<SEC-DOCUMENT>0001145443-11-000836.txt : 20110826
<SEC-HEADER>0001145443-11-000836.hdr.sgml : 20110826
<ACCEPTANCE-DATETIME>20110826102353
ACCESSION NUMBER:		0001145443-11-000836
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110630
FILED AS OF DATE:		20110826
DATE AS OF CHANGE:		20110826
EFFECTIVENESS DATE:		20110826

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04656
		FILM NUMBER:		111058370

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELLSWORTH CONVERTIBLE GROWTH & INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>d28574.htm
<DESCRIPTION>N-Q
<TEXT>
<HTML>
<HEAD>
    <TITLE></TITLE>
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">UNITED
STATES</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Washington,
DC 20549</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">FORM
N-Q</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">MANAGEMENT
INVESTMENT COMPANY</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investment
Company Act file number: 811-04656</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-------------------------------------------------------------------------------</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ellsworth
Fund Ltd.</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-------------------------------------------------------------------------------</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Exact
name of registrant as specified in charter)</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">65
Madison Avenue, Morristown, New Jersey 07960-7308</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-------------------------------------------------------------------------------</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Address
of principal executive offices) (Zip code)</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Thomas
H. Dinsmore</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ellsworth
Fund Ltd.</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">65
Madison Avenue</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Morristown,
New Jersey 07960-7308</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Name
and address of agent for service)</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Copy
to:</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Steven
B. King, Esq.</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ballard
Spahr LLP</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1735
Market Street, 51st Floor</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Philadelphia,
PA 19103-7599</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Registrant's
telephone number, including area code: 973-631-1177</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Date of
fiscal year end: September 30, 2011</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Date of
reporting period: June 30, 2011</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ITEM 1.
SCHEDULE OF INVESTMENTS.</FONT></P>

<HR NOSHADE SIZE="1">

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

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:10pt">
<TD STYLE="width: 69%"></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
<TD STYLE="width: 9%"></TD>
<TD STYLE="width: 4%"></TD>
<TD STYLE="width: 9%"></TD></TR>
<TR><TD STYLE="vertical-align: top"><P style="margin:0px"><B><I>Ellsworth Fund Ltd. - Schedule of Investments (unaudited)&nbsp;&nbsp;<BR>
</I></B>June 30, 2011</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&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 STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><P>&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid">&nbsp;</TD><TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center>Principal<BR>
Amount</P>
</TD><TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center>Value</P>
</TD></TR>
<TR>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&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 STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-family:Times New Roman Bold; font-size:9pt"><B>CONVERTIBLE BONDS AND NOTES - 64.1%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-family:Times New Roman Bold; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-family:Times New Roman Bold; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt"><B>&nbsp;</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Aerospace and Defense - 1.4%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Alliant Techsystems, Inc., 2.75%, Due 9/15/11, (BB)</P>
</TD>
    <TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right></P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$1,000,000</P>
</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right></P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$1,008,750</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Kaman Corp., 3.25%, Due 11/15/17, (A)(1)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>618,750</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,627,500</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Automotive - 1.6%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">A123 Systems, Inc., 3.75%, Due 4/15/16, (BB)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>906,250</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Titan International, Inc., 5.625%, Due 1/15/17, (B)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>375,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>961,875</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,868,125</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Computer Hardware - 3.6%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">EMC Corp., 1.75%, Due 12/1/13, (A)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,900,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>3,339,250</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">NetApp, Inc., 1.75%, Due 6/1/13, (AA)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>854,375</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>4,193,625</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Computer Software - 5.9%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Digital River, Inc., 2.00%, Due 11/1/30, (A)(1)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,100,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,105,500</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Microsoft Corp., Due 6/15/13, (AAA)(2)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>513,750</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Nuance Communications, Inc., 2.75%, Due 8/15/27, (BB)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,000,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,630,000</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">RightNow Technologies, Inc., 2.50%, Due 11/15/30, (BBB)(1)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>309,688</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Rovi Corp., 2.625%, Due 2/15/40, (A)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,360,000</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">THQ, Inc., 5.00%, Due 8/15/14, (BB)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>459,375</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">WebMD Health Corp., 2.50%, Due 1/31/18, (A)(1)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>485,625</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>6,863,938</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Construction Material - 0.9%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">CEMEX, S.A.B. de C.V., 4.875%, Due 3/15/15, (NR)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="border-bottom: #000000 1px solid; vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>996,250</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Consumer Goods - 0.5%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Iconix Brand Group, Inc., 2.50%, Due 6/1/16, (A)(1)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>264,062</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Regis Corp., 5.00%, Due 7/15/14, (BB)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>304,375</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>568,437</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Data Processing - 0.4%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">CSG Systems International, Inc., 3.00%, Due 3/1/17, (A)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="border-bottom: #000000 1px solid; vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>508,750</P>
</TD></TR>
</TABLE>



