<SEC-DOCUMENT>0001145443-12-000164.txt : 20120229
<SEC-HEADER>0001145443-12-000164.hdr.sgml : 20120229
<ACCEPTANCE-DATETIME>20120229064822
ACCESSION NUMBER:		0001145443-12-000164
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120229
DATE AS OF CHANGE:		20120229
EFFECTIVENESS DATE:		20120229

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:		12649976

	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>d29179.htm
<DESCRIPTION>N-Q
<TEXT>
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<BODY style="FONT-FAMILY: Times New Roman"><DIV style="width:100%"><P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>UNITED STATES</P>
<P style="margin:0px; font-family:Verdana" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="margin:0px; font-family:Verdana" align=center>Washington, DC 20549</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>FORM N-Q</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</P>
<P style="margin:0px; font-family:Verdana" align=center>MANAGEMENT INVESTMENT COMPANY</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>Investment Company Act file number 811-04656</P>
<P style="margin:0px; font-family:Verdana" align=center>-------------------------------------------------------------------------------</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>Ellsworth Fund Ltd.</P>
<P style="margin:0px; font-family:Verdana" align=center>-------------------------------------------------------------------------------</P>
<P style="margin:0px; font-family:Verdana" align=center>(Exact name of registrant as specified in charter)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>65 Madison Avenue, Morristown, New Jersey 07960-7308</P>
<P style="margin:0px; font-family:Verdana" align=center>-------------------------------------------------------------------------------</P>
<P style="margin:0px; font-family:Verdana" align=center>(Address of principal executive offices) (Zip code)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>Thomas H. Dinsmore</P>
<P style="margin:0px; font-family:Verdana" align=center>Ellsworth Fund Ltd.</P>
<P style="margin:0px; font-family:Verdana" align=center>65 Madison Avenue</P>
<P style="margin:0px; font-family:Verdana" align=center>Morristown, New Jersey 07960-7308</P>
<P style="margin:0px; font-family:Verdana" align=center>(Name and address of agent for service)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Verdana" align=center>Copy to:</P>
<P style="margin:0px; font-family:Verdana" align=center>Steven B. King, Esq.</P>
<P style="margin:0px; font-family:Verdana" align=center>Ballard Spahr LLP</P>
<P style="margin:0px; font-family:Verdana" align=center>1735 Market Street, 51st Floor</P>
<P style="margin:0px; font-family:Verdana" align=center>Philadelphia, PA 19103-7599</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Registrant's telephone number, including area code: 973-631-1177</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Date of fiscal year end: &nbsp;September 30, 2012</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Date of reporting period: &nbsp;December 31, 2011</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">ITEM 1. SCHEDULE OF INVESTMENTS.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>

