<SEC-DOCUMENT>0001145443-11-000571.txt : 20110609
<SEC-HEADER>0001145443-11-000571.hdr.sgml : 20110609
<ACCEPTANCE-DATETIME>20110609061506
ACCESSION NUMBER:		0001145443-11-000571
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20110609
DATE AS OF CHANGE:		20110609
EFFECTIVENESS DATE:		20110609

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04656
		FILM NUMBER:		11902084

	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-CSRS
<SEQUENCE>1
<FILENAME>d28263.htm
<DESCRIPTION>N-CSRS
<TEXT>
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<P style="margin:0px" align=center>UNITED STATES</P>
<P style="margin:0px" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="margin:0px" align=center>Washington, D.C. 20549</P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center>FORM N-CSR</P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</P>
<P style="margin:0px" align=center>MANAGEMENT INVESTMENT COMPANIES</P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center>Investment Company Act file number: 811-04656&nbsp;</P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<HR size=1 width="30%" noshade color=black align=center></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<P style="margin:0px" align=center>ELLSWORTH FUND LTD.&nbsp;</P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<HR size=1 width="100%" noshade color=black align=center></p>

<P style="margin:0px" align=center>(Exact name of registrant as specified in charter)</P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center>65 Madison Avenue, Morristown, New Jersey 07960-7308&nbsp;</P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<HR size=1 width="100%" noshade color=black align=center></p>

<P style="margin:0px" align=center>(Address of principal executive offices) (Zip code)</P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center>Thomas H. Dinsmore</P>
<P style="margin:0px" align=center>ELLSWORTH FUND LTD.</P>
<P style="margin:0px" align=center>65 Madison Avenue</P>
<P style="margin:0px" align=center>Morristown, New Jersey 07960-7308</P>
<P style="margin:0px" align=center>(Name and address of agent for service)</P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center>Copy to:</P>
<P style="margin:0px" align=center>Steven B. King, Esq.</P>
<P style="margin:0px" align=center>Ballard Spahr LLP</P>
<P style="margin:0px" align=center>1735 Market Street, 51st Floor</P>
<P style="margin:0px" align=center>Philadelphia, PA 19103-7599</P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px">Registrant&#146;s telephone number, including area code: (973) 631-1177</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Date of fiscal year end:&nbsp;&nbsp;September 30, 2011</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Date of reporting period:&nbsp;March 31, 2011</P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<HR size=1 width="100%" noshade color=black align=center></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<P style="margin-top:0px; margin-bottom:-16px"><BR>
ITEM 1.</P>
<P style="margin:0px; text-indent:72px">REPORTS TO STOCKHOLDERS.</P>
<P style="margin:0px">&nbsp;</P>
<BR>&nbsp;<BR>
<BR>
<BR>

<HR NOSHADE SIZE="5">
<BR>

<PAGE>
<DIV WIDTH="98%">

<P ALIGN=CENTER><FONT SIZE=2><B>ELLSWORTH FUND LTD.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><IMG SRC="img001.jpg" ALT="(MESSAGE)"></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>2011 Semi-Annual Report<BR>
March 31, 2011</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT SIZE=2><I>2011 Semi-Annual Report<BR>
March 31, 2011</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Ellsworth
Fund Ltd. operates as a closed-end, diversified management investment company
and invests primarily in convertible securities, with the objectives of
providing income and the potential for capital appreciation; which objectives
the Fund considers to be relatively equal, over the long-term, due to the
nature of the securities in which it invests.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><I>Highlights</I></FONT></P>

<P align="justify"><FONT SIZE=2><B>Performance through March 31, 2011 </B><I>with dividends reinvested</I></FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="41%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Calendar</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Annualized</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>10
 Year</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>YTD</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>1
 Year</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>5
 Years</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>10
 Years</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Volatility
 *</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Ellsworth market price</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>4.10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>15.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>5.84</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>4.79</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>16.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Ellsworth net asset value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4.78</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>16.44</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4.82</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4.85</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12.36</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Bank of America Merrill
 Lynch All</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;Convertibles Index</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5.07</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>16.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5.66</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6.14</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12.74</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>S&amp;P 500&reg; Index</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>5.92</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>15.66</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>2.63</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>3.29</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>16.40</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Barclays Aggregate Bond
 Total Return Index</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.86</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7.46</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6.49</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5.80</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6.33</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>Bank
of America Merrill Lynch All Convertibles Index and S&amp;P 500&reg; Index
performance data in the table above are from Bloomberg L.P. pricing service.
Barclays Aggregate Bond Total Return Index is from Barclays Capital. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Ellsworth&#146;s
10 year performance in the table above has not been adjusted for the fiscal
2004 rights offering; net asset value dilution was 2.21%. Performance data
represents past results and does not reflect future performance.</FONT></P>

<P align="justify"><FONT SIZE=2>* Volatility is a measure of
risk based on the standard deviation of the return. The greater the volatility,
the greater the chance of a profit or risk of a loss.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><B>Quarterly History of NAV and Market Price</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Net Asset Values</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Market Prices (NYSE Amex symbol: ECF)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Qtr.
 Ended</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>High</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Low</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Close</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>High</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Low</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Close</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>6/30/10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P STYLE="text-align: center"><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>$8.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>$7.31</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=center><FONT SIZE=2>$7.33</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>$7.16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>$6.31</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>$6.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>9/30/10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;7.96</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;7.28</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;7.95</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;7.17</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;6.35</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;7.17</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>12/31/10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;8.38</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;7.93</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;8.38</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;7.35</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;7.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;7.35</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>3/31/11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;8.73</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;8.42</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;8.71</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;7.65</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;7.34</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;7.58</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><B>Dividend Distributions (12 Months)</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="27%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="27%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Record
 <BR>
 Date</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Payment
 <BR>
 Date</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Capital
 <BR>
 Gains</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Total</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;5/13/10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;5/27/10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>$0.0675</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>$0.0675</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;8/12/10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;8/26/10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.0675</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.0675</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>10/21/10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>11/24/10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0710</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0710</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;2/10/11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;&nbsp;2/24/11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.0610</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.0610</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>$0.2670</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>$0.2670</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH
FUND LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS</FONT></P>

<P align="justify"><FONT SIZE=2><B>To Our Shareholders</B></FONT></P>

<P align="justify"><FONT SIZE=2>May 13, 2011</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
June marks the twenty-fifth anniversary of Ellsworth Fund Ltd. Over the past
twenty-five years the Fund has sought to provide shareholders with a
professionally managed portfolio comprised primarily of convertible securities.
The convertible securities market has changed in many ways since 1986, but
convertible securities have remained essentially the same. However, because
many new issues are made available only to qualified institutional buyers, or
QIBs, we believe that it is more difficult for individuals to invest in
convertible securities outside of a fund than it was in 1986. The potential for
convertible securities to provide total returns that are competitive with
thoses of equities, with higher income and less volatility, remains true today.
As discussed below, we believe that the Fund has been successful in providing
such returns.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March 31, 2011 the cumulative value of the Bank of America Merrill Lynch All
Convertibles Index (BAML Index) had risen to $238 billion from $231 billion at
year-end 2010. The BAML Index has added 59 new issues worth $26.7 billion
during the past six months. There are 567 issues in the BAML Index with an
average current yield of 3.19% and a premium to conversion value of 49.4%. The
equity sensitivity of the issues in the BAML Index as measured by parity delta
is at a moderate level of 0.66. In the current low interest rate environment
that premium level seems reasonable. The parity delta measure indicates that
the BAML Index is sensitive to price movements in the underlying stocks. If
interest rates rise, however, premium levels would have to fall to maintain the
same sensitivity. Convertible securities, taken in the aggregate, appear to be
fairly valued at this time. Specific issues, however, may be judged attractive
on their own.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over
many years and many economic cycles we have observed that the prices of the
underlying equity securities affect the performance of convertible securities
far more than changes in interest rates do. Bank of America Merrill Lynch, in a
report dated February 8, 2011, confirmed our observations. The report found the
correlation between convertible securities prices and interest rates over 37
years of data to be extremely low, whereas the correlation between convertible
securities prices and equity prices was significant.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance
for Ellsworth Fund&#146;s second fiscal quarter of 2011 was enhanced by its exposure
to the Energy and Consumer Goods industries. Performance was held back,
however, by the Fund&#146;s exposure to Insurance, as well as to the Metals and
Mining industry. As indicated in the performance chart on the opposite page of
this Semi-Annual Report, the Fund&#146;s net asset value (NAV) outperformed the
BAML Index for the one-, five-and ten-year periods, and performed in line with
the BAML Index for the three-month period ended March 31, 2011 (when the NAV is
adjusted for the fiscal 2004 rights offering and the fact that the Index does
not include expenses). The Fund&#146;s market return underperformed the BAML Index
for the three months, one, five and ten years ended March 31, 2011. The
volatility of the Fund&#146;s NAV, as measured by standard deviation, was lower than
that of the BAML Index for the ten-year period. The Fund seeks to provide total
returns to shareholders that compare favorably to those provided by the equity
markets, but with less volatility. We therefore note with pride that the Fund&#146;s
NAV outperformed equities, as represented by the S&amp;P 500&reg; Index, for the
one, five and ten years presented. The Fund&#146;s shares also outperformed the
S&amp;P 500&reg; Index for the five-and ten-year periods presented. Both the NAV
and the Fund&#146;s shares did so with lower 10-year volatility, as measured by
standard deviation, than the S&amp;P 500&reg; Index. </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><I>continued on the following page</I></FONT></P>

<P ALIGN=CENTER><B><FONT SIZE=2><I>- 1 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH
FUND LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS</FONT></P>

<P align="justify"><FONT SIZE=2><B>To Our Shareholders</B> <I>(continued)</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
results of the 2011 annual meeting of shareholders are shown in the
Miscellaneous Notes section of this report. We thank you for your support. At
its April meeting, the Board of Trustees of the Fund declared a distribution of
$0.061 per share, consisting of undistributed net investment income. The
distribution will be payable on May 26, 2011 to shareholders of record on May
12, 2011.</FONT></P>

<P align="justify"><FONT SIZE=2><IMG SRC="img002.jpg" ALT="(MESSAGE)"></FONT></P>

