3,5)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>930,308</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Mylan Laboratories, Inc. 1.25%, due
2012 cv. sr. notes (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;(convertible into Mylan
Inc. common stock)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,595,625</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Onyx Pharmaceuticals, Inc. 4%, due
2016 cv. sr. notes (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>900,938</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Teva Pharmaceutical Finance Co.
B.V. 1.75%, due 2026 cv. sr. deb. (A)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;(exchangeable for Teva
Pharmaceutical Industries Ltd. ADR) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,250,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,376,563</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>10,829,685</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Real Estate - 2.8%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Annaly Capital Management, Inc.
4%, due 2015 cv. sr. notes (NR) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,250,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,457,813</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Corporate Office Properties, L.P.
4.25% due 2030 exch. sr. notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>509,375</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Lexington Realty Trust 6%, due
2030 cv. guaranteed notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,225,800</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>3,192,988</P>
</TD></TR>


</TABLE>

<P ALIGN="CENTER">&nbsp;</P>
<HR NOSHADE SIZE="1">
<PAGE>
<BR>



<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=452.733></TD><TD width=13.533>
</TD><TD width=52></TD><TD width=21.6></TD><TD width=13.533></TD><TD width=58.333></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:10pt"><B><I>Ellsworth Schedule of
Investments - continued</I></B>
<BR>December 31, 2010</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=452.733 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:8pt" align=center>Principal<BR>Amount</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;Value </P>
</TD></TR>
<TR>
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>

<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>CONVERTIBLE BONDS AND NOTES -
continued</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Semiconductors - 4.0%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Intel Corp. 2.95%, due 2035 jr.
sub. cv. deb. (A) (3)</P>
</TD><TD valign=bottom width=13.533 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">$</P>
</TD><TD valign=bottom width=52 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt">$</P>
</TD><TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,501,875</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Intel Corp. 3.25%, due 2039 jr.
sub. cv. deb. (A)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>601,875</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Micron Technology Inc, 1.875%,
due 2014 cv. sr. notes (B)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>950,000</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Sandisk Corp. 1.5%, due 2017 cv.
sr. notes (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,133,750</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Xilinx, Inc. 2.625%, due 2017
cv. sr. notes (BBB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>294,375</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>4,481,875</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Telecommunications - 7.2%
</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Anixter International Inc. 1%, due
2013 cv. sr. notes (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,685,625</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Clearwire Communications LLC
8.25%, due 2040 exch notes (CCC) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>513,125</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">CommScope, Inc. 3.25%, due 2015 cv.
sr. sub. notes (B) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>326,250</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Comtech Telecommunications
Corp. 3%, due 2029 cv. sr. notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>522,500</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Equinix, Inc. 3%, due 2014 cv. sub.
notes (B) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,509,375</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Equinix, Inc. 4.75%, due 2016
cv. sub. notes (B) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>616,875</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Finisar Corp. 5%, due 2029 cv. sr.
notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>125,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>361,406</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">NII Holdings, Inc. 3.125%, due
2012 cv. notes (B) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>986,250</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">SBA Communications Corp. 1.875%,
due 2013 cv. sr. notes (BB)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,126,250</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">TeleCommunications Systems,
Inc. 4.5%, due 2014 cv. sr. notes (B) (1)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>476,875</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>8,124,531</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Transportation - 1.8%</B>
</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">DryShips Inc. 5%, due 2014 cv. sr.
notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>772,500</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">UAL Corp. 4.5%, due 2021 sr.
sub. cv. notes (CCC)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,017,500</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Ultrapetrol (Bahamas) Limited
7.25%, due 2017 &nbsp;cv. sr. notes (NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>263,750</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,053,750</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Travel and Leisure - 1.9%</B>
</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Home Inns &amp; Hotel 2%, due
2015 cv. sr. notes (NR) (1)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>502,500</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">MGM Mirage 4.25%, due 2015 cv. sr.
notes (CCC)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>825,000</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Morgans Hotel Group 2.375%, due
2014 cv. sr. sub. notes (CCC)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>837,500</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,165,000</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>TOTAL CONVERTIBLE BONDS AND
NOTES </B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>73,217,725</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>CORPORATE BONDS AND NOTES - 0.4%
</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Finance - 0.4%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Lehman Brothers Holdings Inc.
6%, due 2010 medium-term notes (NR) (4)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>50,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>194,000</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Lehman Brothers Holdings Inc. 1%,
due 2009 medium-term notes (NR) (4)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,500,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>232,500</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>426,500</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>TOTAL CORPORATE BONDS AND
NOTES </B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>426,500</P>
</TD></TR>