<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>


<HR NOSHADE SIZE="1">

<PAGE>


<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:10pt">
<TD width=75%></TD>
<TD width=10%></TD>
<TD width=5%></TD>
<TD width=10%></TD></TR>
<TR><TD valign=top><P style="line-height:11pt; margin:0px; font-size:9pt"><B><I>Ellsworth Fund Ltd. - Schedule of Investments (unaudited)</I></B> &nbsp;&nbsp;<BR>
June 30, 2011</P>
</TD><TD valign=top><P>&nbsp;</P></TD><TD valign=top><P>&nbsp;</P></TD><TD valign=top><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom style="border-bottom:1px solid #000000"><P>&nbsp;</P></TD><TD valign=bottom style="border-bottom:1px solid #000000"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Principal<BR>
Amount</P>
</TD><TD valign=bottom style="border-bottom:1px solid #000000"><P>&nbsp;</P></TD><TD valign=bottom style="border-bottom:1px solid #000000"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Value</P>
</TD></TR>
<TR><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-family:Times New Roman Bold; font-size:9pt"><B>CONVERTIBLE BONDS AND NOTES - continued</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-family:Times New Roman Bold; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-family:Times New Roman Bold; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Energy - 5.8%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Goodrich Petroleum Corp., 5.00%, Due 10/1/29, (CCC)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$1,000,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$&nbsp;&nbsp;&nbsp;&nbsp;981,250</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">JinkoSolar Holding Co. Ltd., 4.00%, Due 5/15/16, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>921,250</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Oil States International, Inc., 2.375%, Due 7/1/25, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>400,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,006,500</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Renesola Ltd., 4.125%, Due 3/15/18, (NR)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>342,500</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">SunPower Corp., 4.75%, Due 4/15/14, (NR)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>532,500</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">SunPower Corp., 4.50%, Due 3/15/15, (NR)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,250,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,390,625</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Transocean, Inc., 1.50%, Due 12/15/37, (BBB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>492,500</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Trina Solar Ltd., 4.00%, Due 7/15/13, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,081,875</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>6,749,000</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Financial Services - 5.9%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Annaly Capital Management, Inc., 4.00%, Due 2/15/15, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,250,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,479,688</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Ares Capital Corp., 5.75%, Due 2/1/16, (BBB)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>263,750</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Euronet Worldwide, Inc., 3.50%, Due 10/15/25, (B)(3)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,008,750</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Knight Capital Group, Inc., 3.50%, Due 3/15/15, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>699,844</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">National Financial Partners, 4.00%, Due 6/15/17, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>846,562</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Old Republic International Corp., 8.00%, Due 5/15/12, (BBB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,250,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,407,812</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Tower Group, Inc., 5.00%, Due 9/15/14, (NR)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,102,500</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>6,808,906</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Foods - 0.5%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Chiquita Brands International, 4.25%, Due 8/15/16, (B)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>581,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>567,928</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Healthcare - 6.2%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Chemed Corp., 1.875%, Due 5/15/14, (AA)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>890,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>921,150</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">China Medical Technologies, Inc., 4.00%, Due 8/15/13, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,100,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>803,000</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Insulet Corp., 3.75%, Due 6/15/16, (A)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>540,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Integra Lifesciences Holdings Co., 2.375%, Due 6/1/12, (A)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,067,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,076,336</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Integra Lifesciences Holdings Co., 1.625%, Due 12/15/16, (A)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>253,125</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Kinetic Concepts, Inc., 3.25%, Due 4/15/15, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,250,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,601,562</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">NuVasive, Inc., 2.75%, Due 7/1/17, (BBB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>252,850</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Omnicare, Inc., 3.25%, Due 12/15/35, (B)(3)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>254,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>244,158</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Sonosite, Inc., 3.75%, Due 7/15/14, (A)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,250,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,440,625</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>7,132,806</P>
</TD></TR>
</TABLE>




<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>


<HR NOSHADE SIZE="1">

<PAGE>


<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:10pt">
<TD width=75%></TD>
<TD width=10%></TD>
<TD width=5%></TD>
<TD width=10%></TD></TR>
<TR><TD valign=top><P style="line-height:11pt; margin:0px; font-size:9pt"><B><I>Ellsworth Fund Ltd. - Schedule of Investments (unaudited)</I></B> &nbsp;&nbsp;<BR>
June 30, 2011</P>
</TD><TD valign=top><P>&nbsp;</P></TD><TD valign=top><P>&nbsp;</P></TD><TD valign=top><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom style="border-bottom:1px solid #000000"><P>&nbsp;</P></TD><TD valign=bottom style="border-bottom:1px solid #000000"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Principal<BR>
Amount</P>
</TD><TD valign=bottom style="border-bottom:1px solid #000000"><P>&nbsp;</P></TD><TD valign=bottom style="border-bottom:1px solid #000000"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Value</P>
</TD></TR>
<TR><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-family:Times New Roman Bold; font-size:9pt"><B>CONVERTIBLE BONDS AND NOTES - continued</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-family:Times New Roman Bold; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-family:Times New Roman Bold; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Metals and Mining &#150; 3.2%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Jaguar Mining, Inc., 4.50%, Due 11/1/14, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$&nbsp;&nbsp;&nbsp;525,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$&nbsp;&nbsp;&nbsp;467,906</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">James River Coal Co, 3.125%, Due 3/15/18, (CCC)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>125,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>125,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Kaiser Aluminum Corp., 4.50%, Due 4/1/15, (A)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,296,300</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Northgate Minerals Corp., 3.50%, Due 10/1/16, (A)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>600,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>597,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">RTI International Metals, Inc., 3.00%, Due 12/1/15, (BBB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>475,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>612,750</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">United States Steel Corp., 4.00%, Due 5/15/14, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>375,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>597,656</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>3,696,612</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Pharmaceuticals &#150; 8.8%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Akorn, Inc., 3.50%, Due 6/1/16, (AA)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>269,375</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Amgen, Inc., 0.375%, Due 2/1/13, (A)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,008,750</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Amylin Pharmaceuticals, Inc., 3.00%, Due 6/15/14, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>455,000</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Cephalon, Inc., 2.50%, Due 5/1/14, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>615,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Cubist Pharmaceuticals, Inc., 2.25%, Due 6/15/13, (AA)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>961,875</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Endo Pharmaceuticals Holdings, 1.75%, Due 4/15/15, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,095,938</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Gilead Sciences, Inc., 1.00%, Due 5/1/14, (A)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>838,125</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Gilead Sciences, Inc., 1.625%, Due 5/1/16, (A)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>872,812</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Millipore Corp. (Merck KGA), 3.75%, Due 6/1/26, (BBB)(3,5)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>907,350</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Mylan, Inc., 1.25%, Due 3/15/12, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,500,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,676,250</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Onyx Pharmaceuticals, Inc., 4.00%, Due 8/15/16, (BBB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>900,000</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Salix Pharmaceuticals, Inc., 2.75%, Due 5/15/15, (BBB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>577,500</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>10,177,975</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Real Estate &#150; 1.6%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Corporate Office Properties LP, 4.25%, Due 4/15/30, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>494,375</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Lexington Realty Trust, 6.00%, Due 1/15/30, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,381,250</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,875,625</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Semiconductors &#150; 5.4%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Intel Corp., 2.95%, Due 12/15/35, (A)(3)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,500,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,558,125</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Intel Corp., 3.25%, Due 8/1/39, (A)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,225,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Mentor Graphics Corp., 4.00%, Due 4/1/31, (BBB)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,625</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Micron Technology, Inc., 1.875%, Due 6/1/14, (B)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>980,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Novellus Systems, Inc., 2.625%, Due 5/15/41, (AA)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>266,250</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Photronics, Inc., 3.25%, Due 4/1/16, (A)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>250,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>279,062</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Sandisk Corp., 1.50%, Due 8/15/17, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,062,500</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Xilinx, Inc., 2.625%, Due 6/15/17, (BBB)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>668,750</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>6,290,312</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>