<PAGE>
<DIV style="width:100%"><P style="margin:0px">&nbsp;&nbsp;<BR><BR></P>



<TABLE style="font-size:10pt" cellspacing=0>
<TR height=0 style="font-size:0">
<TD width=546.667></TD>
<TD width=110.667></TD>
<TD width=141.333></TD>
</TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Ellsworth Fund Ltd. - Schedule of Investments (unaudited)</B></P>
</TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>December 31, 2011</B></P>
</TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=bottom width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=center>&nbsp;Principal </P>
</TD><TD valign=top width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=center>&nbsp;Value </P>
</TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=center>&nbsp;Amount </P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=center>&nbsp;(Note 1) </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>CONVERTIBLE BONDS AND NOTES - 60.9%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Aerospace and Defense - 0.5%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Kaman Corp., 3.25%, Due 11/15/17, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;$ &nbsp;&nbsp;500,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525,000 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Automotive - 0.9%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">A123 Systems, Inc., 3.75%, Due 4/15/16, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171,250 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Titan International, Inc., 5.625%, Due 1/15/17, (B)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815,625 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986,875 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Computer Hardware - 2.9%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">EMC Corp., 1.75%, Due 12/1/13, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,900,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,736,000 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">NetApp, Inc., 1.75%, Due 6/1/13, (AA)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316,875 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,052,875 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Computer Software - 5.4%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Digital River, Inc., 2.00%, Due 11/1/30, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,100,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906,125 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Electronic Arts, Inc., 0.75%, Due 7/15/16, (A) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488,125 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Microsoft Corp., Due 6/15/13, (AAA) (2)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508,750 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Nuance Communications, Inc., 2.75%, Due 8/15/27, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,171,250 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Rovi Corp., 2.625%, Due 2/15/40, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">THQ, Inc., 5.00%, Due 8/15/14, (CCC)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356,250 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">WebMD Health Corp., 2.50%, Due 1/31/18, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468,125 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,648,625 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Construction Material - 0.6%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">CEMEX, S.A.B. de C.V., 4.875%, Due 3/15/15, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657,500 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Consumer Goods - 0.8%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Iconix Brand Group, Inc., 2.50%, Due 6/1/16, (BBB) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475,625 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Regis Corp., 5.00%, Due 7/15/14, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313,438 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789,063 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Data Processing - 0.7%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">CSG Systems International, Inc., 3.00%, Due 3/1/17, (A) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705,000 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Energy - 5.2%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Endeavour International Corp., 5.50%, Due 7/15/16, (NR) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416,875 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Goodrich Petroleum Corp., 5.00%, Due 10/1/29, (CCC)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931,250 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">JinkoSolar Holding Co. Ltd., 4.00%, Due 5/15/16, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433,750 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Oil States International, Inc., 2.375%, Due 7/1/25, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603,438 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Renesola Ltd., 4.125%, Due 3/15/18, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297,500 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">SunPower Corp., 4.75%, Due 4/15/14, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438,125 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">SunPower Corp., 4.50%, Due 3/15/15, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,250,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,032,812 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Transocean, Inc., 1.50%, Due 12/15/37, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493,750 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Trina Solar Ltd., 4.00%, Due 7/15/13, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777,500 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,425,000 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Financial Services - 6.2%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Amtrust Financial Services, Inc., 5.50%, Due 12/15/21, (NR) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,001,200 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Annaly Capital Management, Inc., 4.00%, Due 2/15/15, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852,188 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">BGC Partners, Inc., 4.50%, Due 7/15/16, (BBB) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220,000 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Euronet Worldwide, Inc., 3.50%, Due 10/15/25, (BB) (3)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995,000 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Knight Capital Group, Inc., 3.50%, Due 3/15/15, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673,125 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">National Financial Partners Corp., 4.00%, Due 6/15/17, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928,125 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Old Republic International Corp., 8.00%, Due 5/15/12, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752,812 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Tower Group, Inc., 5.00%, Due 9/15/14, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,008,750 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,431,200 </P>
</TD></TR>
</TABLE>