<P align="justify"><FONT SIZE=2>Thomas H. Dinsmore <BR>
Chairman of the Board</FONT></P>

<P align="center"><FONT SIZE=2><IMG SRC="img003.jpg" ALT="(MESSAGE)"></FONT></P>

<P ALIGN=CENTER><B><FONT SIZE=2><I>- 2 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH
FUND LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS</FONT></P>

<P align="justify"><FONT SIZE=2><B>Largest Investment Holdings</B> by underlying common stock</FONT></P>

<P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Value
 <BR>
 (Note 1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>%
 Total <BR>
 Net Assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
  <TR>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD></TR>
<TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>EMC Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>3,249,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>2.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>EMC
 and its subsidiaries develop, deliver and support the information technology
 (IT) industry&#146;s range of information infrastructure technologies and
 solutions.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Intel Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>2,731,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>2.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>Intel
 is a semiconductor chip maker. The company is engaged in developing advanced
 integrated digital technology products, primarily integrated circuits, for
 industries such as computing and communications.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Nuance Communications,
 Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>2,517,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>2.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>Nuance
 is a provider of speech, imaging and keypad solutions for businesses,
 organizations and consumers worldwide. The company&#146;s solutions are used for
 tasks and services, such as requesting information from a phone-based,
 self-service solution, dictating medical records, searching the mobile Web by
 voice, or entering a destination into a navigation system.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Vale S.A.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>2,390,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>2.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>Vale
 produces and sells iron ore, pellets, manganese, alloys, gold, bauxite and
 alumina. The company is based in Brazil, where it owns and operates railroads
 and maritime terminals.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>SunPower Corp.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>2,316,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>2.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>SunPower
 is a vertically integrated solar products and services company that designs,
 manufactures and markets high-performance solar electric power technologies.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Verizon Communications
 Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>2,312,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>2.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>Verizon
 is a provider of communications services. The company has two segments:
 Domestic Wireless and Wireline. Its Domestic Wireless&#146; communications
 products and services include wireless voice and data services and equipment
 sales, which are provided to consumer, business and government customers
 across the U.S. Wireline&#146;s communications products and services include
 voice, Internet access, broadband video and data, Internet protocol network
 services, network access and other services.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Equinix, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>2,301,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>2.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>Equinix
 provides core Internet exchange services to networks, Internet infrastructure
 companies, enterprises and content providers.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>AT&amp;T Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>2,142,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>1.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>AT&amp;T
 is a provider of telecommunications services in the U.S. and world-wide.
 These include wireless communications, local exchange services, long-distance
 services, data/broadband and Internet services, and video services. It
 operates in four segments: wireless, which provides both wire-less voice and
 data communications services across the U.S. and in foreign countries;
 wireline, which provides landline voice and data communication services and
 managed networking to business customers; advertising solutions; and other,
 which provides results from customer information services and all corporate
 and other operations.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Total</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>19,961,850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>17.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><B><FONT SIZE=2><I>- 3 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH
FUND LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Major Industry Exposure</B></FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="85%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>%
 Total <BR>
 Net Assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Energy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>13.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Telecommunications</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12.7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Financial Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>10.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Pharmaceuticals</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9.7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Computer Software</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>6.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Metals and Mining</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Banking/Savings and Loan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>5.7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Healthcare</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Semiconductors</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>5.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Computer Hardware</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Total</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>77.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P align="justify"><FONT SIZE=2><B>Major Portfolio Changes</B> by underlying common stock <BR>
Six months ended March 31, 2011</FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><B>A<FONT SIZE=1>DDITIONS</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><B>R<FONT SIZE=1>EDUCTIONS</B></FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Chemed Corp.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>ADC Telecommunications,
 Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Crown Castle International
 Corp.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Anixter International,
 Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Digital River Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Cephalon, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Equinix, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Charles River Labs
 International, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Fifth Third Bancorp</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Coinstar, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>General Motors Co.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Commscope, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Gilead Sciences, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Equinix, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>MetLife, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Ford Motor Co.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Nextera Energy, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Gilead Sciences, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>PPL Corp.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Greatbatch, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>SBA Communications Corp.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Lifepoint Hospitals, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Stanley Black &amp; Decker</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>LSB Industrials, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Telecommunication Systems,
 Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Owens-Brockway Glass
 Container</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Tower Group, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>SBA Communications Corp.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>United Continental
 Holdings</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Teva Pharmaceutical
 Finance Co. B.V.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Webmd Health Corp.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Whiting Petroleum Corp.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><B><FONT SIZE=2><I>- 4 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH
FUND LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDER<BR>
<FONT SIZE=2><B>Portfolio of Investments </B>March 31, 2011 <I>(unaudited)</I></FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="72%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Principal<BR>
 Amount</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Value<BR>
 (Note 1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2><B>CONVERTIBLE
 BONDS AND NOTES - 65.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2><B>Aerospace
 and Defense - 1.9%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Alliant Techsystems, Inc.,
 2.75%, Due 9/15/11, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1,012,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Hawaiian Holdings, Inc.,
 5.00%, Due 3/15/16, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>260,950</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Kaman Corp., 3.25%, Due
 11/15/17, (BBB) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>925,312</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,198,762</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2><B>Automotive
 - 1.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Titan International, Inc.,
 5.625%, Due 1/15/17, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,108,438</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2><B>Computer
 Hardware - 3.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>EMC Corp., 1.75%, Due
 12/1/13, (A)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,900,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,249,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>NetApp, Inc., 1.75%, Due
 6/1/13, (A)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>795,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,044,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2><B>Computer
 Software - 6.3%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Digital River, Inc.,
 2.00%, Due 11/1/30, (BBB) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,152,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>GSI Commerce, Inc., 2.50%,
 Due 6/1/27, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>565,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Microsoft Corp., 0%, Due
 6/15/13, (AAA) (2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>524,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Nuance Communications,
 Inc., 2.75%, Due 8/15/27, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>2,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>2,517,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>RightNow Technologies,
 Inc., 2.50%, Due 11/15/30, (NR) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>303,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Rovi Corp., 2.65%, Due
 2/15/40, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1,328,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>THQ, Inc., 5.00%, Due
 8/15/14, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>491,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>WebMD Health Corp., 2.50%,
 Due 1/31/18, (NR) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>505,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,388,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2><B>Construction
 Material - 0.9%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>CEMEX, S.A.B. de C.V.,
 4.875%, Due 3/15/15, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,025,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2><B>Consumer
 Goods - 0.3%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Regis Corp., 5.00%, Due
 7/15/14, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>335,938</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2><B>Data
 Processing - 0.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>CSG Systems International,
 Inc., 3.00%, Due 3/1/17, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>530,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2><B>Energy -
 7.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Goodrich Petroleum Corp.,
 5.00%, Due 10/1/29, (CCC)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,020,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>McMoRan Exploration Co.,
 5.25%, Due 10/6/11, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>590,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>685,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Oil States International,
 Inc., 2.375%, Due 7/1/25, (A)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,206,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Renesola Ltd., 4.125%, Due
 3/15/18, (NR) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>541,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>SunPower Corp., 1.25%, Due
 2/15/27, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>982,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>SunPower Corp., 4.50%, Due
 3/15/15, (BBB) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1,250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1,334,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Transocean, Inc., 1.50%,
 Due 12/15/37, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>978,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Trina Solar Ltd., 4.00%,
 Due 7/15/13, (NR)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1,418,438</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,167,963</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2><B>Financial
 Services - 6.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Annaly Capital Management,
 Inc., 4.00%, Due 2/15/15, (NR)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,457,812</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Ares Capital Corp., 5.75%,
 Due 2/1/16, (BBB) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>267,812</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Euronet Worldwide, Inc.,
 3.50%, Due 10/15/25, (B) (3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>998,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Knight Capital Group,
 Inc., 3.50%, Due 3/15/15, (NR)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>978,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>National Financial
 Partners Corp., 4.00%, Due 6/15/17, (NR)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,002,188</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Old Republic International
 Corp., 8.00%, Due 5/15/12, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1,500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1,807,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Tower Group, Inc., 5.00%,
 Due 9/15/14, (BBB) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,103,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>7,615,937</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2><B>Foods -
 0.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Chiquita Brands
 International, Inc., 4.25%, Due 8/15/16, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>581,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>607,145</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2><B>Healthcare
 - 5.2%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Chemed Corp., 1.875%, Due
 5/15/14, (AA)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>890,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>933,388</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>China Medical
 Technologies, Inc., 4.00%, Due 8/15/13, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>901,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Integra Lifesciences
 Holdings Co., 2.375%, Due 6/1/12, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1,067,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1,080,338</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Kinetic Concepts, Inc.,
 3.25%, Due 4/15/15, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,560,938</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>continued</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B><i>- 5 -</i></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<FONT SIZE=2><B>Portfolio of Investments</B> March 31, 2011 <I>(continued)</I></FONT></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Principal<BR>
 Amount</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Value<BR>
 (Note 1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>CONVERTIBLE BONDS AND NOTES - continued</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Healthcare - continued</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Omnicare, Inc., 3.25%, Due 12/15/35, (BB) (3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>254,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>236,855</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Sonosite, Inc., 3.75%, Due 7/15/14, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,401,562</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>6,114,331</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Metals and Mining - 3.3%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Jaguar Mining, Inc., 4.50%, Due 11/1/14, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>525,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>465,938</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>James River Coal Co., 3.125%, Due 3/15/18, (BB) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>125,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>132,812</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Kaiser Aluminum Corp., 4.50%, Due 4/1/15, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,238,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Northgate Minerals Corp., 3.50%, Due 10/1/16, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>600,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>596,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>RTI International Metals, Inc., 3.00%, Due 12/1/15, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>600,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>699,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>United States Steel Corp., 4.00%, Due 5/15/14, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>375,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>685,781</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,817,881</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Pharmaceuticals - 8.2%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Amgen, Inc., 0.375%, Due 2/1/13, (A)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>998,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Amylin Pharmaceuticals, Inc., 3.00%, Due 6/15/14, (CCC)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>432,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Cephalon, Inc., 2.50%, Due 5/1/14, (A)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>599,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Cubist Pharmaceuticals, Inc., 2.25%, Due 6/15/13, (A)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>813,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Endo Pharmaceuticals Holdings, Inc., 1.75%, Due 4/15/15, (A)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,059,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Gilead Sciences, Inc., 1.00%, Due 5/1/14, (A) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>845,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Gilead Sciences, Inc., 1.625%, Due 5/1/16, (A) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>871,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Millipore Corp. (Merck KGA), 3.75%, Due 6/1/26, (BB) (3,4)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>919,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Mylan, Inc., 1.25%, Due 3/15/12, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,659,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Onyx Pharmaceuticals, Inc., 4.00%, Due 8/15/16, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>882,184</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Salix Pharmaceuticals, Inc., 2.75%, Due 5/15/15, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>540,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9,622,559</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Real Estate - 1.6%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Corporate Office Properties LP, 4.25%, Due 4/15/30, (NR)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>513,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Lexington Realty Trust, 6.00%, Due 1/15/30, (NR)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,393,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,906,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Semiconductors - 5.1%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Intel Corp., 2.95%, Due 12/15/35, (A) (3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,550,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Intel Corp., 3.25%, Due 8/1/39, (A)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,181,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Mentor Graphics Corp., 4.00%, Due 4/1/31, (A) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>253,438</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Micron Technology, Inc., 1.875%, Due 6/1/14, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,092,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Photronics, Inc., 3.25%, Due 4/1/16, (BBB) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>114,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SanDisk Corp., 1.50%, Due 8/15/17, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,137,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Xilinx, Inc., 2.625%, Due 6/15/17, (BBB) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>630,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>5,959,313</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Telecommunications - 8.1%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Anixter International, Inc., 1.00%, Due 2/15/13, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,260,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Comtech Telecommunications Co., 3.00%, Due 5/1/29, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>520,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Equinix, Inc., 3.00%, Due 10/15/14, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,627,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Equinix, Inc., 4.75%, Due 6/15/16, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>674,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Finisar Corp., 5.00%, Due 10/15/29, (NR)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>186,188</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>General Cable Corp., 4.50%, Due 11/15/29, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>700,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Interdigital, Inc., 2.50%, Due 3/15/16, (AA) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>625,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>682,031</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>NII Holdings, Inc., 3.125%, Due 6/15/12, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,010,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SBA Communications Corp., 1.875%, Due 5/1/13, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,145,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SBA Communications Corp., 4.00%, Due 10/1/14, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>732,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Telecommunication Systems, Inc., 4.50%, Due 11/1/14, (B) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>946,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9,485,094</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Transportation - 2.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Dryships, Inc., 5.00%, Due 12/1/14, (NR)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>754,688</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>The Greenbrier Companies, Inc., 3.50%, Due 4/1/18, (B) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>375,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>391,425</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>UAL Corp., 4.50%, Due 6/30/21, (CCC)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,013,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Ultrapetrol (Bahamas) Ltd., 7.25%, Due 1/15/17, (B) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>735,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,894,913</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><B><FONT SIZE=2><I>- 6 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Portfolio of Investments</B> March 31, 2011 <I>(continued)</I></FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Principal<BR>
 Amount</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Value<BR>
 (Note 1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>CONVERTIBLE BONDS AND NOTES - continued</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Travel &amp; Leisure - 1.9%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Home Inns &amp; Motels Management, Inc., 2.00%, Due 12/15/15, (NR)
 (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>512,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>MGM Resorts International, 4.25%, Due 4/15/15, (CCC)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>794,062</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Morgans Hotel Group Co., 2.375%, Due 10/15/14, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>882,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,189,062</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>TOTAL CONVERTIBLE BONDS AND NOTES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>76,012,961</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>CORPORATE BONDS - 0.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Financial Services - 0.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Lehman Brothers Holdings, Inc., 1.00%, Due 3/23/09, (NR) (5)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>247,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Lehman Brothers Holdings, Inc., 6.00%, Due 10/12/10, (NR) (5)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>206,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>454,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>TOTAL CORPORATE BONDS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>454,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>CONVERTIBLE PREFERRED STOCKS - 12.7%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Banking/Savings and Loan - 5.7%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Bank of America Corp., 7.25%, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,617,584</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Fifth Third Bancorp, 8.50%, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>12,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,773,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York Community Capital Trust V, 6.00%, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>24,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,218,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Wells Fargo &amp; Co., 7.50%, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,070,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6,679,584</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Energy - 1.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>ATP Oil &amp; Gas Corp., 8.00%, (CCC)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>523,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Chesapeake Energy Corp., 5.00%, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,561,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Whiting Petroleum Corp., 6.25%, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>131</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>45,436</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,130,436</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Financial Services - 0.7%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Hartford Financial Services Group, Inc., 7.25%, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>782,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Foods - 0.7%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Bunge Ltd., 4.875%, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>7,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>786,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Real Estate - 0.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Health Care REIT, Inc., 6.50%, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>521,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Retail - 0.6%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Amerivon Holdings LLC, 4.00%, (NR) (1,4,6)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>567,810</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>756,793</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Telecommunications - 0.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Crown Castle International Corp., 6.25%, (BB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>16,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>987,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Tools - 1.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Stanley Black &amp; Decker, Inc., 4.25%, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,197,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Utilities - 0.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>PPL Corp., 4.75%, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>18,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>984,940</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>TOTAL CONVERTIBLE PREFERRED STOCKS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14,826,503</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><B><FONT SIZE=2><I>- 7 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Portfolio of Investments</B> March 31, 2011 <I>(continued)</I></FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Value<BR>
 (Note 1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>MANDATORY CONVERTIBLE SECURITIES - 13.5% (7)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Automotive - 1.2%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>General Motors Co., 4.75%, Due 12/1/13, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,446,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Data Processing - 0.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Unisys Corp., 6.25%, Due 3/1/14, (B)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>448,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Energy - 3.9%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Apache Corp., 6.00%, Due 8/1/13, (A)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>23,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,629,780</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Great Plains Energy, Inc., 12.00%, Due 6/15/12, (BBB) (3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,613,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>UBS AG Exchangeable Note (SOLR), 6.75%, Due 9/15/13, (NR)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,345,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,588,730</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Financial Services - 2.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Citigroup, Inc., 7.50%, Due 12/15/12, (A)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,771,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>MetLife, Inc., 7.50%, Due 10/8/14, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>12,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,060,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;