<HR NOSHADE SIZE="1">

<PAGE>


<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:10pt">
<TD STYLE="width: 69%"></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
<TD STYLE="width: 9%"></TD>
<TD STYLE="width: 4%"></TD>
<TD STYLE="width: 9%"></TD></TR>
<TR><TD STYLE="vertical-align: top"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><I>Ellsworth Fund Ltd. - Schedule of Investments (unaudited)</I></B> &nbsp;&nbsp;<BR>
June 30, 2011</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: top"><P>&nbsp;</P></TD><TD STYLE="vertical-align: top"><P>&nbsp;</P></TD><TD STYLE="vertical-align: top"><P>&nbsp;</P></TD></TR>
<TR><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD></TR>
<TR><TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><P>&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid">&nbsp;</TD><TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Principal<BR>
Amount</P>
</TD><TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom; border-bottom: #000000 1px solid"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Value</P>
</TD></TR>
<TR><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-family:Times New Roman Bold; font-size:9pt"><B>CONVERTIBLE BONDS AND NOTES - continued</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-family:Times New Roman Bold; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-family:Times New Roman Bold; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Telecommunications - 8.3%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Alaska Communications Systems, 6.25%, Due 5/1/18, (BBB)</P>
</TD>
    <TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right></P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$&nbsp;&nbsp;&nbsp;250,000</P>
</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right></P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$&nbsp;&nbsp;&nbsp;249,375</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Anixter International, Inc., 1.00%, Due 2/15/13, (B)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,191,250</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Comtech Telecommunications Co., 3.00%, Due 5/1/29, (A)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>527,500</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Equinix, Inc., 3.00%, Due 10/15/14, (B)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,681,875</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Equinix, Inc., 4.75%, Due 6/15/16, (B)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>708,750</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Finisar Corp., 5.00%, Due 10/15/29, (NR)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>75,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>138,562</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">General Cable Corp., 4.50%, Due 11/15/29, (B)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>690,625</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Interdigital, Inc., 2.50%, Due 3/15/16, (AA)(1)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>625,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>657,031</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">NII Holdings, Inc., 3.125%, Due 6/15/12, (B)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,006,250</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">SBA Communications Corp., 4.00%, Due 10/1/14, (BBB)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>703,750</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">SBA Communications Corp., 1.875%, Due 5/1/13, (BBB)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,103,750</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">TeleCommunication Systems, Inc., 4.50%, Due 11/1/14, (BBB)(1)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>960,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>9,618,718</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Transportation - 2.0%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Dryships, Inc., 5.00%, Due 12/1/14, (NR)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>678,750</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">The Greenbrier Companies, Inc., 3.50%, Due 4/1/18, (CCC)(1)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>375,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>341,250</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Hawaiian Holdings, Inc., 5.00%, Due 3/15/16, (BB)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>513,750</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Ultrapetrol (Bahamas) Limited, 7.25%, Due 1/15/17, (NR)(1)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>742,500</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,276,250</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Travel &amp; Leisure - 1.9%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Home Inns &amp; Motels Management, 2.00%, Due 12/15/15, (NR)(1)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>492,500</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">MGM Resorts International, 4.25%, Due 4/15/15, (CCC)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>750,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>813,750</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Morgans Hotel Group Co., 2.375%, Due 10/15/14, (NR)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,000,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>871,250</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,177,500</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-family:Times New Roman Bold; font-size:9pt"><B>TOTAL CONVERTIBLE BONDS AND NOTES</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="border-bottom: #000000 1px solid; vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>73,998,257</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-family:Times New Roman Bold; font-size:9pt"><B>CORPORATE BONDS - 0.4%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt"><B>&nbsp;</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Financial Services - 0.4%</B></P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Lehman Brothers Holdings, Inc., 1.00%, Due 3/23/09, (NR)(4)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,500,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>247,500</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt">Lehman Brothers Holdings, Inc., 6.00%, Due 10/12/10, (NR)(4)</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>50,000</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>206,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD>
    <TD>&nbsp;</TD><TD STYLE="vertical-align: bottom"><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD STYLE="vertical-align: bottom"><P>&nbsp;</P></TD><TD STYLE="border-top: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom"><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>453,500</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>