</DIV>

<HR NOSHADE SIZE="5" STYLE="color: grey; width: 100%">

<PAGE>


<DIV STYLE="width: 100%">


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

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=546.667></TD><TD width=110.667></TD><TD width=141.333></TD></TR>
<TR><TD width=546.667 nowrap><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Ellsworth Fund Ltd. - Schedule of Investments - continued</B></P>
</TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>December 31, 2011</B></P>
</TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>CONVERTIBLE BONDS AND NOTES - continued</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Foods - 0.5%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Chiquita Brands International, 4.25%, Due 8/15/16, (B)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;$ &nbsp;&nbsp;581,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,386 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Healthcare - 4.3%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Chemed Corp., 1.875%, Due 5/15/14, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838,825 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">China Medical Technologies, Inc., 4.00%, Due 8/15/13, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,100,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635,250 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Insulet Corp., 3.75%, Due 6/15/16, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508,750 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Integra LifeSciences Holdings Corp., 2.375%, Due 6/1/12, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564,165 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Integra LifeSciences Holdings Corp., 1.625%, Due 12/15/16, (BBB) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645,000 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Omnicare, Inc., 3.25%, Due 12/15/35, (B) (3)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234,315 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Sonosite, Inc., 3.75%, Due 7/15/14, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,101,562 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,527,867 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Machinery - 0.5%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Chart Industries, Inc., 2.00%, Due 8/1/18, (B)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530,625 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Metals and Mining - 3.3%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">A. M. Castle and Co., 7.00%, Due 12/15/17, (NR) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280,625 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Jaguar Mining, Inc., 4.50%, Due 11/1/14, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452,812 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Kaiser Aluminum Corp., 4.50%, Due 4/1/15, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,161,900 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Northgate Minerals Corp., 3.50%, Due 10/1/16, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624,000 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">RTI International Metals, Inc., 3.00%, Due 12/1/15, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477,969 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">United States Steel Corp., 4.00%, Due 5/15/14, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416,719 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,414,025 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Pharmaceuticals - 8.0%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Amgen, Inc., 0.375%, Due 2/1/13, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,008,750 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Amylin Pharmaceuticals, Inc., 3.00%, Due 6/15/14, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447,500 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Cubist Pharmaceuticals, Inc., 2.25%, Due 6/15/13, (AA)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,014,375 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Gilead Sciences, Inc., 1.00%, Due 5/1/14, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825,000 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Gilead Sciences, Inc., 1.625%, Due 5/1/16, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857,812 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Mylan, Inc., 1.25%, Due 3/15/12, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503,750 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Mylan, Inc., 3.75%, Due 9/15/15, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875,625 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Onyx Pharmaceuticals, Inc., 4.00%, Due 8/15/16, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669,375 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Regeneron Pharmaceuticals, Inc., 1.875%, Due 10/1/16, (BBB) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948,750 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Salix Pharmaceuticals, Inc., 2.75%, Due 5/15/15, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649,375 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">United Therapeutics Corp., 1.00%, Due 9/15/16, (AA) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585,000 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,385,312 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Real Estate - 1.6%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Corporate Office Properties LP, 4.25%, Due 4/15/30, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462,500 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Lexington Realty Trust, 6.00%, Due 1/15/30, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,195,000 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,657,500 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Semiconductors - 8.0%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Intel Corp., 2.95%, Due 12/15/35, (A) (3)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,569,375 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Intel Corp., 3.25%, Due 8/1/39, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,257,500 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">LAM Research Corp., 1.25%, Due 5/15/18, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471,250 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Linear Technology Corp., 3.00%, Due 5/1/27, (AA)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513,125 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Mentor Graphics Corp., 4.00%, Due 4/1/31, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254,062 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Micron Technology, Inc., 1.50%, Due 8/1/31, (BBB) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564,062 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Micron Technology, Inc., 1.875%, Due 8/1/31, (BBB) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663,750 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Novellus Systems, Inc., 2.625%, Due 5/15/41, (NR) (1,3)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300,625 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Photronics, Inc., 3.25%, Due 4/1/16, (A) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483,750 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Rudolph Technologies, Inc., 3.75%, Due 7/15/16, (A) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494,375 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">SanDisk Corp., 1.50%, Due 8/15/17, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,182,500 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Xilinx, Inc., 2.625%, Due 6/15/17, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637,500 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,391,874 </P>
</TD></TR>
</TABLE>


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<DIV STYLE="width: 100%">





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

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=546.667></TD><TD width=110.667></TD><TD width=141.333></TD></TR>
<TR><TD width=546.667 nowrap><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Ellsworth Fund Ltd. - Schedule of Investments - continued</B></P>
</TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>December 31, 2011</B></P>
</TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>CONVERTIBLE BONDS AND NOTES - continued</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Telecommunications - 7.8%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Alaska Communications Systems, 6.25%, Due 5/1/18, (B) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;$1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641,250 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Anixter International, Inc., 1.00%, Due 2/15/13, (B)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857,812 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Equinix, Inc., 3.00%, Due 10/15/14, (B)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,685,625 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Equinix, Inc., 4.75%, Due 6/15/16, (B)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706,250 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Finisar Corp., 5.00%, Due 10/15/29, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138,938 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">General Cable Corp., 4.50%, Due 11/15/29, (B)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741,975 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">InterDigital, Inc., 2.50%, Due 3/15/16, (BB) (1)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656,250 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">SBA Communications Corp., 4.00%, Due 10/1/14, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762,500 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">SBA Communications Corp., 1.875%, Due 5/1/13, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,133,750 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">TeleCommunication Systems, Inc., 4.50%, Due 11/1/14, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833,750 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,158,100 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Transportation - 1.9%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Dryships, Inc., 5.00%, Due 12/1/14, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519,375 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Hawaiian Holdings, Inc., 5.00%, Due 3/15/16, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878,281 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Ultrapetrol (Bahamas) Ltd., 7.25%, Due 1/15/17, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540,938 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,938,594 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Travel and Leisure - 1.8%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Home Inns and Hotels Management, Inc., 2.00%, Due 12/15/15, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379,375 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">MGM Resorts International, 4.25%, Due 4/15/15, (B)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713,438 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Morgans Hotel Group Co., 2.375%, Due 10/15/14, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,000,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817,500 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,910,313 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>TOTAL CONVERTIBLE BONDS AND NOTES</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,635,734 </P>
</TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>CORPORATE BONDS - 0.2%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Financial Services - 0.2%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Lehman Brothers Holdings, Inc., 1.00%, Due 3/23/09, (NR) (4)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;1,500,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243,750 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>CONVERTIBLE PREFERRED STOCKS - 13.0%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=center>&nbsp;Shares </P>
</TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Banking/Savings and Loan - 5.8%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Bank of America Corp., 7.25%, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,600 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,260,832 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Fifth Third Bancorp, 8.50%, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,704,960 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">New York Community Capital Trust V, 6.00%, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994,320 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Wells Fargo and Co., 7.50%, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,110,500 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,070,612 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Energy - 2.3%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">ATP Oil and Gas Corp., 8.00%, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,500 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262,500 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Chesapeake Energy Corp., 5.00%, (B)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,085,000 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Whiting Petroleum Corp., 6.25%, (B)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,827 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,376,327 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Foods - 0.7%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Bunge Ltd., 4.875%, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,500 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705,000 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Real Estate - 0.5%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Health Care REIT, Inc., 6.50%, (BB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511,700 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Retail - 0.7%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Amerivon Holdings LLC, (NR) (1,5,6)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583,667 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD></TR>
</TABLE>


