<SEC-DOCUMENT>0001145443-12-001023.txt : 20120829
<SEC-HEADER>0001145443-12-001023.hdr.sgml : 20120829
<ACCEPTANCE-DATETIME>20120829080147
ACCESSION NUMBER:		0001145443-12-001023
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120630
FILED AS OF DATE:		20120829
DATE AS OF CHANGE:		20120829
EFFECTIVENESS DATE:		20120829

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:		121061512

	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>d29731.htm
<DESCRIPTION>N-Q
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>&lt;PAGE&gt;</TITLE>
<META NAME="author" CONTENT="Gary Levine">
<META NAME="date" CONTENT="08/10/2012">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<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;June 30, 2012</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>

<HR NOSHADE SIZE="5">

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

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=481.333></TD><TD width=117.333></TD><TD width=132></TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Ellsworth Fund Ltd. - Schedule of Investments (unaudited)</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>June 30, 2012</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD valign=bottom width=117.333><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Principal </P>
</TD><TD valign=top width=132><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Value </P>
</TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=117.333><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Amount </P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-family:Verdana" align=center>&nbsp;(Note 1) </P>
</TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>CONVERTIBLE BONDS AND NOTES - 63.7%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Aerospace and Defense - 0.5%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Kaman Corp., 3.25%, Due 11/15/17, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>&nbsp;$ &nbsp;&nbsp;500,000 </P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569,375 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Automotive - 0.9%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Titan International, Inc., 5.625%, Due 1/15/17, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>375,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992,344 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Computer Hardware - 3.6%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">EMC Corp., 1.75%, Due 12/1/13, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,900,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,101,750 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">NetApp Inc., 1.75%, Due 6/1/13, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860,625 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,962,375 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Computer Software - 7.2%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Digital River, Inc., 2.00%, Due 11/1/30, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,100,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,032,625 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Electronic Arts, Inc., 0.75%, Due 7/15/16, (BBB) (1)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880,000 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Microsoft Corp., 0.00%, Due 6/15/13, (AAA) (2)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533,125 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Nuance Communications, Inc., 2.75%, Due 8/15/27, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,075,625 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Priceline.com Inc., 1.25%, Due 3/15/15, (BBB) (1)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>200,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445,750 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Priceline.com Inc., 1.00%, Due 3/15/18, (BBB) (1)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,058,750 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Rovi Corp., 2.625%, Due 2/15/40, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967,500 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">THQ Inc., 5.00%, Due 8/15/14, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426,562 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Tibco Software Inc., 2.25%, Due 5/1/32, (BBB) (1)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488,125 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,908,062 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Construction Material - 0.8%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">CEMEX S.A.B. de C.V., 4.875%, Due 3/15/15, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887,500 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Consumer Goods - 0.7%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Iconix Brand Group, Inc., 2.50%, Due 6/1/16, (BBB) (1)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726,562 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Data Processing - 0.8%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">CSG Systems International, Inc., 3.00%, Due 3/1/17, (BBB) (1)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>900,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912,375 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Energy - 4.2%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Endeavour International Corp., 5.50%, Due 7/15/16, (CCC)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Goodrich Petroleum Corp., 5.00%, Due 10/1/29, (CCC)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936,250 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">JinkoSolar Holding Co., Ltd., 4.00%, Due 5/15/16, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249,375 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">ReneSola Ltd., 4.125%, Due 3/15/18, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277,500 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Stone Energy Corp., 1.75%, Due 3/1/17, (B) (1)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>250,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231,250 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">SunPower Corp., 4.75%, Due 4/15/14, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448,750 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">SunPower Corp., 4.50%, Due 3/15/15, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,250,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,096,875 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Trina Solar Ltd., 4.00%, Due 7/15/13, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901,250 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,576,250 </P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>