</TABLE>

<P ALIGN="CENTER">&nbsp;</P>
<HR NOSHADE SIZE="1">
<PAGE>
<BR>



<TABLE STYLE="font-size:10pt" CELLSPACING="0" ALIGN="CENTER" BORDER="0"><TR height=0 style="font-size:0"><TD WIDTH="452.733"></TD>
<TD WIDTH="13.533"></TD><TD WIDTH="72"></TD><TD WIDTH="21.6"></TD><TD WIDTH="13.533"></TD><TD WIDTH="58.333"></TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD>
</TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:10pt"><B><I>Ellsworth Schedule
of Investments - continued</I></B>
<BR>December 31, 2010</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR><TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:8pt" align=right>Shares&nbsp;&nbsp;</P>
</TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;Value </P>
</TD></TR>


<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD>
</TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>CONVERTIBLE PREFERRED
STOCKS - 14.2%</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD>
</TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Automotive - 3.3%</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">Ford Motor Company
Capital Trust II 6.5% cum. cv. trust pfd. (B)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>50,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$</P>
</TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,593,000</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">General Motors Company 4.75%
mand. cv. jr. pfd. (NR)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>20,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,082,200</P>
</TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>3,675,200</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Banking/Savings and Loan -
5.9%</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">Bank of America Corp.
7.25% non-cum. perpetual cv. pfd., series L (BB)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,600</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,531,152</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">Fifth Third Bancorp 8.5% perpetual cv. pfd. (BB)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>12,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,764,840</P>
</TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">New York Community
Bancorp, Inc. 6% BONUSES units (BBB)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>24,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,282,800</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">Wells Fargo Corp. 7.5%
perpetual cv. pfd., series L (BB)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,001,100</P>
</TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-top:1px solid #000000; border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD STYLE="border-top:1px solid #000000; border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>6,579,892</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Energy - 2.1%</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">ATP Oil &amp; Gas Corp.
8% perpetual cv. pfd. (CCC)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>5,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>450,000</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">Chesapeake Energy Corp. 5%
&nbsp;cum. cv. pfd. (B)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>20,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,850,000</P>
</TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">Whiting Petroleum Corp.
6.25% perpetual cv. pfd. (B)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:17pt; margin:0px; font-size:9pt" align=right>131</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>36,586</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-top:0px solid #000000; border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,336,586</P>
</TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Foods - 0.6%</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">Bunge Limited 4.875% cum.
perpetual cv. pfd. (BB)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>7,500</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>705,000</P>
</TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD>
</TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Retail - 0.7%</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">Amerivon Holdings LLC
series A cv. pfd. units (NR)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;(Acquired 04/01/10;
Cost $1,500,000) (1,5,6)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>562,695</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>756,792</P>
</TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD>
</TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Telecommunications - 0.9%
</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>Crown Castle International Corp. 6.25% cv. pfd. (BB)</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>16,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>980,000</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD>
</TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Tools - 0.8%</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>Stanley Black &amp; Decker, Inc. 4.25% cv. pfd. units (BBB)</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>8,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>868,320</P>
</TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD>
</TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>TOTAL CONVERTIBLE
PREFERRED STOCKS </B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>15,901,790</P>
</TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD>
</TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>MANDATORY CONVERTIBLE
SECURITIES - 12.1% (7)</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD>
</TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Energy - 4.7%</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>Apache Corp. 6%, due 8/1/13 mandatory cv. pfd., series D (A) </P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>23,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,518,000</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>Great Plains Energy, Inc. 12%, due 06/15/12 equity units (BBB) (3)</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>25,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,594,250</P>
</TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>Nextera Energy Inc. 7%, due 9/1/13 equity units (A) </P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>20,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>990,000</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>UBS AG 6.75%, due 9/15/13 mandatory exch. notes (NR) <BR>(linked to the
performance of GT Solar International, Inc. common stock)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>40,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,191,800</P>
</TD></TR>
<TR>
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-top:1px solid #000000; border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD STYLE="border-top:1px solid #000000; border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>5,294,050</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Finance - 1.7%</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR>
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">Citigroup, Inc. T-DECS 7.5%,
due 12/15/12 (NR)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>14,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,904,980</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Financial Services - 0.7%
</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">The Hartford Financial
Services Group, Inc. 7.25%, due 4/1/13 (BB)<BR>
depositary shares representing mandatory cv. pfd., series F</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>30,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>768,300</P>
</TD></TR>
<TR>
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Foods - 1.4%</B></P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:9pt">2009 Dole Food ACES Trust 7%,
due 11/1/2012 (CCC)<BR>(exchangeable for Dole Food Company, Inc. common stock)</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>120,000</P>
</TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,563,744</P>
</TD></TR>
</TABLE>