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<DIV STYLE="width: 100%">





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

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=546.667></TD><TD width=110.667></TD><TD width=141.333></TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667 nowrap><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Ellsworth Fund Ltd. - Schedule of Investments - continued</B></P>
</TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>December 31, 2011</B></P>
</TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>CONVERTIBLE PREFERRED STOCKS - continued</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Telecommunications - 0.9%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Crown Castle International Corp., 6.25%, (B)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992,000 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Tools - 1.1%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Stanley Black and Decker, Inc., 4.75%, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,172,500 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Utilities - 1.0%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">PPL Corp., 9.50%, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,500 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,032,855 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>TOTAL CONVERTIBLE PREFERRED STOCKS</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,610,994 </P>
</TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>MANDATORY CONVERTIBLE SECURITIES - 11.1%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Automotive - 1.3%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">General Motors Co., 4.75%, Due 12/1/13, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,370,000 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Data Processing - 0.3%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Unisys Corp., 6.25%, Due 3/1/14, (B)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303,000 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Energy - 3.6%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Apache Corp., 6.00%, Due 8/1/13, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,357,000 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Great Plains Energy, Inc., 12.00%, Due 6/15/12, (BBB) (3)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,662,000 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">UBS AG Exchangeable Note (GTAT), 6.75%, Due 9/15/13, (AA)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701,250 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,720,250 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Financial Services - 2.3%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Citigroup, Inc., 7.50%, Due 12/15/12, (A)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,137,500 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">MetLife, Inc., 5.00%, Due 10/8/14, (BBB)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,232,400 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,369,900 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Foods - 0.5%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">2009 Dole Food ACES Trust, 7.00%, Due 11/1/12, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527,814 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Home Building - 0.2%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Beazer Homes USA, Inc., 7.25%, Due 8/15/13, (CCC)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,500 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211,750 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Metals and Mining - 1.5%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">AngloGold Ashanti Ltd., 6.00%, Due 9/15/13, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,900 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281,607 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Vale Capital II (Vale S.A.), 6.75%, Due 6/15/12, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,700 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,277,890 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,559,497 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Transportation - 0.5%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">2010 Swift Mandatory Common Exchange Security Trust, 6.00%,</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528,972 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;Due 12/31/13, (NR)</P>
</TD><TD width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Utilities - 1.0%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">NextEra Energy, Inc., 7.00%, Due 9/1/13, (NR)</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,066,000 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>TOTAL MANDATORY CONVERTIBLE SECURITIES</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,657,183 </P>
</TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
</TABLE>