<HR NOSHADE SIZE="5">

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






<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=481.333></TD><TD width=117.333></TD><TD width=132></TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Ellsworth Fund Ltd. - Schedule of Investments (continued)</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>June 30, 2012</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD valign=bottom width=117.333><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Principal </P>
</TD><TD valign=top width=132><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Value </P>
</TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=117.333><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Amount </P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-family:Verdana" align=center>&nbsp;(Note 1) </P>
</TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>CONVERTIBLE BONDS AND NOTES - continued</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Financial Services - 5.8%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Am Trust Financial Services, Inc., 5.50%, Due 12/15/21, (AAA)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;1,170,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Annaly Capital Management, Inc., 4.00%, Due 2/15/15, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924,375 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">BGC Partners, Inc., 4.50%, Due 7/15/16, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>250,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233,750 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">DFC Global Corp., 3.25%, Due 4/15/17, (B) (1)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540,625 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Euronet Worldwide, Inc., 3.50%, Due 10/15/25, (BBB) (3)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Knight Capital Group, Inc., 3.50%, Due 3/15/15, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705,000 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">National Financial Partners Corp., 4.00%, Due 6/15/17, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923,438 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Tower Group, Inc., 5.00%, Due 9/15/14, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,250,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,314,062 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,316,250 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Foods - 0.4%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Chiquita Brands International, 4.25%, Due 8/15/16, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>581,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423,404 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Healthcare - 2.3%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Chemed Corp., 1.875%, Due 5/15/14, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>890,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896,675 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Insulet Corp., 3.75%, Due 6/15/16, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837,188 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Lifepoint Hospitals, Inc., 3.50%, Due 5/15/14, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536,875 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Omnicare, Inc., 3.25%, Due 12/15/35, (B) (3)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>254,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242,888 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,513,626 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Machinery - 1.0%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Chart Industries, Inc., 2.00%, Due 8/1/18, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618,125 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Titan Machinery Inc., 3.75%, Due 5/1/19, (B) (1)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,118,125 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Media and Entertainment - 1.3%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Liberty Interactive (CBS/VIA), 3.25%, Due 3/15/31, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878,750 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Omnicom Group Inc., 0.00%, Due 7/13/32, (BBB) (2,3)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511,250 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,390,000 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Metals and Mining - 3.3%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Am Castle &amp; Co., 7.00%, Due 12/15/17, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>250,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321,575 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Kaiser Aluminum Corp., 4.50%, Due 4/1/15, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,237,500 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Newmont Mining Corp., 1.625%, Due 7/15/17, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>250,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332,812 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Northgate Minerals Corp., 3.50%, Due 10/1/16, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>600,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653,250 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">RTI International Metals, Inc., 3.00%, Due 12/1/15, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>600,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612,000 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">United States Steel Corp., 4.00%, Due 5/15/14, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508,750 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,665,887 </P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>