<P ALIGN="CENTER">&nbsp;</P>
<HR NOSHADE SIZE="1">
<PAGE>
<BR>




<TABLE STYLE="font-size:10pt" CELLSPACING="0" ALIGN="CENTER" BORDER="0"><TR height=0 style="font-size:0"><TD WIDTH="452.733"></TD>
<TD WIDTH="13.533"></TD><TD WIDTH="72"></TD><TD WIDTH="21.6"></TD><TD WIDTH="13.533"></TD><TD WIDTH="58.333"></TD></TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P>
</TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD>
</TR>
<TR><TD VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P style="line-height:11pt; margin:0px; font-size:10pt"><B><I>Ellsworth Schedule
of Investments - continued</I></B>
<BR>December 31, 2010</P>
</TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD VALIGN="bottom" WIDTH="58.333" HEIGHT="17"><P>&nbsp;</P></TD></TR>
<TR><TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="452.733" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:8pt" align=right>Shares&nbsp;&nbsp;</P>
</TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="21.6" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="13.533" HEIGHT="17"><P>&nbsp;</P></TD>
<TD STYLE="border-bottom:1px solid #000000" VALIGN="bottom" WIDTH="58.333" HEIGHT="17">
<P style="line-height:11pt; margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;Value </P>
</TD></TR>



<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>MANDATORY CONVERTIBLE
SECURITIES - continued</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Home Building - 0.4%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Beazer Homes USA, Inc. tangible equity units 7.25%, due 8/15/2013 (NR)</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>17,500</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>416,150</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Metals and Mining - 2.7%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR>
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">AngloGold Ashanti Ltd. 6.00%, due
9/15/13 mandatory cv. notes (NR)<BR>
&nbsp;(exchangeable for ADS representing AngloGold Ashanti common stock) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>5,900</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>326,565</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">UBS AG 9.375%, due 6/15/12
mandatory exch. notes (BB)
<BR>
&nbsp;(exchangeable for Stillwater Mining Co. common stock) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>10,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>275,750</P>
</TD></TR>
<TR>
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Vale Capital II 6.75%, due 06/15/12
mandatory cv. notes (BBB)<BR>
&nbsp;(exchangeable for ADS representing Vale S.A. common stock) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>19,200</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,852,992</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Vale Capital II 6.75%, due 06/15/12
mandatory cv. notes (BBB)<BR>
&nbsp;(exchangeable for ADS representing Vale S.A. preferred A shares) </P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>6,500</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>629,590</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>3,084,897</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Transportation - 0.5%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">2010 Swift Mandatory Trust 6%,
(NR)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">(exchangeable for Swift common
stock) (1)</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>50,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>607,500</P>
</TD></TR>
<TR>
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>TOTAL MANDATORY CONVERTIBLE
SECURITIES (7) </B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>13,032,121</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>COMMON STOCKS - 6.9%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR>
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Energy - 1.0%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">ConocoPhilips</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>11,282</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>768,304</P>
</TD></TR>


<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Whiting Petroleum Corp.</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>3,147</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>368,797</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,137,101</P>
</TD></TR>