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

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=546.667></TD><TD width=110.667></TD><TD width=141.333></TD></TR>
<TR><TD width=546.667 nowrap><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Ellsworth Fund Ltd. - Schedule of Investments - continued</B></P>
</TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>December 31, 2011</B></P>
</TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>COMMON STOCKS - 9.8%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Computer Software - 1.0%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Microsoft Corp.</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,038,400 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Energy - 0.9%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">ConocoPhillips</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,282 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967,859 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Media and Entertainment - 0.5%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">The Walt Disney Co.</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562,500 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Pharmaceuticals - 3.0%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Abbott Laboratories</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,012,140 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Bristol Myers Squibb Co.</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,057,200 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Merck and Co., Inc.</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,651 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,042,443 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,111,783 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Telecommunications - 4.3%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD valign=top width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">AT&amp;T, Inc.</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,116,800 </P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">Verizon Communications, Inc.</P>
</TD><TD width=110.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,000 </P>
</TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,407,200 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,524,000 </P>
</TD></TR>
<TR><TD valign=top width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>TOTAL COMMON STOCKS</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,204,542 </P>
</TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=546.667><P>&nbsp;</P></TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Total Convertible Bonds and Notes - 60.9%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>&nbsp;$ &nbsp;&nbsp;63,635,734 </B></P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Total Corporate Bonds - 0.2%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243,750 </B></P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Total Convertible Preferred Stocks - 13.0%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,610,994 </B></P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Total Mandatory Convertible Securities - 11.1%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,657,183 </B></P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Total Common Stocks - 9.8%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,204,542 </B></P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Total Investments - 95.0%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,352,203 </B></P>
</TD></TR>
<TR><TD width=546.667><P>&nbsp;</P></TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD width=141.333><P>&nbsp;</P></TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Other Assets and Liabilites, Net - 5.0%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,205,174 </B></P>
</TD></TR>
<TR><TD width=546.667><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>Total Net Assets - 100.0%</B></P>
</TD><TD valign=top width=110.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" width=141.333><P style="line-height:13pt; margin:0px; font-family:Verdana; font-size:10pt"><B>&nbsp;$104,557,377 </B></P>
</TD></TR>
<TR><TD valign=bottom width=546.667><P>&nbsp;</P></TD><TD valign=bottom width=110.667><P>&nbsp;</P></TD><TD valign=bottom width=141.333><P>&nbsp;</P></TD></TR>
</TABLE>


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

<PAGE>
<DIV style="width:100%"><P style="margin:0px"><BR>
<BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0">
<TD width=100%></TD>
</TR>
<TR><TD valign=bottom width=100%><P style="margin:0px; font-family:Verdana"><B>Ellsworth Fund Ltd. - Schedule of Investments &#150; continued</B></P>
<P style="margin:0px; font-family:Verdana"><B>December 31, 2011<BR>
</B></P>
</TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(1) Security not registered under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;) (e.g., the security was purchased in a Rule 144A or a Regulation D transaction). &nbsp;The security may be resold only pursuant to an exemption from registration under the Securities Act, typically to qualified institutional buyers. The Fund generally has no rights to demand registration of such securities. The aggregate market value of these unregistered securities at December 31, 2011 was $10,320,262 which represented 9.9% of the Fund's net assets.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(2) Non-income producing security.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(3) Contingent payment debt instrument which accrues contingent interest. &nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(4) Security is in default.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(5) Investment is valued at fair value as determined in good faith pursuant to procedures adopted by the Board of Trustees. &nbsp;It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material. &nbsp;The fair value of these securities amounted to $750,000 at December 31, 2011, which represented 0.7% of the Fund's net assets.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(6) Restricted securities include securities that have not been registered under the Securities Act and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund&#146;s investment objective and investment strategies. 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 December 31, 2011, the Fund was invested in the following restricted security:</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">Amerivon Holdings LLC preferred units</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana">(7) Mandatory Convertible Securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.</P>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=697><P style="margin:0px; font-family:Verdana"><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; 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; 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>
</TD></TR>
<TR><TD valign=bottom width=697><P>&nbsp;</P></TD></TR>
</TABLE>



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<PAGE>



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


<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=120></TD><TD width=108></TD><TD width=72></TD></TR>
<TR><TD valign=bottom width=300 colspan=3><P style="margin:0px; font-family:Verdana"><B>SUMMARY OF PORTFOLIO RATINGS </B>*</P>
</TD></TR>
<TR><TD valign=bottom width=120><P style="margin:0px; font-family:Verdana">AAA</P>
</TD><TD valign=bottom width=108><P style="margin:0px; font-family:Verdana" align=center>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>4%</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>22%</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>17%</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>18%</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>12%</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 common stocks 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>