<HR NOSHADE SIZE="1">

<PAGE>


<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:10pt">
<TD width=80%></TD>
<TD width=5%></TD>
<TD width=5%></TD>
<TD width=10%></TD></TR>
<TR><TD valign=top><P style="line-height:11pt; margin:0px; font-size:9pt"><B><I>Ellsworth Fund Ltd. - Schedule of Investments (unaudited) &nbsp;&nbsp;<BR>
</I></B>June 30, 2011</P>
</TD><TD valign=top><P>&nbsp;</P></TD><TD valign=top><P>&nbsp;</P></TD><TD valign=top><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom style="border-bottom:1px solid #000000"><P>&nbsp;</P></TD><TD valign=bottom style="border-bottom:1px solid #000000"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Shares</P>
</TD><TD valign=bottom style="border-bottom:1px solid #000000"><P>&nbsp;</P></TD><TD valign=bottom style="border-bottom:1px solid #000000"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Value</P>
</TD></TR>
<TR><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-family:Times New Roman Bold; font-size:9pt"><B>CONVERTIBLE PREFERRED STOCKS - 13.0%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Banking/Savings and Loan - 5.7%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Bank of America Corporation, 7.25%, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,600</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$&nbsp;&nbsp;&nbsp;1,601,920</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Fifth Third Bancorp, 8.50%, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>12,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,697,280</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">New York Community Capital Trust V, 6.00%, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>24,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,158,000</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Wells Fargo &amp; Co., 7.50%, (A)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,120,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>6,577,200</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Energy - 2.1%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">ATP Oil &amp; Gas Corp., 8.00%, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>10,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>910,000</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Chesapeake Energy Corp., 5.00%, (B)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>15,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,481,250</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Whiting Petroleum Corp., 6.25%, (B)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>131</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>35,080</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,426,330</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Financial Services - 0.7%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Hartford Financial Services Group, Inc., 7.25%, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>30,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>781,800</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Foods - 0.7%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Bunge Ltd., 4.875%, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>7,500</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>752,625</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Real Estate - 0.5%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Health Care REIT, Inc., 6.50%, (BB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>10,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>530,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Retail - 0.7%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Amerivon Holdings LLC, (NR)(1,5,6)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>572,925</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>763,585</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Telecommunications - 0.8%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Crown Castle International Corp., 6.25%, (B)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>16,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>936,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Tools - 1.1%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Stanley Black &amp; Decker, Inc., 4.75%, (BBB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>10,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,216,700</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Utilities - 0.9%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">PPL Corp., 9.50%, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>18,500</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,034,150</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-family:Times New Roman Bold; font-size:9pt"><B>TOTAL CONVERTIBLE PREFERRED STOCKS</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>15,018,390</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>


<HR NOSHADE SIZE="1">

<PAGE>


<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:10pt">
<TD width=80%></TD>
<TD width=5%></TD>
<TD width=5%></TD>
<TD width=10%></TD></TR>
<TR><TD valign=top><P style="line-height:11pt; margin:0px; font-size:9pt"><B><I>Ellsworth Fund Ltd. - Schedule of Investments (unaudited)</I></B> &nbsp;&nbsp;<BR>
June 30, 2011</P>
</TD><TD valign=top><P>&nbsp;</P></TD><TD valign=top><P>&nbsp;</P></TD><TD valign=top><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom style="border-bottom:1px solid #000000"><P>&nbsp;</P></TD><TD valign=bottom style="border-bottom:1px solid #000000"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Shares</P>
</TD><TD valign=bottom style="border-bottom:1px solid #000000"><P>&nbsp;</P></TD><TD valign=bottom style="border-bottom:1px solid #000000"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Value</P>
</TD></TR>
<TR><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-family:Times New Roman Bold; font-size:9pt"><B>MANDATORY CONVERTIBLE SECURITIES</B><FONT style="font-family:Times New Roman"><B> - 13.1% (7)</B></FONT></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Automotive - 1.3%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">General Motors Co., 4.75%, Due 12/1/13, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>30,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$&nbsp;&nbsp;&nbsp;1,462,200</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Data Processing - 0.3%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Unisys Corp., 6.25%, Due 3/1/14, (B)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>5,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>387,200</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Energy - 3.9%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Apache Corp., 6.00%, Due 8/1/13, (A)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>25,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,648,000</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Great Plains Energy, Inc., 12.00%, Due 6/15/12, (BBB)(3)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>25,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,631,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">UBS AG Exchangeable Note (SOLR), 6.75%, Due 9/15/13, (AA)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>25,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,210,750</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>4,489,750</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Financial Services - 2.3%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Citigroup, Inc., 7.50%, Due 12/15/12, (A)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>14,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,682,100</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">MetLife, Inc., 5.00%, Due 10/8/14, (BBB)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>12,500</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,030,375</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,712,475</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Foods - 0.9%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">2009 Dole Food ACES Trust, 7.00%, Due 11/1/12, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>80,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,030,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Home Building - 0.2%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Beazer Homes USA, Inc., 7.25%, Due 8/15/13, (CCC)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>17,500</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>286,650</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Metals and Mining - 2.5%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">AngloGold Ashanti Ltd., 6.00%, Due 9/15/13, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>5,900</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>294,351</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">UBS AG Exchangeable Note (SWC), 9.375%, Due 6/15/12, (AA)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>12,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>325,200</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Vale Capital II (Vale S.A.), 6.75%, Due 6/15/12, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>25,700</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,296,728</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,916,279</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Transportation - 0.7%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">2010 Swift Mandatory Common Exchange Security Trust, 6.00%,</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Due 12/31/13, (NR)(1)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>60,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>786,600</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Utilities - 0.9%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Nextera Energy, Inc., 7.00%, Due 9/1/13, (NR)</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>20,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,031,400</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-family:Times New Roman Bold; font-size:9pt"><B>TOTAL MANDATORY CONVERTIBLE SECURITIES (7)</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>15,102,554</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>