 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,831,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Foods - 1.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>2009 Dole Food ACES Trust, 7.00%, Due 11/1/12, (CCC)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>90,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,168,596</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Home Building - 0.3%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Beazer Homes USA, Inc., 7.25%, Due 8/15/13, (CCC)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>17,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>366,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Metals and Mining - 2.6%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>AngloGold Ashanti Ltd., 6.00%, Due 9/15/13, (NR)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>317,656</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>UBS AG Exchangeable Note (SWC), 9.375%, Due 6/15/12, (NR)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>12,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>342,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Vale Capital II (Vale S.A.), 6.75%, Due 6/15/12, (BBB)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>25,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,390,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,050,106</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Transportation - 0.7%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>2010 Swift Mandatory Common Exchange Security Trust, 6.00%, <BR>
Due
 12/31/13, (NR) (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>825,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Utilities - 0.9%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Nextera Energy, Inc., 7.00%, Due 9/1/13, (A)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,028,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>TOTAL MANDATORY CONVERTIBLE SECURITIES (7)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15,753,557</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>COMMON STOCKS - 6.7%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Energy - 0.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>ConocoPhillips</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>11,282</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>900,981</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Media and Entertainment - 0.6%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>The Walt Disney Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>646,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Multi-Industry - 0.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Applied Energetics, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>8,818</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>5,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Pharmaceuticals - 1.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Abbott Labs</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>490,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Bristol Myers Squibb Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>528,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Merck &amp; Co., Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>23,651</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>780,720</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,799,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Telecommunications - 3.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>AT&amp;T Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>70,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,142,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Verizon Communications Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,312,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,454,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>TOTAL COMMON STOCKS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>7,807,371</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><B><FONT SIZE=2><I>- 8 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<FONT SIZE=2><B>Portfolio of Investments</B> March 31, 2011 (continued)</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="84%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>(Note
 1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Total Convertible Bonds and Notes - 65.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>76,012,961</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Total Corporate Bonds - 0.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>454,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Total Convertible Preferred Stocks - 12.7%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>14,826,503</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Total Mandatory Convertible Securities - 13.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15,753,557</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Total Common Stocks - 6.7%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>7,807,371</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Total Investments - 98.3%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>114,854,392</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Other Assets, Net of Liabilites - 1.7%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,003,624</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Total Net Assets - 100.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>116,858,016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="95%" COLSPAN=2 VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Security not registered
 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) (e.g.,
 the security was purchased in a Rule 144A or a Regulation D transaction). 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 March 31, 2011 was
 $13,830,773, which represented 11.8% of the Fund&#146;s net assets.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Non-income producing
 security.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>(3)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Contingent payment debt
 instrument which accrues contingent interest. See Note 1(e).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>(4)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Investment is valued at
 fair value as determined in good faith pursuant to procedures adopted by the
 Board of Trustees. 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. The fair value of these
 securities amounted to $1,675,918 at March 31, 2011, which represented 1.4%
 of the Fund&#146;s net assets.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>(5)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Security in default.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>(6)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>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. In some cases, the issuer of restricted
 securities has agreed to register such securities for resale at the issuer&#146;s
 expense, either upon demand by the Fund or in connection with another
 registered offering of the securities. Investments in restricted securities
 are valued at fair value as determined in good faith in accordance with
 procedures adopted by the Board of Trustees. 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. As of March 31, 2011, the Fund was invested in the following
 restricted security:</FONT></P></TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Amerivon Holdings LLC 4.00% preferred </FONT></P>
</TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>(7)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>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. See Note
 1(h).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD WIDTH="60%"><P CLASS='MSONORMAL'>&nbsp;</TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD ROWSPAN=15 VALIGN=top>
 <P align="justify"><FONT SIZE=2><B>Portfolio
 Ratings:<BR>
 </B>Ratings are derived
 by management from various sources.<BR>
 Where a security is rated by Standard &amp; Poor&#146;s (S&amp;P), such rating
 appears in parentheses next to such security (but without any applicable + or
 - that might apply). Where a security is rated by S&amp;P and at least one
 other rating agency and the Fund believes the ratings to be functionally
 equivalent to one another, the S&amp;P rating appears in parentheses next to
 such security (but without any applicable + or - that might apply).<BR>Where a security is rated by S&amp;P
 and at least one other rating agency and the Fund believes the ratings not to
 be functionally equivalent to one another, the Fund puts in parentheses next
 to such security the S&amp;P rating which it believes approximates the
 average of all such ratings (but without any applicable + or - that might
 apply).<BR>Where a security is not rated by
 S&amp;P, the Fund puts in parentheses next to such security the S&amp;P
 rating which it believes approximates the average of all such ratings (but
 without any applicable + or - that might apply). NR is used whenever a rating
 is unavailable.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2><B>Summary of
 Portfolio Ratings </B>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>% of <BR>
 Portfolio</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>AAA</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>AA</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>BBB</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>BB</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>17</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>CCC &amp; below</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Not Rated</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>* Excludes common stock and
 cash.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE="BORDER-RIGHT:SOLID BLACK 1PX">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT SIZE=2><I>See accompanying notes to financial
statements</I></FONT></P>