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<PAGE>




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

<P style="margin:0px; font-family:Verdana"><B>Ellsworth Fund Ltd. - Selected Notes to Financial Statements - unaudited</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. &nbsp;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. &nbsp;Unlisted securities traded in the over-the-counter market are valued using an evaluated quote provided by the independent pricing service, or, if an evaluated quote is unavailable, such securities are valued using prices received from dealers, provided that if the dealer supplies both bid and asked prices, the price to be used is the mean of the bid and asked prices. &nbsp;The independent pricing service derives an evaluated quote by obtaining dealer quotes, analyzing the listed markets, reviewing trade execution data and employing sensitivity analysis. &nbsp;Evaluated
quotes may also reflect appropriate factors such as individual characteristics of the issue, communications with broker-dealers, and other market data. &nbsp;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. &nbsp;Short-term debt securities with original maturities of 60 days or less are valued at amortized cost.</P>
<P style="margin:0px; font-family:Verdana">&nbsp;</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 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. &nbsp;To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. &nbsp;Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update
(&#147;ASU&#148;) No. 2011-04 &#147;Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and
International Financial Reporting Standards (&#147;IFRS&#148;)&#148;. ASU 2011-04 includes common requirements for measurement of and
disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting to entities to disclose the following
information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the
unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description
of the sensitivity of the fair value measurement to changes in observable inputs and the interrelationships between those unobservable
inputs. In addition, ASU 2011-04 will require reporting to entities to make disclosures about amounts and reasons for all transfers in
and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting
periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the
financial statements.</P>



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<PAGE>




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

<P style="margin:0px; font-family:Verdana"><B>Ellsworth Fund Ltd. - Selected Notes to Financial Statements - continued</B></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 December 31, 2011:</P>
<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0">
<TD width=50%></TD>
<TD width=108></TD>
<TD width=120></TD>
<TD width=96></TD>
</TR>
<TR><TD valign=top width=50%><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px; font-family:Verdana" align=center>Level 1</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px; font-family:Verdana" align=center>Level 2</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=center>Level 3</P>
</TD></TR>
<TR><TD valign=top width=50%><P>&nbsp;</P></TD><TD valign=top width=108><P>&nbsp;</P></TD><TD valign=top width=120><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=50%><P style="margin:0px; font-family:Verdana">Investments in Securities:</P>
</TD><TD valign=top width=108><P>&nbsp;</P></TD><TD valign=top width=120><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=50%><P style="margin:0px; font-family:Verdana">Convertible Bonds and Notes</P>
</TD><TD valign=top width=108><P style="margin:0px; font-family:Verdana" align=center>&nbsp;&nbsp;&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---</P>
</TD><TD valign=top width=120><P style="margin:0px; font-family:Verdana" align=right>$63,635,734</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---</P>
</TD></TR>
<TR><TD valign=top width=50%><P style="margin:0px; font-family:Verdana">Convertible Preferred Stocks</P>
</TD><TD valign=top width=108><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;---</P>
</TD><TD valign=top width=120><P style="margin:0px; font-family:Verdana" align=right>12,860,994</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;750,000</P>
</TD></TR>
<TR><TD valign=top width=50%><P style="margin:0px; font-family:Verdana">Mandatory Convertible Securities</P>
</TD><TD valign=top width=108><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;---</P>
</TD><TD valign=top width=120><P style="margin:0px; font-family:Verdana" align=right>11,657,183</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;---</P>
</TD></TR>
<TR><TD valign=top width=50%><P style="margin:0px; font-family:Verdana">Corporate Bonds and Notes</P>
</TD><TD valign=top width=108><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;---</P>
</TD><TD valign=top width=120><P style="margin:0px; font-family:Verdana" align=right>243,750</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;---</P>
</TD></TR>
<TR><TD valign=top width=50%><P style="margin:0px; font-family:Verdana">Common Stock</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=108><P style="margin:0px; font-family:Verdana" align=right>10,204,542</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px; font-family:Verdana" align=right>---</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;---</P>
</TD></TR>
<TR><TD valign=top width=50%><P style="margin:0px; font-family:Verdana"><B>Total Investments</B></P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=108><P style="margin:0px; font-family:Verdana" align=right>$10,204,542</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=120><P style="margin:0px; font-family:Verdana" align=right>$88,397,661</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>$750,000</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">The following is a reconciliation of assets for which Level 3 inputs were used in determining value:</P>
<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0">
<TD width=50%></TD>
<TD width=96></TD>
<TD width=96></TD>
<TD width=96></TD>
<TD width=96></TD>
</TR>
<TR><TD valign=top width=50%><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=50%><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=50%><P style="margin:0px; font-family:Verdana">Beginning balance</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>$894,675</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>$---</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>$763,585</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>$1,658,260</P>
</TD></TR>
<TR><TD valign=top width=50%><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=50%><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=right>---</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>---</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>(13,585)</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>(13,585)</P>
</TD></TR>
<TR><TD valign=top width=50%><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=50%><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=right>(894,675)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>---</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>---</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>(894,675)</P>
</TD></TR>
<TR><TD valign=top width=50%><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=50%><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=right>$ &nbsp;&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=right>$---</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>$750,000</P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>$ &nbsp;750,000</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B>Securities Transactions and Related Investment Income</B> - Securities transactions are accounted for on the trade date (the date the order to buy or sell is executed) with gain or loss on the sale of securities being determined based upon identified cost. &nbsp;Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis, including accretion of discounts and amortization of non-equity premium. &nbsp;For certain securities, known as &#147;contingent payment debt instruments,&#148; Federal tax &nbsp;&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 $0.01 per share for the three months ended December 31, 2011. &nbsp;In addition, Federal tax regulations require the Fund to reclassify realized gains (losses) on contingent payment debt instruments to interest income.
&nbsp;At December 31, 2011, there were unrealized losses of approximately<A NAME="_GoBack"></A> $0.03 per share on contingent payment debt instruments.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B>Federal Income Tax Cost </B>- At December 31, 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 depreciation from investments were<B> </B>$104,237,146, $7,558,634, $(12,443,577) and $(4,884,943), respectively.</P>
<P style="margin:0px"><BR>
<BR></P>