<HR NOSHADE SIZE="1">

<PAGE>


<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:10pt">
<TD width=80%></TD>
<TD width=5%></TD>
<TD width=5%></TD>
<TD width=10%></TD></TR>
<TR><TD valign=top><P style="line-height:11pt; margin:0px; font-size:9pt"><B><I>Ellsworth Fund Ltd. - Schedule of Investments (unaudited)</I></B> &nbsp;&nbsp;<BR>
June 30, 2011</P>
</TD><TD valign=top><P>&nbsp;</P></TD><TD valign=top><P>&nbsp;</P></TD><TD valign=top><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom style="border-bottom:1px solid #000000"><P>&nbsp;</P></TD><TD valign=bottom style="border-bottom:1px solid #000000"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Shares</P>
</TD><TD valign=bottom style="border-bottom:1px solid #000000"><P>&nbsp;</P></TD><TD valign=bottom style="border-bottom:1px solid #000000"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Value</P>
</TD></TR>
<TR><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-family:Times New Roman Bold; font-size:9pt"><B>COMMON STOCKS</B><FONT style="font-family:Times New Roman"><B> - 6.7%</B></FONT></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Energy - 0.7%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Conocophillips</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>11,282</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848,294</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Media and Entertainment - 0.5%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Walt Disney Co.</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>15,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>585,600</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Pharmaceuticals - 1.7%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Abbott Labs</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>10,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>526,200</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Bristol Myers Squibb Co.</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>20,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>579,200</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Merck &amp; Co., Inc.</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>23,651</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>834,644</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>1,940,044</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Telecommunications - 3.8%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">AT&amp;T, Inc.</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>70,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,198,700</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt">Verizon Communications, Inc.</P>
</TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>60,000</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>2,233,800</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>4,432,500</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-family:Times New Roman Bold; font-size:9pt"><B>TOTAL COMMON STOCKS</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>7,806,438</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Convertible Bonds and Notes - 64.1%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$&nbsp;&nbsp;73,998,257</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Corporate Bonds - 0.4%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>453,500</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Convertible Preferred Stocks - 13.0%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>15,018,390</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Mandatory Convertible Securities - 13.1%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>15,102,554</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Common Stocks - 6.7%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>7,806,438</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Total Investments - 97.3%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>112,379,139</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Other Assets, Net of Liabilites - 2.7%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>3,076,831</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Total Net Assets - 100.0%</B></P>
</TD><TD valign=bottom><P style="margin:0px; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>$115,455,970</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>


<HR NOSHADE SIZE="1">

<PAGE>


<P style="margin:0px; font-family:Verdana"><B>Ellsworth Fund Ltd. - Schedule of Investments - continued</B></P>
<P style="margin:0px; font-family:Verdana"><B>June 30, 2011</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">(1) Security not registered under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;) (i.e., the security was purchased in a Rule 144A or a Regulation D transaction). &nbsp;The security may be resold only pursuant to an exemption from registration under the Securities Act, typically to qualified institutional buyers. The Fund generally has no rights to demand registration of such securities. The aggregate market value of these unregistered securities at June 30, 2011 was $15,792,178 which represented 13.7% of the Fund's net assets.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">(2) Non-income producing security.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">(3) Contingent payment debt instrument which accrues contingent interest. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">(4) Security is in default.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">(5) Investment is valued at fair value as determined in good faith pursuant to procedures adopted by the Board of Trustees. &nbsp;It is possible that the estimated value may differ from the amount that might ultimately be realized in the near term, and the difference could be material. &nbsp;The fair value of these securities amounted to $1,668,208 at June 30, 2011, which represented 1.4% of the Fund's net assets.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">(6) Restricted securities include securities that have not been registered under the Securities Act and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund&#146;s investment objective and investment strategies. 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 June 30, 2011, the Fund was invested in the following restricted security:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Amerivon Holdings LLC 4.00% preferred</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">(7) Mandatory Convertible Securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B>PORTFOLIO RATINGS:</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Where a security is rated by Standard &amp; Poor&#146;s, such rating appears in parentheses next to such security (but without any applicable + or - that might apply).<BR>
</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Where a security is rated by Standard &amp; Poor&#146;s and at least one other rating agency and the Fund believes the ratings to be functionally equivalent to one another, the Standard &amp; Poor&#146;s rating appears in parentheses next to such security (but without any applicable + or - that might apply).<BR>
</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Where a security is rated by Standard &amp; Poor&#146;s 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 Standard &amp; Poor&#146;s rating which it believes approximates the average of all such ratings (but without any applicable + or - that might apply).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Where a security is not rated by Standard &amp; Poor&#146;s, the Fund puts in parentheses next to such security the Standard &amp; Poor&#146;s rating which it believes approximates the average of all such ratings (but without any applicable + or - that might apply).<BR>
<BR>
NR is used whenever a rating is unavailable.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:10pt"><TD width=120></TD><TD width=108></TD><TD width=72></TD></TR>
<TR><TD valign=bottom width=300 colspan=3><P style="margin:0px; font-family:Verdana"><B>SUMMARY OF PORTFOLIO RATINGS</B>*</P>
</TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">AAA</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>1%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">AA</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>5%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">A</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>24%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">BBB</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>14%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">BB</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>19%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">B</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>11%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">CCC &amp; below</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>2%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">Not Rated</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>24%</P>
</TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=120><P>&nbsp;</P></TD><TD valign=bottom width=108><P>&nbsp;</P></TD><TD width=72><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=300 colspan=3><P style="margin:0px; font-family:Verdana">* Excludes equity securities and cash.<BR>
<BR>
<I>See accompanying notes</I></P>
</TD></TR>
</TABLE>