<P ALIGN=CENTER><B><FONT SIZE=2><I>- 9 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Statement of Assets and
Liabilities</B> <I>(unaudited)</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="81%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>March 31, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Assets:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Investments at value (cost $104,628,048) (Note 1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>114,854,392</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Cash</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,452,898</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Receivable for securities sold</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>650,099</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Dividends and interest receivable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>688,067</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Other assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>17,975</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Total assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>118,663,431</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Liabilities:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Payable for securities purchased</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,788,472</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Accrued management fee (Note 2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11,710</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Other liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>5,233</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Total liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,805,415</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
  <TR>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom;">&nbsp;</TD></TR>
<TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Net Assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>116,858,016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Net assets consist of:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Capital shares (unlimited shares of $0.01 par value authorized) (Note
 3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>134,091</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Additional paid-in capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>117,400,407</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Undistributed net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>237,572</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Accumulated net realized loss from investment transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(11,140,398</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Unrealized appreciation on investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>10,226,344</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
  <TR>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Net Assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>116,858,016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
  <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net asset value per share ($116,858,016 &divide; 13,409,101 outstanding
 shares)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>8.71</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
  <TR>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><b>Statement of Operations</b> <I> (unaudited)</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><I>For the Six Months Ended March 31, 2011</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD>
 <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Investment Income (Note 1):</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Interest</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,560,616</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Dividends</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,011,575</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Total income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,572,191</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Expenses (Note 2):</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Management fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>405,529</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Custodian</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,486</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Transfer agent</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>16,011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Legal fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>33,877</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Audit fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>19,549</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Trustees&#146; fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>53,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Reports to shareholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>23,418</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Administrative services fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>28,819</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Other</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>41,104</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Total expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>629,293</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Net Investment Income</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>1,942,898</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Realized and Unrealized Gain on Investments:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net realized gain from investment transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,471,242</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net unrealized appreciation of investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,634,314</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net gain on investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>10,105,556</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Net Increase in Net Assets Resulting from Operations</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>12,048,454</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><I>See accompanying notes to financial
statements</I></FONT></P>

<P ALIGN=CENTER><B><FONT SIZE=2><I>- 10 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Statement of Changes in Net
Assets</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="57%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Six Months Ended<BR>
 March 31, 2011</B>(a)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Year Ended<BR>
 September 30, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Change in net assets from operations:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,942,898</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,446,483</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net realized gain from investment transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,471,242</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,634,484</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net unrealized appreciation of investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,634,314</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6,680,773</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net increase in net assets resulting from operations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>12,048,454</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>14,761,740</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Dividends to shareholders from:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(1,766,548</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(4,013,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Capital share transactions (Note 3)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>343,391</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>511,372</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Change in net assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>10,625,297</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>11,259,762</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net assets at beginning of period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>106,232,719</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>94,972,957</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Net assets at end of period</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>116,858,016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>106,232,719</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Undistributed net investment income at end of period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>237,572</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>789,831</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P align="justify"><FONT SIZE=2><B>Financial Highlights</B>&nbsp;<I>Selected data for a share
of beneficial interest outstanding</I></FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="36%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 ROWSPAN=4 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Six Months<BR>
 Ended<BR>
 March 31,<BR>
 2011</B>(a)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Years Ended September 30,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2008</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2007</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2006</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Operating Performance:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net asset value, beginning of period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7.95</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7.18</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9.29</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.26</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.33</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.31</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.33</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.33</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net realized and unrealized gain (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.73</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.84</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.04</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(2.24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.29</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Total from investment operations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.89</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1.10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.29</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(1.93</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1.33</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.62</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Less Distributions:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Dividends from net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(0.13</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(0.30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(0.32</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(0.33</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(0.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(0.31</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Distributions from realized gains</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.83</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Total distributions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(0.13</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(0.30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(0.32</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(1.16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(0.66</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(0.31</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net asset value, end of period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8.71</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7.95</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7.18</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Market value, end of period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>7.59</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>7.17</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>6.16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>5.30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>9.09</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>8.20</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Total Market Value Return (%)(b)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>23.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(33.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>19.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Total Net Asset Value Return (%)(b)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>11.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>16.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>6.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(21.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>14.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>6.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Ratios/Supplemental Data:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net assets, end of period (in thousands)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>116,858</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>106,233</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>94,973</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>94,497</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>129,952</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>119,264</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Ratio of expenses to average net assets (%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Ratio of net investment income to average net assets (%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>5.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Portfolio turnover rate (%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>62</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>71</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>61</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>84</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Unaudited.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Market value total return
 is calculated assuming a purchase of Fund shares on the opening of the first
 business day and a sale on the closing of the last business day of each
 period reported. Dividends and distributions are assumed for the purposes of
 this calculation to be reinvested at prices obtained under the Fund&#146;s
 Automatic Dividend Investment and Cash Payment Plan. Net asset value total
 return is calculated on the same basis, except that the Fund&#146;s net asset
 value is used on the purchase and sale dates instead of market value.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Annualized.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><I>See accompanying notes to financial
statements</I></FONT></P>

<P ALIGN=CENTER><B><FONT SIZE=2><I>- 11 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Notes to Financial
Statements</B> <I>(unaudited)</I></FONT></P>

<P align="justify"><FONT SIZE=2><B>NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES</B></FONT></P>

<P align="justify"><FONT SIZE=2><B> (a) Organization </B>- Ellsworth Fund Ltd. (the &#147;Fund&#148;), is registered under the Investment
Company Act of 1940, as amended, as a diversified, closed-end management
investment company. </FONT></P>

<P align="justify"><FONT SIZE=2><B> (b) Indemnification </B>- Under the Fund&#146;s organizational documents, each trustee, officer or
other agent of the Fund (including the Fund&#146;s investment adviser) is
indemnified against certain liabilities that may arise out of performance of
their duties to the Fund. Additionally, in the normal course of business, the
Fund enters into contracts that contain a variety of indemnification clauses.
The Fund&#146;s maximum exposure under these arrangements is unknown, as this would
involve future claims that may be made against the Fund that have not yet
occurred. The risk of material loss as a result of such indemnification is
considered remote.</FONT></P>

<P align="justify"><FONT SIZE=2><B> (c) 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 and
employing sensitivity analysis. Evaluated quotes may also reflect appropriate
factors such as individual characteristics of the issue, communications with
broker-dealers, and other market 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.</FONT></P>

<P align="justify"><FONT SIZE=2>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. 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. These inputs are summarized in the three broad levels listed below:</FONT></P>

<P align="justify"><FONT SIZE=2>Level 1 - Quoted unadjusted
prices for identical instruments in active markets.</FONT></P>

<P align="justify"><FONT SIZE=2>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. 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.</FONT></P>

<P align="justify"><FONT SIZE=2>Level 3 - Model derived
valuations in which one or more significant inputs or significant value drivers
are unobservable. 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.</FONT></P>

<P align="justify"><FONT SIZE=2>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. 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. Accordingly, the degree of judgment exercised in determining fair
value is greatest for instruments categorized in level 3.</FONT></P>

<P ALIGN=CENTER><B><FONT SIZE=2><I>- 12 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Notes to Financial
Statements</B> <I>(continued)</I></FONT></P>

<P align="justify"><FONT SIZE=2><B>NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES <I>(continued)</I></B></FONT></P>

<P align="justify"><FONT SIZE=2>The following is a summary
of the inputs used to value the net assets of the Fund as of March 31, 2011:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="56%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Level
 1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Level
 2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Level
 3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Investments in Securities:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Common Stocks:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Energy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>900,981</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Media and Entertainment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>646,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Multi-Industry</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>5,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Pharmaceuticals</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,799,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Telecommunications</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,454,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Total Common Stocks</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,807,371</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Convertible Bonds and Notes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>75,093,836</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>919,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Corporate Bonds and Notes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>454,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Convertible Preferred Stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>14,069,710</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>756,793</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Mandatory Convertible Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15,753,557</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;



 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Total Investments</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>7,807,371</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>105,371,103</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,675,918</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P align="justify"><FONT SIZE=2>The following is a reconciliation
of assets for which level 3 inputs were used in determining value:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="46%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Convertible<BR>
 Bonds and<BR>
 Notes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Corporate<BR>
 Bonds and<BR>
 Notes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Convertible<BR>
 Preferred<BR>
 Stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Total</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Beginning balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Change in unrealized appreciation (depreciation)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net transfers in/out of level 3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>6,793</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>6,793</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Ending balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>756,793</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>756,793</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><b><i>- 13 -</i></b></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Notes to Financial Statements </B><I>(continued)</I></FONT></P>