<HR NOSHADE SIZE="5">

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







<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=481.333></TD><TD width=117.333></TD><TD width=132></TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Ellsworth Fund Ltd. - Schedule of Investments (continued)</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>June 30, 2012</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD valign=bottom width=117.333><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Principal </P>
</TD><TD valign=top width=132><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Value </P>
</TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=117.333><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Amount </P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-family:Verdana" align=center>&nbsp;(Note 1) </P>
</TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>CONVERTIBLE BONDS AND NOTES - continued</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Pharmaceuticals - 8.4%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Amgen Inc., 0.375%, Due 2/1/13, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;1,045,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Cubist Pharmaceuticals, Inc., 2.25%, Due 6/15/13, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974,062 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Endo Health Solutions, Inc., 1.75%, Due 4/15/15, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603,750 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Gilead Sciences, Inc., 1.00%, Due 5/1/14, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935,625 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Gilead Sciences, Inc., 1.625%, Due 5/1/16, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,298,750 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">The Medicines Company, 1.375%, Due 6/1/17, (A) (1)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>250,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256,562 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Medicis Pharmaceutical Corp., 1.375%, Due 6/1/17, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498,125 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Mylan Inc., 3.75%, Due 9/15/15, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,293,750 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Onyx Pharmaceuticals, Inc., 4.00%, Due 8/15/16, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>250,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455,938 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Regeneron Pharmaceuticals Inc., 1.875%, Due 10/1/16, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>250,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379,375 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Salix Pharmaceuticals Ltd., 2.75%, Due 5/15/15, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Salix Pharmaceuticals Ltd., 1.50%, Due 3/15/19, (BBB) (1)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>125,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,375 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Vertex Pharmaceuticals Inc., 3.35%, Due 10/1/15, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655,625 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,210,937 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Real Estate - 1.6%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Corporate Office Properties Trust, 4.25%, Due 4/15/30, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494,375 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Lexington Realty Trust, 6.00%, Due 1/15/30, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,312,500 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,806,875 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Semiconductors - 7.6%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Intel Corp., 2.95%, Due 12/15/35, (A) (3)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,704,375 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Intel Corp., 3.25%, Due 8/1/39, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,351,250 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Lam Research Corp., 1.25%, Due 5/15/18, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495,625 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Linear Technology Corp., 3.00%, Due 5/1/27, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518,750 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Mentor Graphics Corp., 4.00%, Due 4/1/31, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>250,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267,812 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Micron Technology, Inc., 1.50%, Due 8/1/31, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>625,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556,250 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Micron Technology, Inc., 3.125%, Due 5/1/32, (BB) (1)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458,125 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Novellus Systems, Inc., 2.625%, Due 5/15/41, (NR) (3)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>250,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306,950 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Photronics, Inc., 3.25%, Due 4/1/16, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488,750 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Rudolph Technologies Inc., 3.75%, Due 7/15/16, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">SanDisk Corp., 1.50%, Due 8/15/17, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,033,750 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Xilinx, Inc., 2.625%, Due 6/15/17, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643,750 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,325,387 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Telecommunications - 9.3%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Alaska Communications Systems Inc., 6.25%, Due 5/1/18, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705,000 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Anixter International Inc., 1.00%, Due 2/15/13, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793,125 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Equinix, Inc., 3.00%, Due 10/15/14, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>2,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,385,000 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Finisar Corp., 5.00%, Due 10/15/29, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>75,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">General Cable Corp., 4.50%, Due 11/15/29, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978,750 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Interdigital, Inc., 2.50%, Due 3/15/16, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976,250 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">SBA Communications Corp., 4.00%, Due 10/1/14, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966,875 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">SBA Communications Corp., 1.875%, Due 5/1/13, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,390,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">TeleCommunication Systems, Inc., 4.50%, Due 11/1/14, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830,000 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,154,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Transportation - 1.9%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Dryships Inc., 5.00%, Due 12/1/14, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549,375 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Hawaiian Holdings, Inc., 5.00%, Due 3/15/16, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,098,750 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Ultrapetrol (Bahamas) Ltd., 7.25%, Due 1/15/17, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>750,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453,750 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,101,875 </P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>