<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Healthcare - 0.9%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Abbott Laboratories</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>10,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>479,100</P>
</TD></TR>


<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Bristol-Myers Squibb Co.</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>20,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>529,600</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,008,700</P>
</TD></TR>


<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Media and Entertainment - 0.5%
</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">The Walt Disney Company</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>15,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>562,650</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Pharmaceuticals - 0.8%</B>
</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>

<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Merck &amp; Co.</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>23,651</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>852,382</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>

<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Telecommunications - 3.7%</B>
</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">AT&amp;T, Inc.</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>70,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,056,600</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt">Verizon Communications, Inc.</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>60,000</P>
</TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,146,800</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>4,203,400</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>TOTAL COMMON STOCKS </B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>7,764,233</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Total Convertible Bonds and
Notes - 65.2%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$</P>
</TD><TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>73,217,725</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Total Corporate Bonds and Notes
- - 0.4%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>426,500</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Total Convertible Preferred
Stocks - 14.2%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>15,901,790</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Total Mandatory Convertible
Securities - 12.1%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>13,639,621</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Total Common Stocks - 6.9%
</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>7,764,233</P>
</TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Total Investments - 98.8%</B>
</P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=58.333 height=17><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>110,949,869</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=17><P>&nbsp;</P></TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=52 height=17><P>&nbsp;</P></TD><TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=58.333 height=17><P>&nbsp;</P></TD></TR>
<TR BGCOLOR="#CCEEFF">
<TD valign=bottom width=452.733 height=17><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Other assets and liabilities,
net - 1.2%</B></P>
</TD><TD valign=bottom width=13.533 height=17><P>&nbsp;</P></TD><TD valign=bottom width=52 height=17><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=13.533 height=17><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=bottom width=58.333 height=17>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,404,014</P>
</TD></TR>
<TR><TD valign=bottom width=452.733 height=18><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Total Net Assets - 100.0%
</B></P>
</TD><TD valign=bottom width=13.533 height=18><P>&nbsp;</P></TD><TD valign=bottom width=52 height=18><P>&nbsp;</P></TD>
<TD valign=bottom width=21.6 height=18><P>&nbsp;</P></TD>
<TD style="border-bottom:3px double #000000" valign=bottom width=13.533 height=18>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=58.333 height=18>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right>112,353,883</P>
</TD></TR>
</TABLE>
<P ALIGN="CENTER">&nbsp;</P>
<HR NOSHADE SIZE="1">