<P align="justify"><FONT SIZE=2><B>NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES <I>(continued)</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>(d) Federal Income Taxes </B>- The Fund&#146;s policy is to distribute
substantially all of its taxable income within the prescribed time and to
otherwise comply with the provisions of the Internal Revenue Code applicable to
regulated investment companies. Therefore, no provision for federal income or
excise taxes is believed necessary. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Fund recognizes the tax benefits of uncertain tax positions only where the
position is &#147;more-likely-than-not&#148; to be sustained assuming examination by
taxing authorities. Management of the Fund has analyzed the Fund&#146;s tax
positions and has concluded that no liability for unrecognized tax benefits
should be recorded related to uncertain tax positions taken on returns filed
for open tax years (2008-2010), or expected to be taken in the Fund&#146;s 2011 tax
returns. The major tax authority for the Fund is the Internal Revenue Service.
The Fund is not aware of any tax positions for which it is reasonably likely
that the total amounts of unrecognized tax benefits will significantly change
in the next twelve months.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>(e) Securities Transactions and Related Investment Income </B>- Securities transactions are accounted for
on the trade date (the date the order to buy or sell is executed) with gain or
loss on the sale of securities being determined based upon identified cost.
Dividend income is recorded on the ex-dividend date and interest income is
recorded on the accrual basis, including accretion of discounts and
amortization of non-equity premium. For certain securities, known as
&#147;contingent payment debt instruments,&#148; Federal tax regulations require the Fund
to record non-cash, &#147;contingent&#148; interest income in addition to interest income
actually received. Contingent interest income amounted to approximately 1 cent
per share for the six months ended March 31, 2011. In addition, Federal tax
regulations require the Fund to reclassify realized gains on contingent payment
debt instruments to interest income. At March 31, 2011, there were unrealized
losses of approximately 2 cents per share on contingent payment debt
instruments.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>(f) Distributions to Shareholders </B>- Distributions to shareholders from net
investment income are recorded by the Fund on the ex-dividend date.
Distributions from capital gains, if any, are recorded on the ex-dividend date
and paid annually. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
amount and character of income and capital gains to be distributed are
determined in accordance with income tax regulations, which may differ from
U.S. generally accepted accounting principles (&#147;GAAP&#148;). The tax character of
distributions paid during the fiscal years ended September 30, 2010 and 2009
were as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Ordinary income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>4,209,494</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>7,214,059</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Net realized gain on
 investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,565,939</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>4,209,494</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>14,779,998</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P align="justify"><FONT SIZE=2>At March 31, 2011, the
components of distributable earnings and federal tax cost were as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="82%" VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Unrealized appreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>14,691,467</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Unrealized depreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(4,575,040</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Net unrealized
 appreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>10,116,427</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>Cost for federal income
 tax purposes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>104,737,966</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><B><FONT SIZE=2><I>- 14 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Notes to Financial Statements </B><I>(continued)</I></FONT></P>

<P align="justify"><FONT SIZE=2><B>NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES <I>(continued)</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
differences between book-basis and tax-basis unrealized
appreciation/(depreciation) is attributable to differing methods of recognizing
interest and ordinary income on bonds and notes for tax purposes.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>(g) Use of Estimates </B>- The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements, and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>(h) Market Risk </B>- It is the Fund&#146;s policy to invest at least 65% of its assets in
convertible securities. Although convertible securities do derive part of their
value from that of the securities into which they are convertible, they are not
considered derivative financial instruments. However, the Fund&#146;s mandatory
convertible securities include features which render them more sensitive to
price changes of their underlying securities. Thus they expose the Fund to
greater downside risk than traditional convertible securities, but generally
less than that of the underlying common stock. The market value of those
securities was $15,753,557 at March 31, 2011, representing 13.5% of net assets.</FONT></P>

<P align="justify"><FONT SIZE=2><B>NOTE 2 - MANAGEMENT FEE AND OTHER TRANSACTIONS WITH
AFFILIATES</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Fund has entered into an investment advisory agreement with Dinsmore Capital
Management Co. (&#147;Dinsmore Capital&#148;). Pursuant to the investment advisory
agreement, Dinsmore Capital provides the Fund with investment advice, office
space and facilities. Under the terms of the investment advisory agreement, the
Fund pays Dinsmore Capital on the last day of each month an advisory fee for
such month computed at an annual rate of 0.75% of the first $100,000,000 and
0.50% of the excess over $100,000,000 of the Fund&#146;s net asset value in such
month.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Fund, pursuant to an administrative services agreement with Dinsmore Capital,
has agreed to pay Dinsmore Capital for certain accounting and other
administrative services provided to the Fund. Under the administrative services
agreement, the Fund pays Dinsmore Capital on the last day of each month a fee
for such month computed at an annual rate of 0.05% of the Fund&#146;s net asset
value in such month.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Certain
officers and trustees of the Fund are officers and directors of Dinsmore
Capital.</FONT></P>

<P align="justify"><FONT SIZE=2><B>NOTE 3 - PORTFOLIO ACTIVITY</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>At
March 31, 2011, there were 13,409,101 shares of beneficial interest
outstanding, with a par value of $0.01 per share. During the six months ended
March 31, 2011, 48,638 shares were issued in connection with reinvestment of
dividends from net investment income, resulting in an increase in paid-in
capital of $343,391.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Purchases
and sales of investments, exclusive of corporate short-term notes, aggregated
$39,288,338 and $33,277,243, respectively, for the six months ended March 31,
2011.</FONT></P>

<P align="justify"><FONT SIZE=2><B>NOTE 4 - SUBSEQUENT EVENTS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Fund has evaluated subsequent events through May 31, 2011, the date the
financial statements have been issued, and has determined that no events have
occurred that require disclosure. </FONT></P>

<P ALIGN=CENTER><B><FONT SIZE=2><I>- 15 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<FONT SIZE=2><B>Board Approval of Advisory Contract</B></FONT></P>

<P align="justify"><FONT SIZE=2><I>The independent trustees of the Fund renewed the advisory
contract with Dinsmore Capital Management Co. in November 2010. The following
are the material factors and conclusions that formed the basis for that
approval.</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2><B>The nature and extent of the advisory services provided by
Dinsmore Capital - </B>The
Board (the &#147;Board&#148;) of the Fund and the independent trustees reviewed the
services to be provided by Dinsmore Capital under the Advisory Agreement. The
Board noted that under the Advisory Agreement, Dinsmore Capital would supervise
all aspects of the Fund&#146;s operations including the investment and reinvestment
of cash, securities or other properties comprising the Fund&#146;s assets. In this
regard, the Board noted that under the Advisory Agreement Dinsmore Capital is
responsible for, among other things, (a) supervising all aspects of the
operations of the Fund; (b) obtaining and evaluating pertinent information
about significant developments and economic, statistical and financial data, domestic,
foreign or otherwise, whether affecting the economy generally or any industry
or the Fund or any issuer of securities held or to be purchased by the Fund;
(c) determining which issuers and securities will be represented in the Fund&#146;s
investment portfolio and regularly reporting thereon to the Board; (d) placing
orders for the purchase and sale of securities for the Fund; (e) taking all
appropriate actions regarding mergers, consolidations, elections, conversions,
exchanges, etc. in connection with portfolio securities; and (f) taking, on
behalf of the Fund, such other action as may be necessary or appropriate in
connection with the above. Based on such review, both the Board and the
independent trustees concluded that the range of services to be provided by
Dinsmore Capital under the Advisory Agreement was appropriate and that Dinsmore
Capital currently is providing services in accordance with the terms of the
Advisory Agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>The quality of services provided by Dinsmore Capital - </B>In reviewing the qualifications of Dinsmore
Capital to provide investment advisory services, both the Board and the
independent trustees reviewed the credentials and experience of Dinsmore
Capital&#146;s investment personnel who will provide investment advisory services to
the Fund, and considered Dinsmore Capital&#146;s (i) portfolio and product review
process, particularly its adherence to the Fund&#146;s investment mandate, (ii)
compliance function and its culture of compliance, (iii) use of technology,
including the use, from time to time, of direct satellite links to issuer
interviews and conferences, (iv) investment research operations (which involves
meetings with issuers and analysts, investment seminars and visits to issuers,
and the review of: (a) financial newspapers, industry literature, publications
and periodicals, (b) research materials prepared by others, (c) issuer annual
reports and prospectuses, and (d) issuer press releases) and trading operations
(which involves computerized execution of orders), and (v) focus on providing
high quality services while keeping the Fund&#146;s fees and expenses as low as
possible. The Board and the independent trustees also took into consideration
the presentations made by Dinsmore Capital at prior Board meetings pertaining
to its management of the Fund.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Based
on the review of these and other factors, both the Board and the independent
trustees determined and concluded that the quality of services provided by
Dinsmore Capital has been exemplary, that Dinsmore Capital currently is
providing services to the Fund in accordance with the terms of the Advisory
Agreement, and that the independent trustees were confident that such services
would continue in a similar fashion in 2011. The independent trustees also
commented favorably on the addition of James Dinsmore to the portfolio
management team.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>The performance of the Fund relative to comparable funds - </B>Both the Board and the independent trustees
reviewed the performance of the Fund (at net asset value) during the past one,
three, five and ten years ended August 31, 2010 against the performance of
other closed-end and open-end funds investing in convertible securities and
believed by management to be in the Fund&#146;s peer group. Mr. Dinsmore pointed out
that some funds against which the Fund compared itself were of such a large
size that they were required to make some investments in non-convertible
securities (because of the limited size of the convertible securities market),
which </FONT></P>