<HR NOSHADE SIZE="5">

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







<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=481.333></TD><TD width=117.333></TD><TD width=132></TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Ellsworth Fund Ltd. - Schedule of Investments (continued)</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>June 30, 2012</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD valign=bottom width=117.333><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Principal </P>
</TD><TD valign=top width=132><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Value </P>
</TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=117.333><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Amount </P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-family:Verdana" align=center>&nbsp;(Note 1) </P>
</TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>CONVERTIBLE BONDS AND NOTES - continued</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Travel and Leisure - 2.1%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Home Inns &amp; Hotels Management Inc., 2.00%, Due 12/15/15, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>500,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391,875 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">MGM Resorts International, 4.25%, Due 4/15/15, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,016,250 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Morgans Hotel Group Co., 2.375%, Due 10/15/14, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,288,125 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>TOTAL CONVERTIBLE BONDS AND NOTES</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,849,334 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>CONVERTIBLE PREFERRED STOCKS - 11.6%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=117.333><P style="margin:0px; font-family:Verdana" align=center>Shares</P>
</TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Banking/Savings and Loan - 6.0%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Bank of America Corp., 7.25%, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,600</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,560,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Fifth Third Bancorp, 8.50%, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>12,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,641,600 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">New York Community Capital Trust V, 6.00%, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>24,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,151,280 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Wells Fargo &amp; Co., 7.50%, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>2,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,250,000 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,602,880 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Energy - 1.8%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">ATP Oil &amp; Gas Corp., 8.00%, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>7,500</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132,475 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Chesapeake Energy Corp., 5.75%, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>2,050</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,791,290 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Whiting Petroleum Corp., 6.25%, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>131</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,848 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,948,613 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Foods - 0.7%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Bunge Ltd., 4.875%, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>7,500</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717,188 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Media and Entertainment - 0.9%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">The Interpublic Group of Companies, Inc., 5.25%, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>1,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,037,750 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Real Estate - 0.5%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Health Care REIT, Inc., 6.50%, (BB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>10,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540,000 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Retail - 0.7%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Amerivon Holdings LLC, 4.00%, (NR) (1,4,5)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>594,409</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717,273 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Amerivon Holdings LLC, common equity units, (NR) (1,4,5)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>272,728</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,727 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P>&nbsp;</P></TD><TD width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Tools - 1.1%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Stanley Black &amp; Decker, Inc., 4.75%, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>10,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,170,100 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>TOTAL CONVERTIBLE PREFERRED STOCKS</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,766,531 </P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>

<HR NOSHADE SIZE="5">

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








<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=481.333></TD><TD width=117.333></TD><TD width=132></TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Ellsworth Fund Ltd. - Schedule of Investments (continued)</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>June 30, 2012</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Value </P>
</TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=117.333><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Shares </P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-family:Verdana" align=center>&nbsp;(Note 1) </P>
</TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>MANDATORY CONVERTIBLE SECURITIES - 9.3% (6)</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Automotive - 1.2%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">General Motors Co., 4.75%, Due 12/1/13, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>40,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;1,328,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Data Processing - 0.3%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Unisys Corp., 6.25%, Due 3/1/14, (B)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>5,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296,200 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Energy - 1.6%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Apache Corp., 6.00%, Due 8/1/13, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>25,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,256,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">UBS AG Exchangeable Note (GTAT), 6.75%, Due 9/15/13, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>30,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541,875 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,797,875 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Financial Services - 2.2%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Citigroup Inc., 7.50%, Due 12/15/12, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>14,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,197,840 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">MetLife, Inc., 5.00%, Due 10/8/14, (BBB)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>20,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,237,400 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,435,240 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Foods - 0.5%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">2009 Dole Food ACES Trust, 7.00%, Due 11/1/12, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>60,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530,628 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Metals and Mining - 0.2%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">AngloGold Ashanti Ltd., 6.00%, Due 9/15/13, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>5,900</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243,080 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Multi-Industry - 0.5%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">United Technologies Corp., 7.50%, Due 8/1/22, (A)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>10,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526,900 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Transportation - 0.5%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">2010 Swift Mandatory Common Exchange Security Trust, 6.00%,</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>60,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570,228 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Due 12/31/13, (NR)</P>
</TD><TD width=117.333><P>&nbsp;</P></TD><TD width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Utilities - 2.3%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">NextEra Energy, Inc., 7.00%, Due 9/1/13, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>20,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,095,400 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">NextEra Energy, Inc., 5.599%, Due 6/1/17, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>7,500</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383,475 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">PPL Corp., 8.75%, Due 5/1/19, (NR)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>18,500</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989,195 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,468,070 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>TOTAL MANDATORY CONVERTIBLE SECURITIES (6)</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,196,221 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>COMMON STOCKS - 12.4%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Computer Software - 1.2%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Facebook, Inc. (2)</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>3,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93,360 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Microsoft Corp.</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>40,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,223,600 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,316,960 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Energy - 1.2%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">ConocoPhillips, 3.75%</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>23,782</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,328,938 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Media and Entertainment - 0.7%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">The Walt Disney Co.</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>15,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727,500 </P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>