<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>

<HR NOSHADE SIZE="1">

<PAGE>

<P style="margin:0px; font-family:Verdana"><B><I>Ellsworth Fund Ltd. - Selected Notes to Financial Statements - unaudited</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Ellsworth Fund Ltd. (the &#147;Fund&#148;), is registered under the Investment Company Act of 1940, as amended, (the &#147;Act&#148;) as a diversified, closed-end management investment company.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B>Security Valuation</B> - Investments in securities traded on a national securities exchange are valued at market using the last reported sales price, supplied by an independent pricing service, as of the close of regular trading. Listed securities, for which no sales were reported, are valued at the mean between closing reported bid and asked prices as of the close of regular trading. Unlisted securities traded in the over-the-counter market are valued using an evaluated quotation provided by the independent pricing service, or, if an evaluated quotation 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 quotation by obtaining dealer quotations, analyzing the listed markets, reviewing trade execution data, evaluating the price of the underlying common stock
and employing sensitivity analysis. Evaluated quotations may also reflect</P>
<P style="margin:0px; font-family:Verdana">appropriate factors such as individual characteristics of the issue, broker/dealer quotations, and additional inputs such as benchmark yields, reported trades, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. Securities for which quotations are not readily available, restricted securities and other assets are valued at fair value as determined in good faith pursuant to procedures approved by the Board of Trustees. Short-term debt securities with original maturities of 60 days or less are valued at amortized cost.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. &nbsp;These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. &nbsp;These inputs are summarized in &nbsp;the three broad levels listed below:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Level 1 - Quoted unadjusted prices for identical instruments in active markets.</P>
<P style="margin:0px; font-family:Verdana">&nbsp;</P>
<P style="margin:0px; font-family:Verdana">Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuation in which all significant inputs and significant value drivers are observable in active markets. &nbsp;Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers, and those received from an independent pricing service.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Level 3 - Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. &nbsp;Unobservable inputs are those inputs that reflect the Fund&#146;s own assumptions that market participants would use to price an asset or liability based on the best available information.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">The following is a summary of the inputs used to value the investments of the Fund as of June 30, 2011:</P>
<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:10pt"><TD width=247.2></TD><TD width=24></TD><TD width=76.8></TD><TD width=22.933></TD><TD width=20.267></TD><TD width=88.8></TD><TD width=43.2></TD><TD width=15.733></TD><TD width=73.067></TD></TR>
<TR><TD valign=top width=247.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=100.8 colspan=2><P style="margin:0px; font-family:Verdana" align=center>Level 1</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=22.933><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=109.067 colspan=2><P style="margin:0px; font-family:Verdana" align=center>Level 2</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=43.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=88.8 colspan=2><P style="margin:0px; font-family:Verdana" align=center>Level 3</P>
</TD></TR>
<TR><TD valign=top width=247.2><P>&nbsp;</P></TD><TD valign=top width=24><P>&nbsp;</P></TD><TD valign=top width=76.8><P>&nbsp;</P></TD><TD valign=top width=22.933><P>&nbsp;</P></TD><TD valign=top width=20.267><P>&nbsp;</P></TD><TD valign=top width=88.8><P>&nbsp;</P></TD><TD valign=top width=43.2><P>&nbsp;</P></TD><TD valign=top width=15.733><P>&nbsp;</P></TD><TD valign=top width=73.067><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana">Investments in Securities:</P>
</TD><TD valign=top width=24><P>&nbsp;</P></TD><TD valign=top width=76.8><P>&nbsp;</P></TD><TD valign=top width=22.933><P>&nbsp;</P></TD><TD valign=top width=20.267><P>&nbsp;</P></TD><TD valign=top width=88.8><P>&nbsp;</P></TD><TD valign=top width=43.2><P>&nbsp;</P></TD><TD valign=top width=15.733><P>&nbsp;</P></TD><TD valign=top width=73.067><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana">Convertible Bonds and Notes</P>
</TD><TD valign=top width=24><P style="margin:0px; font-family:Verdana" align=right>$</P>
</TD><TD valign=top width=76.8><P style="margin:0px; font-family:Verdana" align=right>---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=22.933><P>&nbsp;</P></TD><TD valign=top width=20.267><P style="margin:0px; font-family:Verdana" align=right>$</P>
</TD><TD valign=top width=88.8><P style="margin:0px; font-family:Verdana" align=right>73,090,907</P>
</TD><TD valign=top width=43.2><P>&nbsp;</P></TD><TD valign=top width=15.733><P style="margin:0px; font-family:Verdana" align=right>$</P>
</TD><TD valign=top width=73.067><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;907,350</P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana">Convertible Preferred Stocks</P>
</TD><TD valign=top width=24><P>&nbsp;</P></TD><TD valign=top width=76.8><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=22.933><P>&nbsp;</P></TD><TD valign=top width=20.267><P>&nbsp;</P></TD><TD valign=top width=88.8><P style="margin:0px; font-family:Verdana" align=right>14,257,532</P>
</TD><TD valign=top width=43.2><P>&nbsp;</P></TD><TD valign=top width=15.733><P>&nbsp;</P></TD><TD valign=top width=73.067><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;760,858</P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana">Mandatory Convertible Securities</P>
</TD><TD valign=top width=24><P>&nbsp;</P></TD><TD valign=top width=76.8><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=22.933><P>&nbsp;</P></TD><TD valign=top width=20.267><P>&nbsp;</P></TD><TD valign=top width=88.8><P style="margin:0px; font-family:Verdana" align=right>15,102,554</P>
</TD><TD valign=top width=43.2><P>&nbsp;</P></TD><TD valign=top width=15.733><P>&nbsp;</P></TD><TD valign=top width=73.067><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana">Corporate Bonds and Notes</P>
</TD><TD valign=top width=24><P>&nbsp;</P></TD><TD valign=top width=76.8><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=22.933><P>&nbsp;</P></TD><TD valign=top width=20.267><P>&nbsp;</P></TD><TD valign=top width=88.8><P style="margin:0px; font-family:Verdana" align=right>453,500</P>
</TD><TD valign=top width=43.2><P>&nbsp;</P></TD><TD valign=top width=15.733><P>&nbsp;</P></TD><TD valign=top width=73.067><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana">Common Stock</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=24><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=76.8><P style="margin:0px; font-family:Verdana" align=right>7,806,438</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=22.933><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=20.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=88.8><P style="margin:0px; font-family:Verdana" align=right>---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=43.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=15.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=73.067><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=247.2><P style="margin:0px; font-family:Verdana"><B>Total Investments</B></P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=24><P style="margin:0px; font-family:Verdana" align=right>$</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=76.8><P style="margin:0px; font-family:Verdana" align=right>7,806,438</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=22.933><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=top width=20.267><P style="margin:0px; font-family:Verdana" align=right>$</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=88.8><P style="margin:0px; font-family:Verdana" align=right>102,904,493</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=43.2><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=top width=15.733><P style="margin:0px; font-family:Verdana" align=right>$</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=73.067><P style="margin:0px; font-family:Verdana" align=right>1,668,208</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>