<P ALIGN=CENTER><B><FONT SIZE=2><I>- 16 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Board Approval of Advisory Contract </B><I>(continued)</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>meant,
in turn, that the comparison to the Fund was not perfect. Both the Board and
the independent trustees noted that the Fund&#146;s performance for the five-and
ten-year periods was almost identical to that of the average of the peer group
of open-end funds, but was significantly above the average performance of such
open-end funds for the one-year period and worse than such average performance
for the three-year period. In evaluating the Fund&#146;s performance against funds
in its peer group, the Board and the independent trustees took into account the
fact that many of the Fund&#146;s competitors engage in leverage, which has
increased their returns, but have done so with increased risk of loss. Because
of this increased risk of loss, the Fund has traditionally not engaged in
leverage and, in fact, has a lower standard deviation (one measure of
performance volatility) than the average peer fund. The Board and the
independent trustees also noted that the portfolio manager&#146;s investment
approach is to make equity investments utilizing convertible securities to
provide a total return similar to that of equity securities, but with lower
volatility and higher income. Accordingly, the Board and the independent
trustees concluded that performance of the Fund was satisfactory.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>The performance of the Fund relative to indices - </B>Both the Board and the independent trustees
reviewed the performance of the Fund (at net asset value) during the past one,
three, five and ten years ended August 31, 2010 against the performance of the
Bank of America Merrill Lynch All Convertibles Index (&#147;VXA0&#148;), the Bank of
America Merrill Lynch Investment Grade Convertibles Index (&#147;VXA1&#148;), and the
S&amp;P 500&reg; Index. Both the Board and the independent trustees noted that,
although the Fund&#146;s performance was slightly below that of the VXA0 for all
periods under review, when adjusted for fees (because the VXA0 incurs no fees),
the Fund&#146;s performance results were better than those of the VXA0 for the
one-year and ten-year periods and almost as good as the VXA0 or the three-year
and five-year periods. However, the Fund&#146;s performance was above that of the
VXA1 and the S&amp;P 500&reg; Index for all periods, even before adjusting for
expenses. Based on this review and taking into account all of the other factors
that the Board and the independent trustees considered in determining whether
to renew the Advisory Agreement, the Board and the independent trustees
concluded that no changes should be made to the Fund&#146;s portfolio management
team and that performance of the Fund was satisfactory.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Meetings with the Fund&#146;s portfolio manager and investment
personnel - </B>Both the
Board and the independent trustees noted that they meet regularly with the
Fund&#146;s portfolio manager and investment personnel, and believe that such
individuals are competent and able to carry out their responsibilities under
the Advisory Agreement. Moreover, the Board noted with approval the increased
portfolio management responsibilities being shared with newer members of
Dinsmore Capital.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Overall performance of Dinsmore Capital - </B>After considering the overall performance of
Dinsmore Capital in providing investment advisory and administrative services
to the Fund, both the Board and the independent trustees concluded that such
performance was satisfactory.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Expense limitations and fee waivers - </B>Both the Board and the independent trustees
noted that, although there are no contractual expense limitations or fee
waivers in effect for the Fund, Dinsmore Capital is very diligent in its
efforts to keep expenses of the Fund as low as possible. The independent
trustees also noted that the cost of compliance with regulatory initiatives was
increasing. Both the Board and the independent trustees concluded that the
current level of expenses for the Fund was fair and reasonable.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Breakpoints and economies of scale - </B>Both the Board and the independent trustees
reviewed the structure of the Fund&#146;s advisory fee under the Advisory Agreement,
and noted that the fee includes one breakpoint when the Fund&#146;s assets reach
$100 million. Both the Board and the independent trustees noted that the Fund
was over the </FONT></P>

<P ALIGN=CENTER><B><FONT SIZE=2><I>- 17 -</I></B></FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Board Approval of Advisory Contract </B><I>(continued)</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>breakpoint.
Both the Board and the independent trustees concluded that the Fund&#146;s fee
levels under the Advisory Agreement, therefore, reflect economies of scale and
that it was not necessary to implement any further changes to the structure of
the advisory fee for the Fund.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Profitability of Dinsmore Capital - </B>Both the Board and the independent trustees
reviewed information concerning the profitability and financial condition of
Dinsmore Capital. In particular, the Board reviewed Dinsmore Capital&#146;s
financial statements, including its statement of income and retained earnings,
statement of cash flows, and audited balance sheet. The Board also reviewed
Dinsmore Capital&#146;s costs in providing services to the Funds. The Board noted
that currently Dinsmore Capital&#146;s sole source of revenue was fees from the
Funds for providing advisory and administrative services to the Funds. The
Board and the independent trustees noted that Dinsmore Capital&#146;s operations
were at approximately break even during its most recent three fiscal years, despite
the severe market downturn. Some independent trustees expressed concern about
whether Dinsmore Capital would be able to maintain its high level of services
to the Funds unless it was able to increase assets under management in future
years. As a result, the independent trustees reiterated their prior advice that
Dinsmore Capital increase its efforts to grow its assets under management.
Based on the review of the profitability of Dinsmore Capital and its financial
condition, both the Board and the independent trustees concluded that the
compensation to be paid by the Fund to Dinsmore Capital under the Advisory
Agreement was not excessive.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Dinsmore Capital&#146;s financial soundness in light of the Fund&#146;s
needs - </B>Both the
Board and the independent trustees considered whether Dinsmore Capital is
financially sound and has the resources necessary to perform its obligations
under the Advisory Agreement, and concluded that it does.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Benefits of soft dollars to Dinsmore Capital - </B>Both the Board and the independent trustees
discussed the fact that there are no third-party soft dollar arrangements in
effect with respect to the Fund. Both the Board and the independent trustees
recognized that Dinsmore Capital does receive proprietary research from brokers
with whom it executes portfolio transactions on behalf of the Fund. This
research is used by Dinsmore Capital in making investment decisions for the
Fund. Both the Board and the independent trustees also considered
representations made by Dinsmore Capital that portfolio transactions received
best execution. Because such research ultimately benefits the Fund, the Board
and the independent trustees concluded that it was appropriate to receive
proprietary research.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Historical relationship between the Fund and
Dinsmore Capital - </B>In determining
whether to continue the Advisory Agreement for the Fund, both the Board and the
independent trustees also considered the prior relationship among Dinsmore
Capital and the Fund, as well as the independent trustees&#146;knowledge of Dinsmore
Capital&#146;s operations, and concluded that it was beneficial to maintain the
current relationship, in part, because of such knowledge. Both the Board and
the independent trustees also reviewed the general nature of the non-investment
advisory services currently performed by Dinsmore Capital, such as
administrative services, and the fees received by Dinsmore Capital for
performing such services. In addition to reviewing such services, both the
Board and the independent trustees also considered the organizational structure
employed by Dinsmore Capital to provide those services. Based on the review of
these and other factors, both the Board and the independent trustees concluded
that Dinsmore Capital was qualified to provide non-investment advisory services
to the Fund, including administrative services, and that Dinsmore Capital
currently is providing satisfactory non-investment advisory services to the
Fund.</FONT></P>

<P ALIGN=CENTER><B><FONT SIZE=2><I>- 18 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Board Approval of Advisory Contract </B><I>(continued)</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Other factors and current trends - </B>Both the Board and the independent trustees
considered the culture of compliance and high ethical standards at Dinsmore
Capital, and the efforts historically and currently undertaken by Dinsmore
Capital to engage in best practices. Both the Board and the independent
trustees noted Dinsmore Capital&#146;s historical adherence to compliance
procedures, as well as the Fund&#146;s investment objectives, policies and
restrictions. Both the Board and the independent trustees concluded that this
commitment to adhere to the highest ethical standards was an important factor
in their determination that they should approve the continuance of the Advisory
Agreement for the Fund.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>After
considering all of the above factors and based on informed business judgment,
the Board determined that the Advisory Agreement is in the best interests of
the Fund and its shareholders and that the compensation to Dinsmore Capital
under the Advisory Agreement is fair and reasonable. As a result, the Board
concluded to renew the Advisory Agreement for an additional year.</FONT></P>

<P ALIGN=CENTER><B><FONT SIZE=2><I>- 19 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P align="justify"><FONT SIZE=2>ELLSWORTH FUND
LTD. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS<BR>
<B>Miscellaneous Notes</B></FONT></P>

<P align="justify"><FONT SIZE=2><B>Results of the 2011 Annual Shareholders Meeting</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Annual Meeting of Shareholders of the Fund was held on January 14, 2011. The
results of the shareholder vote were:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>1.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>All persons nominated were
 elected.</FONT></P>
 </TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" style="margin-left:5%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="29%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Terms expiring in 2013</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="text-align: center"><FONT SIZE=2>Shares voted for</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="text-align: center"><FONT SIZE=2>Shares withheld</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=2>Thomas H. Dinsmore</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" BGCOLOR="#cceeff" STYLE="text-align: center">
 <P STYLE="text-align: center"><FONT SIZE=2>10,006,289</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P STYLE="text-align: center"><FONT SIZE=2>1,485,259</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Daniel D. Harding</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="text-align: center"><FONT SIZE=2>10,035,667</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="text-align: center"><FONT SIZE=2>1,455,881</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" COLSPAN=2 VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="55%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>2.</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>The Audit Committee&#146;s
 appointment of Tait, Weller &amp; Baker LLP as independent registered public
 accountants was ratified, as 10,078,419 shares voted for, 1,257,065 shares
 voted against and 156,064 shares abstained.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=5 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>

</TABLE>

<P align="justify"><FONT SIZE=2><B>Notice of Privacy Policy</B><BR>The Fund has adopted a privacy policy
in order to protect the confidentiality of nonpublic personal information that
we have about its shareholders. We receive personal information, such as the
name, address and account balances of our shareholders, when transactions occur
in Fund shares registered in your name.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We
may disclose this information to companies that perform services for the Fund,
such as the Fund&#146;s transfer agent or proxy solicitors. These companies may only
use this information in connection with the services they provide to the Fund,
and not for any other purpose. We will not otherwise disclose any nonpublic
personal information about our shareholders or former shareholders to anyone
else, except as required by law.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Access
to nonpublic information about you is restricted to our employees and service
providers who need that information in order to provide services to you. We
maintain physical, electronic and procedural safeguards that comply with
federal standards to guard your nonpublic personal information.</FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P align="justify"><FONT SIZE=2><B>For More Information About Portfolio Holdings <BR>
</B>In addition to the
annual and semi-annual reports that Ellsworth delivers to shareholders and
makes available through the Fund&#146;s public website, the Fund files a complete
schedule of portfolio holdings with the U.S. Securities and Exchange Commission
(SEC) for the Fund&#146;s first and third fiscal quarters on Form N-Q. Ellsworth
does not deliver the schedule of portfolio holdings for the first and third
fiscal quarters to shareholders, however the schedules are available without
charge, upon request, by calling (800) 914-1177 or at the Fund&#146;s public
website, www.ellsworthfund.com. You may obtain the Form N-Q filings by
accessing the SEC&#146;s website at www.sec.gov. You may also review and copy them
at the SEC&#146;s Public Reference Room in Washington, DC. Information on the
operation of the SEC&#146;s Public Reference Room may be obtained by calling the SEC
at (800) SEC-0330.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P align="justify"><FONT SIZE=2><B>Proxy Voting Policies and Procedures / Proxy Voting Record</B><BR>The Fund&#146;s policies and procedures with
respect to the voting of proxies relating to the Fund&#146;s portfolio securities is
available without charge, upon request, by calling (800) 914-1177 or at our
website at www.ellsworthfund.com. This information is also available on the
SEC&#146;s website at www.sec.gov. In addition, information on how the Fund voted
such proxies relating to portfolio securities during the most recent
twelve-month period ended June 30, is available without charge at the above
sources.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>The
Fund is a member of the Closed-End Fund Association (CEFA), a non-profit
national trade association (www.cefa.com). Thomas H. Dinsmore, Chairman and
Chief Executive Officer of the Fund, is on the executive board.</FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>Pursuant
to Section 23 of the Investment Company Act of 1940, notice is hereby given
that the Fund may in the future purchase beneficial shares of the Fund from
time to time, at such times, and in such amounts, as may be deemed advantageous
to the Fund. Nothing herein shall be considered a commitment to purchase such
shares.</FONT></P>