<PAGE>
<DIV style="width:720px"><P style="margin:0px"><BR>
<BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=697></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">Notes:</P>
</TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(1) Security not registered under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;) (e.g., the security was purchased in a Rule 144A or a Regulation D transaction). &nbsp;The security may be resold only pursuant to an exemption from registration under the Securities Act, typically to qualified institutional buyers. The Fund generally has no rights to demand registration of such securities. The aggregate market value of these unregistered securities at December 31, 2010 was $5,456,605 which represented 4.9% of the Fund's net assets.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(2) Non-income producing security.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(3) Contingent payment debt instrument which accrues contingent interest. &nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(4) Security is in default.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(5) Investment is valued at fair value as determined in good faith pursuant to procedures adopted by the Board of Trustees. &nbsp;It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material. &nbsp;The fair value of these securities amounted to $1,687,100 at December 31, 2010, which represented 1.5% of the Fund's net assets.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(6) Restricted securities include securities that have not been registered under the Securities Act and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund&#146;s investment objective and investment strategies. As of December 31, 2010, the Fund was invested in the following restricted securities:</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;Amerivon Holdings LLC units containing series A cv. pfd. shares and common equity units, acquired April 1, 2010.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(7) Mandatory Convertible 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.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">Investment Abbreviations:</P>
</TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">ACES - Automatic Common Exchange Securities.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">ADR - American Depositary Receipts.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">ADS - American Depositary Shares.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">BONUSES - Bifurcated Option Note Unit Securities.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">T-DECS - Tangible Dividend Enhanced Common Stock.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">Ratings in parentheses derived by management, using input from various ratings agencies.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">NR is used whenever a rating is unavailable.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana"><I>See accompanying notes.</I></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=120></TD><TD width=108></TD><TD width=72></TD></TR>
<TR><TD valign=bottom width=300 colspan=3><P style="margin:0px; font-family:Verdana"><B>Summary of Portfolio Ratings </B>*</P>
</TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">AAA</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>0%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">AA</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>2%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">A</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>16%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">BBB</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>12%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">BB</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>23%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">B</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>20%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">CCC &amp; below</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>8%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">Not Rated</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>19%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P>&nbsp;</P></TD><TD valign=bottom width=108><P>&nbsp;</P></TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=300 colspan=3><P style="margin:0px; font-family:Verdana">* Excludes equity securities and cash.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<HR NOSHADE SIZE="1">
<PAGE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B><I>Ellsworth Fund Ltd. - Selected Notes to Financial Statements (unaudited)</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Ellsworth Fund Ltd. (the &#147;Fund&#148;), is registered under the Investment Company Act of 1940, as amended, (the &#147;Act&#148;) as a diversified, closed-end management investment company.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B>Security Valuation</B> - Investments in securities traded on a national securities exchange are valued at market using the last reported sales price, supplied by an independent pricing service, 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 the independent pricing service, or, if an evaluated quote is unavailable, such securities are valued using prices received from dealers, provided that if the dealer supplies both bid and asked prices, the price to be used is the mean of the bid and asked prices. The independent pricing service derives an evaluated quote by obtaining dealer quotes, analyzing the listed markets, reviewing trade execution data, evaluating the price of the underlying common stock and employing sens
itivity analysis. Evaluated quotes may also reflect appropriate factors such as individual characteristics of the issue, broker/dealer quotes, and additional inputs such as benchmark yields, reported trades, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. Securities for which quotations are not readily available, restricted securities and other assets are valued at fair value as determined in good faith 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.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. &nbsp;These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. &nbsp;These inputs are summarized in &nbsp;the three broad levels listed below:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Level 1 - Quoted unadjusted prices for identical instruments in active markets.</P>
<P style="margin:0px; font-family:Verdana">&nbsp;</P>
<P style="margin:0px; font-family:Verdana">Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuation in which all significant inputs and significant value drivers are observable in active markets. &nbsp;Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers, and those received from an independent pricing service.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Level 3 - Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. &nbsp;Unobservable inputs are those inputs that reflect the Fund&#146;s own assumptions that market participants would use to price an asset or liability based on the best available information.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">The following is a summary of the inputs used to value the net assets of the Fund as of December 31, 2010:</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=247.2></TD><TD width=108></TD><TD width=120></TD><TD width=96></TD></TR>
<TR><TD valign=top width=247.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px; font-family:Verdana" align=center>Level 1</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px; font-family:Verdana" align=center>Level 2</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>Level 3</P>
</TD></TR>
<TR><TD valign=top width=247.2><P>&nbsp;</P></TD><TD valign=top width=108><P>&nbsp;</P></TD><TD valign=top width=120><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana">Investments in Securities:</P>
</TD><TD valign=top width=108><P>&nbsp;</P></TD><TD valign=top width=120><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana">Convertible Bonds and Notes</P>
</TD><TD valign=top width=108><P style="margin:0px; font-family:Verdana">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---</P>
</TD><TD valign=top width=120><P style="margin:0px; font-family:Verdana" align=right>$ 72,287,417</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>$ &nbsp;930,308</P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana">Convertible Preferred Stocks</P>
</TD><TD valign=top width=108><P style="margin:0px; font-family:Verdana" align=center>&nbsp;&nbsp;---</P>
</TD><TD valign=top width=120><P style="margin:0px; font-family:Verdana" align=right>15,144,998</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;756,792</P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana">Mandatory Convertible Securities</P>
</TD><TD valign=top width=108><P style="margin:0px; font-family:Verdana" align=center>&nbsp;&nbsp;---</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0px; font-family:Verdana" align=right>13,639,621</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>&nbsp;&nbsp;---</P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana">Corporate Bonds and Notes</P>
</TD><TD valign=top width=108><P style="margin:0px; font-family:Verdana" align=center>&nbsp;&nbsp;---</P>
</TD><TD valign=top width=120><P style="margin:0px; font-family:Verdana" align=right>426,500</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>&nbsp;&nbsp;---</P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana">Common Stock</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px; font-family:Verdana">$7,764,233</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px; font-family:Verdana" align=center>---</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>&nbsp;&nbsp;---</P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana"><B>Total Investments</B></P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=108><P style="margin:0px; font-family:Verdana">$7,764,233</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=120><P style="margin:0px; font-family:Verdana" align=right>$101,498,536</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>$1,687,100</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">The following is a reconciliation of assets for which level 3 inputs were used in determining value:</P>
<P style="margin:0px"><BR>
<BR></P>
<HR NOSHADE SIZE="1">
<PAGE>