<HR NOSHADE SIZE="5">

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








<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=481.333></TD><TD width=117.333></TD><TD width=132></TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Ellsworth Fund Ltd. - Schedule of Investments (continued)</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>June 30, 2012</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Value </P>
</TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=117.333><P style="margin:0px; font-family:Verdana" align=center>&nbsp;Shares </P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=132><P style="margin:0px; font-family:Verdana" align=center>&nbsp;(Note 1) </P>
</TD></TR>
<TR><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>COMMON STOCKS (continued)</B></P>
</TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR><TD width=481.333><P>&nbsp;</P></TD><TD valign=bottom width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Metals and Mining - 1.1%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Vale S.A.</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>58,601</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;1,156,381 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Pharmaceuticals - 3.6%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Abbott Laboratories</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>18,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,160,460 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Bristol Myers Squibb Co.</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>30,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,078,500 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">Merck &amp; Co., Inc.</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>27,651</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,154,429 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Pfizer Inc.</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>24,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552,000 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,945,389 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Telecommunications - 4.7%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=top width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana">AT&amp;T Inc.</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>70,000</P>
</TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,496,200 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana">Verizon Communications Inc.</P>
</TD><TD width=117.333><P style="margin:0px; font-family:Verdana" align=right>60,000</P>
</TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,666,400 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,162,600 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>TOTAL COMMON STOCKS</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,637,768 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD valign=bottom width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Total Convertible Bonds and Notes - 63.7%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,849,334 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Total Convertible Preferred Stocks - 11.7%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,766,531 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Total Mandatory Convertible Securities - 9.3%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,196,221 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Total Common Stocks - 12.4%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,637,768 </P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Total Investments - 97.1%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;106,449,854 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P>&nbsp;</P></TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD width=132><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Other Assets and Liabilities - 2.9%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,168,573 </P>
</TD></TR>
<TR STYLE="background-color: White"><TD width=481.333><P style="margin:0px; font-family:Verdana"><B>Total Net Assets - 100.0%</B></P>
</TD><TD valign=top width=117.333><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" width=132><P style="margin:0px; font-family:Verdana" align=right>&nbsp;$ 109,618,427 </P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>