<P ALIGN=CENTER><B><FONT SIZE=2><I>- 20 -</I></B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="49%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 <TD WIDTH="49%" VALIGN=TOP>
 <P align="justify">&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><B><FONT SIZE=2><I>Board of Trustees</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><B><FONT SIZE=2><I>Internet</I></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>K</font><FONT SIZE=1>INCHEN</font><FONT SIZE=2> C. B</font><FONT SIZE=1>IZZELL, C.F.A.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>www.ellsworthfund.com</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>E</font><FONT SIZE=1>LIZABETH</font><FONT SIZE=2> C. B</font><FONT SIZE=1>OGAN, Ph.D.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>email:
 info@ellsworthfund.com</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>T</font><FONT SIZE=1>HOMAS</font><FONT SIZE=2> H. D</font><FONT SIZE=1>INSMORE, C.F.A.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>D</font><FONT SIZE=1>ANIEL</font><FONT SIZE=2> D. H</font><FONT SIZE=1>ARDING, C.F.A.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><B><FONT SIZE=2><I>Shareholder Services and Transfer Agent</I></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>J</font><FONT SIZE=1>ANE</font><FONT SIZE=2> D. O&#146;K</font><FONT SIZE=1>EEFFE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>American Stock Transfer
 &amp; Trust Company, LLC</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>N</font><FONT SIZE=1>ICOLAS</font><FONT SIZE=2> W. P</font><FONT SIZE=1>LATT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>59 Maiden Lane</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>New York, NY 10038</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>(800) 937-5449</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>www.amstock.com</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><B><FONT SIZE=2><I>Officers</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><B><FONT SIZE=2><I>Investment Adviser</I></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>T</font><FONT SIZE=1>HOMAS</font><FONT SIZE=2> H. D</font><FONT SIZE=1>INSMORE, C.F.A.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2>Dinsmore Capital
 Management Co.</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><I>Chairman
 of the Board</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>65 Madison Avenue, Suite
 550</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;and
 Chief Executive Officer</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Morristown, NJ 07960</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>(973) 631-1177</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>J</font><FONT SIZE=1>ANE</font><FONT SIZE=2> D. O&#146;K</font><FONT SIZE=1>EEFFE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><I>President</I></FONT></P>
 </TD>


 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><B><FONT SIZE=2><I>Custodian</I></B></FONT></P>
 </TD>
  </TD>

<TR>
<TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Brown Brothers Harriman
 &amp; Co.</FONT></P>
 </TD>


</TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>G</font><FONT SIZE=1>ARY</font><FONT SIZE=2> I. L</font><FONT SIZE=1>EVINE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><I>Executive
 Vice President, Chief Financial Officer</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><B><FONT SIZE=2><I>Beneficial Share Listing</I></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;and
 Secretary</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>NYSE Amex Symbol: ECF</FONT></P>
 </TD>
 </TR>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>J</font><FONT SIZE=1>AMES</font><FONT SIZE=2> A. D</font><FONT SIZE=1>INSMORE, C.F.A.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><B><FONT SIZE=2><I>Legal Counsel</I></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><I>Vice
 President</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Ballard Spahr LLP</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>H. T</font><FONT SIZE=1>UCKER</font><FONT SIZE=2> L</font><FONT SIZE=1>AKE,</font><FONT SIZE=2> J</font><FONT SIZE=1>R.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><B><FONT SIZE=2><I>Independent Registered Public Accounting Firm</I></B></FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><I>Vice
 President</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>Tait, Weller &amp; Baker LLP</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>G</font><FONT SIZE=1>ERMAINE</font><FONT SIZE=2> M. O</font><FONT SIZE=1>RTIZ</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><I>Vice President</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>M</font><FONT SIZE=1>ERCEDES</font><FONT SIZE=2> A. P</font><FONT SIZE=1>IERRE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><I>Vice
 President and Chief Compliance Officer</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>J</font><FONT SIZE=1>UDITH</font><FONT SIZE=2> M. D</font><FONT SIZE=1>OUGHERTY</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><I>Assistant
 Vice President and Assistant Secretary</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2>J</font><FONT SIZE=1>OANN</font><FONT SIZE=2> V</font><FONT SIZE=1>ENEZIA</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2><I>Assistant
 Vice President</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2>ELLSWORTH FUND LTD.<BR>
65 MADISON AVENUE, SUITE
550 <BR> MORRISTOWN, NEW JERSEY 07960<BR>
www.ellsworthfund.com</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><IMG SRC="img004.jpg" ALT="(MESSAGE)"></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>


</DIV>


<PAGE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">ITEM 2.</P>
<P style="margin:0px; text-indent:72px">CODE OF ETHICS.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>Not applicable to this semi-annual report.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:-16px" align=justify>ITEM 3.</P>
<P style="margin:0px; text-indent:72px" align=justify>AUDIT COMMITTEE FINANCIAL EXPERT.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>Not applicable to this semi-annual report.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:-16px" align=justify>ITEM 4.</P>
<P style="margin:0px; text-indent:72px" align=justify>PRINCIPAL ACCOUNTANT FEES AND SERVICES.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>Not applicable to this semi-annual report.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:-16px">ITEM 5.</P>
<P style="margin:0px; text-indent:72px">AUDIT COMMITTEE OF LISTED REGISTRANTS.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>Not applicable to this semi-annual report.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">ITEM 6.</P>
<P style="margin:0px; text-indent:72px">INVESTMENTS.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>The Schedule of Investments in securities of unaffiliated issuers is included as part of the report to shareholders, filed
under Item 1 of this Form N-CSR.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">ITEM 7.</P>
<P style="margin:0px; text-indent:72px">DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=justify>Not applicable to this semi-annual report.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">ITEM 8.&nbsp;&nbsp;PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=justify>(a) (1) As of June 9, 2011, Mr. Thomas H. Dinsmore, Chairman and Chief Executive Officer, Ms. Jane D. O&#146;Keeffe,
President, and Mr. James A. Dinsmore, Vice President, comprise the three-person portfolio management team of Ellsworth Fund Ltd. (the &#147;Fund&#148;).
&nbsp;Mr. Thomas H. Dinsmore has served as portfolio manager since 1996, and Ms. O&#146;Keeffe and Mr. James Dinsmore became co-portfolio managers on January 1,
2011. &nbsp;Ms. O&#146;Keeffe has served as President of the Fund since 1996 and Managing Director of Research for Dinsmore Capital Management Co.
(&#147;Dinsmore Capital&#148;) also since 1996. &nbsp;Mr. James A. Dinsmore has served as Vice President of the Fund since 2007 and has been a research analyst
with Dinsmore Capital since 2004. &nbsp;Mr. Thomas H. Dinsmore is the lead member of the portfolio management team. &nbsp;Messrs. Thomas H. Dinsmore and James
A. Dinsmore and Ms. O&#146;Keeffe receive investment recommendations from a team of research analysts prior to making investment decisions about transactions in
the portfolio. &nbsp;Generally, the co-portfolio managers make decisions jointly about any transactions in the Fund&#146;s portfolio, but each co-portfolio
manager may do so independently as well.</P>
<P style="margin:0px" align=justify>&nbsp;</P>

<P style="margin:0px" align=justify>(2) &nbsp;The portfolio management team comprised of Mr. Thomas H. Dinsmore,
Ms. Jane D. O'Keeffe and Mr. James A. Dinsmore is also primarily responsible for the day-to-day management of one registered
investment company, Bancroft Fund Ltd. (&#147;Bancroft&#148;), with total assets of $106,478,807 as of June 9, 2011, and one pooled
investment vehicle, Dinsmore Equity Income Fund LP (&#147;DEI Fund&#148;), with total assets of $289,210 as of June 9, 2011.
&nbsp;The portfolio management team does not manage any accounts or assets with performance-based advisory fees. &nbsp;Mr. Thomas
Dinsmore is Chairman and Chief Executive Officer, Ms. O&#146;Keeffe is President and Mr. James Dinsmore is Vice President of
Ellsworth. &nbsp;This information is as of June 9, 2011. &nbsp;The Fund and Bancroft have similar investment objectives and
strategies. &nbsp;As a result, material conflicts of interest may arise between the two funds if a security is not available in a
sufficient amount to fill open orders for both funds. &nbsp;To deal with these situations, the investment adviser for the Fund and
Bancroft have adopted Trade Allocation Procedures (the &#147;Allocation Procedures&#148;). &nbsp;The Allocation Procedures set forth
a method to allocate a partially filled order among the funds. &nbsp;Pursuant to the method, the amount of shares that each fund
purchases is allocated pro rata based on the dollar amount of each fund&#146;s intended trade or, if the order is subject to a
minimum lot size, as closely as possibly to such an allocation.</P>
<P style="margin:0px">&nbsp;</P>