<HR NOSHADE SIZE="1">

<PAGE>

<P style="margin:0px; font-family:Verdana"><B><I>Ellsworth Fund Ltd. - Selected Notes to Financial Statements - continued</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B>Security Valuation</B> <B>continued</B> &#150; The following is a reconciliation of assets for which level 3 inputs were used in determining value:</P>
<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:10pt"><TD width=228></TD><TD width=96></TD><TD width=96></TD><TD width=96></TD><TD width=96></TD></TR>
<TR><TD valign=top width=228><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>Convertible Bonds and Notes</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>Corporate Bonds and Notes</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>Convertible Preferred Stocks</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="margin:0px; font-family:Verdana" align=center>Total</P>
</TD></TR>
<TR><TD valign=top width=228><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=228><P style="margin:0px; font-family:Verdana">Beginning balance</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>$919,125</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>$&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>$756,793</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>$1,675,918</P>
</TD></TR>
<TR><TD valign=top width=228><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=228><P style="margin:0px; font-family:Verdana">Change in unrealized</P>
<P style="margin:0px; font-family:Verdana">appreciation (depreciation)</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>(11,775)</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>---</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>---</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>(11,775)</P>
</TD></TR>
<TR><TD valign=top width=228><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=228><P style="margin:0px; font-family:Verdana">Net transfers in/out of level 3</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>---</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>---</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>4,065</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>4,065</P>
</TD></TR>
<TR><TD valign=top width=228><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=228><P style="margin:0px; font-family:Verdana">Ending balance</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>$907,350</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>$&nbsp;&nbsp;---&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>$760,858</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>$1,668,208</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. &nbsp;To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. &nbsp;Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B>Securities Transactions and Related Investment Income</B> - Security transactions are accounted for on the trade date (date the order to buy or sell is executed) with gain or loss on the sale of securities being determined based on identified cost. &nbsp;Dividend income is recorded on the ex-dividend date and interest income is recorded on the &nbsp;accrual basis, including accretion of discounts and amortization of non-equity premium. &nbsp;For certain securities, known as &#147;contingent payment debt instruments,&#148; Federal tax &nbsp;regulations require the Fund to record non-cash, &#147;contingent&#148; interest income in addition to interest income actually received. &nbsp;Contingent interest income amounted to approximately two cents per share for the nine months ended June 30, 2011. &nbsp;In addition, Federal tax regulations require the Fund to reclassify realized gains on contingent payment debt instruments to interest income. &nbsp;At June 30, 2011,
there were unrealized losses of approximately two cents per share on contingent payment debt instruments.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B>Federal Income Tax Cost</B>- At June 30, 2011, the cost basis of investments for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were<B></B>$105,241,608, $12,723,995, $(5,586,462) and $7,137,531, respectively.</P>
<P style="margin:0px"><BR>
<BR></P>