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<PAGE>




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

<P style="margin:0px; font-family:Verdana">ITEM 2. CONTROLS AND PROCEDURES.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Conclusions of principal officers concerning controls and procedures.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">(a) The Fund&#146;s principal executive officer and principal financial officer have concluded that the Fund&#146;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c)) are effective as of February 29, 2012 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>
<P style="margin:0px; font-family:Verdana">By: /s/Thomas H. Dinsmore</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Dinsmore</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board and</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer)</P>
<P style="margin:0px"><BR></P>
<A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A><P style="margin:0px; font-family:Verdana">Date: <A NAME="OLE_LINK3"></A><A NAME="OLE_LINK4"></A>February 29, 2012</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">By: /s/Thomas H. Dinsmore</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Dinsmore</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board and</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Date: February 29, 2012</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">By: /s/Gary I. Levine</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Gary I. Levine</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</P>
<P style="margin:0px; font-family:Verdana">&nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Date: February 29, 2012</P>
<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>d29179_ex99-cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>EX-99 2 ellsworth_ncsr-ex99</TITLE>
<META NAME="author" CONTENT="Gary Levine">
<META NAME="date" CONTENT="02/15/2012">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:100%"><P style="line-height:13pt; margin:0px; font-size:10pt" align=right>Exhibit 99.CERT</P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt">I, Thomas H. Dinsmore, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt">1. I have reviewed this report on Form N-Q of Ellsworth Fund Ltd.;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt" align=justify>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt" align=justify>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the
investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt" align=justify>4. The registrant&#146;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="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0>
<TR height=0 style="font-size:0">
<TD width=48></TD>
<TD width=100%></TD>
</TR>
<TR><TD valign=top width=48><P style="line-height:13pt; margin-left:20px; font-size:10pt" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=100%><P style="line-height:13pt; margin:0px; font-size:10pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=100%></TD></TR>
<TR><TD valign=top width=48><P style="line-height:13pt; margin-left:20px; font-size:10pt" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=100%><P style="line-height:13pt; margin:0px; font-size:10pt">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=100%></TD></TR>
<TR><TD valign=top width=48><P style="line-height:13pt; margin-left:20px; font-size:10pt" align=right>(c)&nbsp;&nbsp;</P>
</TD><TD valign=top width=100%><P style="line-height:13pt; margin:0px; font-size:10pt">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=100%></TD></TR>
<TR><TD valign=top width=48><P style="line-height:13pt; margin-left:20px; font-size:10pt" align=right>(d)&nbsp;&nbsp;</P>
</TD><TD valign=top width=100%><P style="line-height:13pt; margin:0px; font-size:10pt">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial
reporting; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt" align=justify>5. The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee
of the registrant&#146;s board of directors (or persons performing the equivalent functions):</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=100%></TD></TR>
<TR><TD valign=top width=48><P style="line-height:13pt; margin-left:20px; font-size:10pt" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=100%><P style="line-height:13pt; margin:0px; font-size:10pt" align=justify>All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=100%></TD></TR>
<TR><TD valign=top width=48><P style="line-height:13pt; margin-left:20px; font-size:10pt" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=100%><P style="line-height:13pt; margin:0px; font-size:10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant&#146;s internal control over financial reporting.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt">&nbsp;Date: February 29, 2012</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt">&nbsp;/s/ Thomas H. Dinsmore </P>
<P style="line-height:13pt; margin:0px; font-size:10pt">Chairman of the Board and Chief Executive Officer </P>
<P style="line-height:13pt; margin:0px; font-size:10pt">(Principal Executive Officer)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>