<HR NOSHADE SIZE="5">

<PAGE>

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

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=1></TD><TD width=172.267></TD><TD width=125.467></TD><TD width=70.133></TD><TD width=91.933></TD><TD width=80.933></TD><TD width=78.6></TD><TD width=63.267></TD><TD width=13.4></TD></TR>
<TR><TD valign=bottom width=100% colspan=9><P style="margin:0px; font-family:Verdana"><B>Ellsworth Fund Ltd. - Schedule of Investments (continued)</B></P>
<P style="margin:0px; font-family:Verdana"><B>June 30, 2012<BR>
</B></P>
</TD></TR>
<TR><TD valign=bottom width=100% colspan=9><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=100% colspan=9><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 June 30, 2012 was $7,382,500 which represented 6.7% of the Fund's net assets.</P>
</TD></TR>
<TR><TD valign=bottom width=100% colspan=9><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=100% colspan=9><P style="margin:0px; font-family:Verdana">(2) Non-income producing security.</P>
</TD></TR>
<TR><TD valign=bottom width=100% colspan=9><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=100% colspan=9><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=100% colspan=9><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=100% colspan=9><P style="margin:0px; font-family:Verdana">(4) 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 June 30, 2012, which represented 0.7% of the Fund's net assets.</P>
</TD></TR>
<TR><TD valign=bottom width=100% colspan=9><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=100% colspan=9><P style="margin:0px; font-family:Verdana">(5) Restricted securities include securities that have not been registered under the Securities Act and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund&#146;s investment objective and investment strategies. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer&#146;s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material. As of June 30, 2012, the Fund was invested in the following restricted securities:</P>
</TD></TR>
<TR><TD valign=bottom width=100% colspan=9></TD></TR></TABLE></DIV>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-bottom: windowtext 1pt solid; font: 10pt Verdana, Halvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Security</TD>
    <TD STYLE="width: 18%; border-bottom: windowtext 1pt solid; font: 10pt Verdana, Halvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Acquisition Date</TD>
    <TD STYLE="width: 9%; border-bottom: windowtext 1pt solid; font: 10pt Verdana, Halvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</TD>
    <TD STYLE="width: 13%; border-bottom: windowtext 1pt solid; font: 10pt Verdana, Halvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Cost</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; font: 10pt Verdana, Halvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price per Share</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; font: 10pt Verdana, Halvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Value</TD>
    <TD STYLE="width: 9%; border-bottom: windowtext 1pt solid; font: 10pt Verdana, Halvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% Net Assets</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: left">Amerivon Holdings LLC</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: left">series A 4.00% cv. pfd.</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">April 1, 2010</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">594,409</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1,500,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">$1.207</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">$717,273</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">0.7%</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: left">Amerivon Holdings LLC</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: left">common equity units</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">April 1, 2010</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">272,728</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">0.120</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">32,727</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">0.0%</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Halvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 100%; font: 10pt Verdana, Halvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">(6) 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.</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" STYLE="font-size: 10pt; width: 100%">
<TR><TD COLSPAN="9" STYLE="vertical-align: bottom; width: 100%"><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=100% colspan=9><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 (S&amp;P), such rating appears in parentheses next to such security (but without any applicable + or - that might apply).<BR>
</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Where a security is rated by S&amp;P and at least one other rating agency and the Fund believes the ratings to be functionally equivalent to one another, the S&amp;P rating appears in parentheses next to such security (but without any applicable + or - that might apply).<BR>
</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Where a security is rated by S&amp;P and at least one other rating agency and the Fund believes the ratings not to be functionally equivalent to one another, the Fund puts in parentheses next to such security the S&amp;P rating which it believes approximates the average of all such ratings (but without any applicable + or - that might apply).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">Where a security is not rated by S&amp;P, but is rated by at least one other rating agency or service, the Fund puts in parentheses next to such security the S&amp;P rating which it believes
approximates the average of all such ratings (but without any applicable + or - that might apply). NR is used whenever a rating is unavailable.</P>
</TD></TR>
</TABLE>

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

<HR NOSHADE SIZE="5">

<PAGE>
<P style="margin:0px"><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=182.2></TD><TD width=83.067></TD><TD width=28.6></TD></TR>
<TR><TD valign=bottom width=293.867 colspan=3><P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B>SUMMARY OF PORTFOLIO RATINGS </B>*</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom width=182.2><P style="margin:0px; font-family:Verdana">AAA</P>
</TD><TD valign=bottom width=83.067><P style="margin:0px; font-family:Verdana" align=center>2%</P>
</TD><TD width=28.6><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom width=182.2><P style="margin:0px; font-family:Verdana">AA</P>
</TD><TD valign=bottom width=83.067><P style="margin:0px; font-family:Verdana" align=center>2%</P>
</TD><TD width=28.6><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom width=182.2><P style="margin:0px; font-family:Verdana">A</P>
</TD><TD valign=bottom width=83.067><P style="margin:0px; font-family:Verdana" align=center>18%</P>
</TD><TD width=28.6><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom width=182.2><P style="margin:0px; font-family:Verdana">BBB</P>
</TD><TD valign=bottom width=83.067><P style="margin:0px; font-family:Verdana" align=center>20%</P>
</TD><TD width=28.6><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom width=182.2><P style="margin:0px; font-family:Verdana">BB</P>
</TD><TD valign=bottom width=83.067><P style="margin:0px; font-family:Verdana" align=center>22%</P>
</TD><TD width=28.6><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom width=182.2><P style="margin:0px; font-family:Verdana">B</P>
</TD><TD valign=bottom width=83.067><P style="margin:0px; font-family:Verdana" align=center>14%</P>
</TD><TD width=28.6><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom width=182.2><P style="margin:0px; font-family:Verdana">CCC &amp; below</P>
</TD><TD valign=bottom width=83.067><P style="margin:0px; font-family:Verdana" align=center>3%</P>
</TD><TD width=28.6><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom width=182.2><P style="margin:0px; font-family:Verdana">Not Rated</P>
</TD><TD valign=bottom width=83.067><P style="margin:0px; font-family:Verdana" align=center>19%</P>
</TD><TD width=28.6><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=182.2><P>&nbsp;</P></TD><TD valign=bottom width=83.067><P>&nbsp;</P></TD><TD width=28.6><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom width=293.867 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>
<P style="margin:0px"><BR><BR></P>