<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=187.2></TD><TD width=96></TD><TD width=96></TD><TD width=96></TD><TD width=96></TD></TR>
<TR><TD valign=top width=187.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>Convertible Bonds and Notes</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>Corporate Bonds and Notes</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>Convertible Preferred Stocks</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="margin:0px; font-family:Verdana" align=center>Total</P>
</TD></TR>
<TR><TD valign=top width=187.2><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=187.2><P style="margin:0px; font-family:Verdana">Beginning balance</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana">$ &nbsp;&nbsp;&nbsp;&nbsp;---</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana">$ &nbsp;&nbsp;&nbsp;&nbsp;---</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>$750,000</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>$750,000</P>
</TD></TR>
<TR><TD valign=top width=187.2><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=187.2><P style="margin:0px; font-family:Verdana">Change in unrealized</P>
<P style="margin:0px; font-family:Verdana">appreciation (depreciation)</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>---</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>---</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>---</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>---</P>
</TD></TR>
<TR><TD valign=top width=187.2><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=187.2><P style="margin:0px; font-family:Verdana">Net transfers in/out of level 3</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana">&nbsp;930,308</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>---</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>6,792</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>937,100</P>
</TD></TR>
<TR><TD valign=top width=187.2><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=187.2><P style="margin:0px; font-family:Verdana">Ending balance</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=96><P style="margin:0px; font-family:Verdana">$930,308</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=96><P style="margin:0px; font-family:Verdana">$ &nbsp;&nbsp;&nbsp;&nbsp;---</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>$756,792</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>$1,687,100</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. &nbsp;To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. &nbsp;Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">In January 2010, the FASB issued Accounting Standards Update &#147;Improving Disclosures about Fair Value Measurements&#148; (&#147;ASU&#148;). The ASU requires enhanced disclosures about a) transfers into and out of Levels 1 and 2, and b) purchases, sales, issuances, and settlements on a gross basis relating to Level 3 measurements. The first disclosure is effective for the first reporting period beginning after December 15, 2009, and for interim periods within those fiscal years. There were no significant transfers into and out of Levels 1 and 2 during the current period presented. The second disclosure will become effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management is currently evaluating the impact this disclosure may have on the Fund&#146;s financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B>Securities Transactions and Related Investment Income</B> - 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. &nbsp;Dividend income is recorded on the ex-dividend date and interest income is recorded on the &nbsp;accrual basis, including accretion of discounts and amortization of non-equity premium. &nbsp;For certain securities, known as &#147;contingent payment debt instruments,&#148; Federal tax &nbsp;regulations require the Fund to record non-cash, &#147;contingent&#148; interest income in addition to interest income actually received. &nbsp;Contingent interest income amounted to approximately 1 cent per share for the three months ended December 31, 2010. &nbsp;In addition, Federal tax regulations require the Fund to reclassify realized gains on contingent payment debt instruments to interest income. &nbsp;At December 31,
 2010, there were unrealized losses of approximately 2 cents per share on contingent payment debt instruments.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B>Federal Income Tax Cost </B>- At December 31, 2010, the cost basis of investments for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $103,711,506, $12,411,617, $(5,173,255) and $7,238,362, respectively.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">ITEM 2. CONTROLS AND PROCEDURES.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Conclusions of principal officers concerning controls and procedures.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">(a) The Fund&#146;s principal executive officer and principal financial officer have concluded that the Fund&#146;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c)) are effective as of March 1, 2011 based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 17 CFR 240.15d-15(b)).</P>
<P style="margin:0px"><BR>
<BR></P>
<HR NOSHADE SIZE="1">
<PAGE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">(b) There have been no changes in the Fund&#146;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 Fund&#146;s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund&#146;s internal control over financial reporting.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">ITEM 3. EXHIBITS.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Certifications of the principal executive officer and the principal financial officer of the Fund, as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are filed herewith.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">SIGNATURES</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">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.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Ellsworth Fund Ltd.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">By: /s/Thomas H. Dinsmore</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Dinsmore</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board and</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer)</P>
<P style="margin:0px"><BR></P>
<A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A><P style="margin:0px; font-family:Verdana">Date: <A NAME="OLE_LINK3"></A><A NAME="OLE_LINK4"></A>March 1, 2011 </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Pursuant to the requirements of the Securities 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.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">By: /s/Thomas H. Dinsmore</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Dinsmore</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board and</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Date: March 1, 2011</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">By: /s/Gary I. Levine</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Gary I. Levine</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Date: March 1, 2011</P>
<P style="margin:0px"><BR>
<BR></P>
<HR NOSHADE SIZE="1">