<HR NOSHADE SIZE="5" STYLE="color: grey; width: 100%">

<PAGE>


<P style="line-height:13pt; margin:0px; font-size:10pt"><B>CERTIFICATION OF PRINCIPAL&nbsp;FINANCIAL OFFICER</B></P>
<P style="line-height:13pt; margin:0px; font-size:10pt"><BR>
I, Gary I. Levine, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt">1. I have reviewed this report on Form N-Q of Ellsworth Fund Ltd.;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt" align=justify>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt" align=justify>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the
investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt" align=justify>4. The registrant&#146;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="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0>
<TR height=0 style="font-size:0">
<TD width=48></TD>
<TD width=100%></TD>
</TR>
<TR><TD valign=top width=48><P style="line-height:13pt; margin-left:20px; font-size:10pt" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=100%><P style="line-height:13pt; margin:0px; font-size:10pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=100%></TD></TR>
<TR><TD valign=top width=48><P style="line-height:13pt; margin-left:20px; font-size:10pt" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=100%><P style="line-height:13pt; margin:0px; font-size:10pt">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=100%></TD></TR>
<TR><TD valign=top width=48><P style="line-height:13pt; margin-left:20px; font-size:10pt" align=right>(c)&nbsp;&nbsp;</P>
</TD><TD valign=top width=100%><P style="line-height:13pt; margin:0px; font-size:10pt">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=100%></TD></TR>
<TR><TD valign=top width=48><P style="line-height:13pt; margin-left:20px; font-size:10pt" align=right>(d)&nbsp;&nbsp;</P>
</TD><TD valign=top width=100%><P style="line-height:13pt; margin:0px; font-size:10pt">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial
reporting; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:10pt" align=justify>5. The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee
of the registrant&#146;s board of directors (or persons performing the equivalent functions):</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=100%></TD></TR>
<TR><TD valign=top width=48><P style="line-height:13pt; margin-left:20px; font-size:10pt" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=100%><P style="line-height:13pt; margin:0px; font-size:10pt" align=justify>All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=100%></TD></TR>
<TR><TD valign=top width=48><P style="line-height:13pt; margin-left:20px; font-size:10pt" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=100%><P style="line-height:13pt; margin:0px; font-size:10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant&#146;s internal control over financial reporting.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:10pt">&nbsp;</P>
<P style="line-height:13pt; margin:0px; font-size:10pt">&nbsp;Date: February 29, 2012</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:10pt">&nbsp;</P>
<P style="line-height:13pt; margin:0px; font-size:10pt">/s/ Gary I. Levine</P>
<P style="line-height:13pt; margin:0px; font-size:10pt">Chief Financial Officer </P>
<P style="line-height:13pt; margin:0px; font-size:10pt">(Principal Financial Officer)</P>
<P style="margin:0px"><BR>
<BR></P>

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