<HR NOSHADE SIZE="1">

<PAGE>

<P style="margin:0px; font-family:Verdana">ITEM 2. CONTROLS AND PROCEDURES.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Conclusions of principal officers concerning controls and procedures.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">(a) The Fund&#146;s principal executive officer and principal financial officer have concluded that the Fund&#146;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c)) are effective as of August 26, 2011 based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 17 CFR 240.15d-15(b)).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">(b) There have been no changes in the Fund&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Fund&#146;s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund&#146;s internal control over financial reporting.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">ITEM 3. EXHIBITS.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Certifications of the principal executive officer and the principal financial officer of the Fund, as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are filed herewith.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">SIGNATURES</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Ellsworth Fund Ltd.</P>
<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:10pt"><TD width=37.533></TD><TD width=10.467></TD><TD width=672></TD></TR>
<TR><TD valign=top width=37.533><P style="margin:0px; font-family:Verdana">By:</P>
</TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">/s/Thomas H. Dinsmore</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">Thomas H. Dinsmore</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">Chairman of the Board and</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">Chief Executive Officer</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">(Principal Executive Officer)</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=37.533><P style="margin:0px; font-family:Verdana">Date:</P>
</TD><TD valign=top width=10.467><P>&nbsp;</P></TD><A NAME="OLE_LINK3"></A><A NAME="OLE_LINK4"></A><TD valign=top width=672><P style="margin:0px; font-family:Verdana">August 26, 2011</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</P>
<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:10pt"><TD width=37.533></TD><TD width=10.467></TD><TD width=672></TD></TR>
<TR><TD valign=top width=37.533><P style="margin:0px; font-family:Verdana">By:</P>
</TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">/s/Thomas H. Dinsmore</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">Thomas H. Dinsmore</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">Chairman of the Board and</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">Chief Executive Officer</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">(Principal Executive Officer)</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=37.533><P style="margin:0px; font-family:Verdana">Date:</P>
</TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">August 26, 2011</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=37.533><P style="margin:0px; font-family:Verdana">By:</P>
</TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">/s/Gary I. Levine</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">Gary I. Levine</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">Chief Financial Officer</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">(Principal Financial Officer)</P>
</TD></TR>
<TR><TD valign=top width=37.533><P>&nbsp;</P></TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=37.533><P style="margin:0px; font-family:Verdana">Date:</P>
</TD><TD valign=top width=10.467><P>&nbsp;</P></TD><TD valign=top width=672><P style="margin:0px; font-family:Verdana">August 26, 2011</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d28574-ex99cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: right">Exhibit 99.CERT</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</B></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">I, Thomas H. Dinsmore, certify that:</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">1. I have reviewed this report on Form N-Q of Ellsworth Fund Ltd.;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-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="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: justify">3. Based on my knowledge, the schedules of
investments included in this report fairly present in all material respects the investments of the registrant as of the end of
the fiscal quarter for which the report is filed;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: justify">4. The registrant&rsquo;s other certifying
officer 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="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Halvetica, Sans-Serif; text-align: right">(a) &nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif">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;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Halvetica, Sans-Serif; text-align: right">(b) &nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif">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;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Halvetica, Sans-Serif; text-align: right">(c) &nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif">Evaluated the effectiveness of the registrant&rsquo;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</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Halvetica, Sans-Serif; text-align: right">(d) &nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: justify">5. The registrant&rsquo;s other certifying
officer and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors
(or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Halvetica, Sans-Serif; text-align: right">(a) &nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; text-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&rsquo;s ability to record, process, summarize, and report financial information; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Halvetica, Sans-Serif; text-align: right">(b) &nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;Date: August 26, 2011</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;/s/ Thomas H. Dinsmore</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">Chairman of the Board and Chief Executive Officer</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">(Principal Executive Officer)</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><B>CERTIFICATION OF PRINCIPAL&nbsp;FINANCIAL OFFICER</B></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"><BR>
I, Gary I. Levine, certify that:</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">1. I have reviewed this report on Form N-Q of Ellsworth Fund Ltd.;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-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="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: justify">3. Based on my knowledge, the schedules of
investments included in this report fairly present in all material respects the investments of the registrant as of the end of
the fiscal quarter for which the report is filed;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: justify">4. The registrant&rsquo;s other certifying
officer 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="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Halvetica, Sans-Serif; text-align: right">(a) &nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif">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;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Halvetica, Sans-Serif; text-align: right">(b) &nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif">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;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Halvetica, Sans-Serif; text-align: right">(c) &nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif">Evaluated the effectiveness of the registrant&rsquo;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</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Halvetica, Sans-Serif; text-align: right">(d) &nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: justify">5. The registrant&rsquo;s other certifying
officer and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors
(or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Halvetica, Sans-Serif; text-align: right">(a) &nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; text-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&rsquo;s ability to record, process, summarize, and report financial information; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Halvetica, Sans-Serif; text-align: right">(b) &nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;Date: August 26, 2011</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">/s/ Gary I. Levine</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">Chief Financial Officer</P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">(Principal Financial Officer)</P>


<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0"></P>

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