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d27914-ex99cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>EX-99 2 ellsworth_ncsr-ex99</TITLE>
<META NAME="author" CONTENT="Gary Levine">
<META NAME="date" CONTENT="02/16/2011">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:681.6px"><P style="margin:0px; font-family:Verdana" align=right>Exhibit 99.CERT</P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-family:Verdana"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">I, Thomas H. Dinsmore, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">1. I have reviewed this report on Form N-Q of Ellsworth Fund Ltd.;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=633.6></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=633.6><P style="margin:0px; font-family:Verdana">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=633.6></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=633.6><P style="margin:0px; font-family:Verdana">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=633.6></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(c)&nbsp;&nbsp;</P>
</TD><TD valign=top width=633.6><P style="margin:0px; font-family:Verdana">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=633.6></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(d)&nbsp;&nbsp;</P>
</TD><TD valign=top width=633.6><P style="margin:0px; font-family:Verdana">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=633.6></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=633.6><P style="margin:0px; font-family:Verdana" align=justify>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=633.6></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=633.6><P style="margin:0px; font-family:Verdana">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">&nbsp;Date: March 1, 2011</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">&nbsp;/s/ Thomas H. Dinsmore </P>
<P style="margin:0px; font-family:Verdana">Chairman of the Board and Chief Executive Officer </P>
<P style="margin:0px; font-family:Verdana">(Principal Executive Officer)</P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>

<PAGE>
<P style="margin:0px; font-family:Verdana"><B>CERTIFICATION OF PRINCIPAL&nbsp;FINANCIAL OFFICER</B></P>
<P style="margin:0px; font-family:Verdana"><BR>
I, Gary I. Levine, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">1. I have reviewed this report on Form N-Q of Ellsworth Fund Ltd.;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=633.6></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=633.6><P style="margin:0px; font-family:Verdana">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=633.6></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=633.6><P style="margin:0px; font-family:Verdana">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=633.6></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(c)&nbsp;&nbsp;</P>
</TD><TD valign=top width=633.6><P style="margin:0px; font-family:Verdana">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=633.6></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(d)&nbsp;&nbsp;</P>
</TD><TD valign=top width=633.6><P style="margin:0px; font-family:Verdana">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=633.6></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=633.6><P style="margin:0px; font-family:Verdana" align=justify>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=633.6></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=633.6><P style="margin:0px; font-family:Verdana">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">&nbsp;</P>
<P style="margin:0px; font-family:Verdana">&nbsp;Date: March 1, 2011</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">&nbsp;</P>
<P style="margin:0px; font-family:Verdana">/s/ Gary I. Levine</P>
<P style="margin:0px; font-family:Verdana">Chief Financial Officer </P>
<P style="margin:0px; font-family:Verdana">(Principal Financial Officer)</P>
</DIV></BODY>
<!-- EDGAR Validation Code: 67776F48 -->
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