<HR NOSHADE SIZE="5">
<BR>
<PAGE>
<BR>
<P style="margin:0px" align=justify>The Allocation Procedures permit Dinsmore Capital to allocate an order in a
way that is different from the method set forth above if (i) each fund is treated fairly and equitably and neither fund is given
preferential treatment, and (ii) the allocation is reviewed by the chief compliance officer of Dinsmore Capital.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>As to DEI Fund, because the Fund and DEI Fund have different investment
objectives and strategies, we do not anticipate material conflicts of interest arising between the two funds.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>(3) This information is as of June 9, 2011. &nbsp;The Portfolio Management team is compensated by Dinsmore Capital through a
three-component plan, consisting of a fixed base salary, annual cash bonus, and benefit retirement plan. &nbsp;Their compensation is reviewed and approved by
Dinsmore Capital&#146;s Board of Directors annually. &nbsp;Their compensation may be adjusted from year to year based on the perception of Dinsmore
Capital&#146;s Board of Directors of the team&#146;s overall performance and their management responsibilities. &nbsp;Their compensation is not based on (i) a
formula specifically tied to the performance of the Fund or Bancroft, including performance against an index or (ii) the value of assets held in the Fund&#146;s
portfolio.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Because DEI Fund has such a modest level of assets under management, the Portfolio Management team is not being compensated
by Dinsmore Capital with respect to DEI Fund at present.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px">(4) As of June 9, 2011, Mr. Dinsmore&#146;s beneficial ownership in the Fund&#146;s shares was in the range of $100,001-$500,000.
&nbsp;Ms. O&#146;Keeffe&#146;s <A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A>beneficial ownership in the Fund&#146;s shares was in the range of
$100,001-$500,000. &nbsp;Mr. James Dinsmore&#146;s beneficial ownership in the Fund&#146;s shares was in the range of $50,001-$100,000.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">ITEM 9.</P>
<P style="margin:0px; text-indent:72px">PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>During the period covered by this report, there were no purchases made by or on behalf of the Fund or any &#147;affiliated
purchaser,&#148; as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) (17 CFR 240.10b-18(a)(3)), of shares
or other units of any class of the Fund&#146;s equity securities that is registered by the Fund pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">ITEM 10.</P>
<P style="margin:0px; text-indent:72px">SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.533px" align=justify>There have been no material changes to the procedures by which shareholders may recommend
nominees to the Fund&#146;s board of trustees since those procedures were last disclosed in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K
(17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)) or Item 10 of this Form N-CSR.</P>
<P style="margin-top:0px; margin-bottom:-16px">&nbsp;ITEM 11.</P>
<P style="margin:0px; text-indent:72px">CONTROLS AND PROCEDURES.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Conclusions of principal officers concerning controls and procedures</P>
<P style="margin:0px">&nbsp;</P>
<BR>
<HR NOSHADE SIZE="5">
<BR>
<PAGE>
<BR>
<P style="margin:0px">(a) As of May 31, 2011, an evaluation was performed under the supervision and with the participation of the officers of the Fund,
including the Principal Executive Officer (&#147;PEO&#148;) and Principal Financial Officer (&#147;PFO&#148;), to assess the effectiveness of the Fund&#146;s
disclosure controls and procedures, as defined in Rule 30a-3(c) (17 CFR 270.30a-3(c)) under the Investment Company Act of 1940 (the &#147;Act&#148;), as
amended. Based on that evaluation, as 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 Exchange Act (17
CFR 240.13a-15(b) or 240.15d-15(b)), the Fund&#146;s officers, including the PEO and PFO, concluded that, as of May 31, 2011, the Fund&#146;s disclosure
controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Fund on Form N-CSR is recorded,
processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission and (2) that material
information relating to the Fund is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">(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 second fiscal quarter of the period covered by this report 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">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:-16px">ITEM 12.</P>
<P style="margin:0px; text-indent:72px">EXHIBITS.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">(a)(1) The code of ethics disclosure required by Item 2 is not applicable to this semi-annual report.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">(a)(2) Certifications of the principal executive officer and the principal financial officer pursuant to Rule 30a-2(a) under the Act (17
CFR 270.30a-2(a)), are attached hereto.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">(a)(3) There were no written solicitations to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during
the period covered by the report by or on behalf of the Fund to ten or more persons.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">(b) Certifications of the principal executive officer and the principal financial officer, as required by Rule 30a-2(b) under the Act (17
CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18
of the United States Code (18 U.S.C. 1350) are attached hereto.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">&nbsp;</P>
<BR>
<HR NOSHADE SIZE="5">
<BR>
<PAGE>
<BR>
<P style="margin:0px" align=center>SIGNATURES</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:36px" align=justify>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">Ellsworth Fund Ltd.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Thomas H. Dinsmore</P>
<P style="margin:0px">Thomas H. Dinsmore</P>
<P style="margin:0px">Chairman of the Board and</P>
<P style="margin:0px">Chief Executive Officer</P>
<P style="margin:0px">(Principal Executive Officer)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Date:&nbsp;&nbsp; June 9, 2011</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:36px" align=justify>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">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Thomas H. Dinsmore</P>
<P style="margin:0px">Thomas H. Dinsmore</P>
<P style="margin:0px">Chairman of the Board and</P>
<P style="margin:0px">Chief Executive Officer</P>
<P style="margin:0px">(Principal Executive Officer)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Date:&nbsp;&nbsp; June 9, 2011</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gary I. Levine</P>
<P style="margin:0px">Gary I. Levine</P>
<P style="margin:0px">Chief Financial Officer</P>
<P style="margin:0px">(Principal Financial Officer)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Date:&nbsp;&nbsp; June 9, 2011</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<BR>
<HR NOSHADE SIZE="5">

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d28263_ex99-cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE></TITLE>
<META NAME="author" CONTENT="Gary Levine">
<META NAME="date" CONTENT="05/24/2011">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=right>Exhibit 99.CERT</P>
<P style="margin:0px" align=right>&nbsp;</P>
<P style="margin:0px"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">I, Thomas H. Dinsmore, certify that:</P>
<P style="margin:0px"><BR></P>
<A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A><P style="margin:0px">1. I have reviewed this report on Form N-CSR of Ellsworth Fund Ltd.;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" 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" align=justify>3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to
include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" 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=528></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=95%><P style="margin:0px">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=528></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=95%><P style="margin:0px">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=528></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px" align=right>(c)&nbsp;&nbsp;</P>
</TD><TD valign=top width=95%><P style="margin:0px">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=528></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px" align=right>(d)&nbsp;&nbsp;</P>
</TD><TD valign=top width=95%><P style="margin:0px">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report 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" 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=528></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=95%><P style="margin:0px" 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=528></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=95%><P style="margin:0px">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">&nbsp;</P>
<P style="margin:0px">Date: June 9, 2011</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">/s/ Thomas H. Dinsmore</P>
<P style="margin:0px">Chairman of the Board and Chief Executive Officer </P>
<P style="margin:0px">(Principal Executive Officer)</P>
<P style="margin:0px">&nbsp;</P>
<BR>
<HR NOSHADE SIZE="5">
<BR>
<PAGE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><B>CERTIFICATION OF PRINCIPAL&nbsp;FINANCIAL OFFICER</B></P>
<P style="margin:0px"><BR>
I, Gary I. Levine, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">1. I have reviewed this report on Form N-CSR of Ellsworth Fund Ltd.;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" 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" align=justify>3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to
include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" 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=528></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=95%><P style="margin:0px">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=528></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=95%><P style="margin:0px">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=528></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px" align=right>(c)&nbsp;&nbsp;</P>
</TD><TD valign=top width=95%><P style="margin:0px">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=528></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px" align=right>(d)&nbsp;&nbsp;</P>
</TD><TD valign=top width=95%><P style="margin:0px">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report 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" 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=528></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=95%><P style="margin:0px" 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=528></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=95%><P style="margin:0px">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">&nbsp;</P>
<P style="margin:0px">Date: June 9, 2011</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">/s/ Gary I. Levine</P>
<P style="margin:0px">Chief Financial Officer </P>
<P style="margin:0px">(Principal Financial Officer)</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>d28263_ex99-906cert.htm
<DESCRIPTION>EX-99.906CERT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE></TITLE>
<META NAME="author" CONTENT="kestenbaumb">
<META NAME="date" CONTENT="05/25/2011">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; font-size:10pt" align=right>Exhibit 99.906CERT</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; font-size:10pt"><B>Certification of Principal Executive Officer</B></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:10pt">In connection with the Certified Shareholder Report of
Ellsworth Fund Ltd. (the &#147;Registrant&#148;) on Form N-CSR for the period ended March 31, 2011 as filed with the Securities and Exchange Commission on the
date hereof (the &#147;Report&#148;), I, Thomas H. Dinsmore, Chief Executive Officer of the Registrant, certify, pursuant to 18 U.S.C. &#167; 1350, as adopted
pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, that<A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A>, to my knowledge:</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:10pt">(1)</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:10pt">The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:10pt">(2)</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:10pt">The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the Registrant.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-18.667px; padding-left:432px; text-indent:-432px; font-size:10pt">Date: June 9, 2011<BR>
</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; padding-left:432px; font-size:10pt">/s/ Thomas H. Dinsmore<BR>
Chairman of the Board and<BR>
Chief Executive Officer <BR>
(Principal Executive Officer)</P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:10pt">A signed original of this written statement required by
Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of
this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and
Exchange Commission or its staff upon request.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>

<HR NOSHADE SIZE="5">
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<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; font-size:10pt"><B>Certification of Principal Financial Officer</B></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:10pt">In connection with the Certified Shareholder Report of
Ellsworth Fund Ltd. (the &#147;Registrant&#148;) on Form N-CSR for the period ended March 31, 2011 as filed with the Securities and Exchange Commission on the
date hereof (the &#147;Report&#148;), I, Gary I. Levine, Chief Financial Officer of the Registrant, certify, pursuant to 18 U.S.C. &#167; 1350, as adopted
pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:10pt">(1)</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:10pt">The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:10pt">(2)</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:10pt">The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the Registrant.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:-18.667px; padding-left:432px; text-indent:-432px; font-size:10pt">Date: June 9, 2011<BR>
</P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; padding-left:432px; font-size:10pt">/s/ Gary I. Levine<BR>
Chief Financial Officer <BR>
(Principal Financial Officer)</P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="line-height:12pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:10pt">A signed original of this written statement required by
Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of
this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and
Exchange Commission or its staff upon request.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
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