<HR NOSHADE SIZE="5">

<PAGE>
<P style="margin:0px"><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; font-family:Verdana"><B>June 30, 2012</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. &nbsp;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 &nbsp;&nbsp;&nbsp;&nbsp;narrative description of the sensitivity of the fair value measurement to changes in observable inputs and the interrelationships between those unobservable inputs. &nbsp;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. &nbsp;The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. &nbsp;At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR><BR></P>

<HR NOSHADE SIZE="5">

<PAGE>
<P style="margin:0px"><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; font-family:Verdana"><B>June 30, 2012</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 June 30, 2012:</P>
<P style="margin:0px"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Verdana, Halvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 1</TD>
    <TD STYLE="width: 21%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 2</TD>
    <TD STYLE="width: 16%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Investments in Securities:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Common Stocks:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; Computer Software</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,316,960</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; Energy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,328,938</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; Media and Entertainment</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">727,500</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; Metals and Mining</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,156,381</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; Pharmaceuticals</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,945,389</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;Telecommunications</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,162,600</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,637,768</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total Common Stocks</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Convertible Bonds and Notes</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">69,849,334</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Convertible Preferred Stocks</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,016,531</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; 750,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Mandatory Convertible Securities</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,196,221</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total Investments</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13,637,768</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$92,062,086</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$750,000</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><TR height=0 style="font-size:0"><TD width=217.2></TD><TD width=72></TD><TD width=96></TD><TD width=96></TD></TR>
<TR><TD valign=top width=217.2><P>&nbsp;</P></TD><TD valign=top width=72><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 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=217.2><P>&nbsp;</P></TD><TD valign=top width=72><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=217.2><P style="margin:0px; font-family:Verdana">Beginning balance</P>
</TD><TD valign=top width=72><P>&nbsp;</P></TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>$750,000</P>
</TD><TD valign=top width=96><P style="margin:0px; font-family:Verdana" align=right>$750,000</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=top width=217.2><P>&nbsp;</P></TD><TD valign=top width=72><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=217.2><P style="margin:0px; font-family:Verdana">Change in unrealized</P>
<P style="margin:0px; font-family:Verdana">appreciation (depreciation)</P>
</TD><TD valign=top width=72><P>&nbsp;</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></TR>
<TR STYLE="background-color: White"><TD valign=top width=217.2><P>&nbsp;</P></TD><TD valign=top width=72><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=217.2><P style="margin:0px; font-family:Verdana">Net transfers in/out of <A NAME="_GoBack"></A>Level 3</P>
</TD><TD valign=top width=72><P>&nbsp;</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></TR>
<TR STYLE="background-color: White"><TD valign=top width=217.2><P>&nbsp;</P></TD><TD valign=top width=72><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD><TD valign=top width=96><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=top width=217.2><P style="margin:0px; font-family:Verdana">Ending balance</P>
</TD><TD valign=top width=72><P>&nbsp;</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>$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 $0.02 per share for the nine months ended June 30, 2012. &nbsp;In addition, Federal tax regulations require the Fund to reclassify realized gains (losses) on contingent payment debt instruments to interest income. &nbsp;At June 30, 2012, there were unrealized losses of approximately $0.02 per share on contingent payment debt instruments.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana"><B>Federal Income Tax Cost </B>- At June 30, 2012, the cost basis of investments for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were<B> </B>$103,881,404, $11,384,607, $(8,816,162) and $2,568,445, respectively.</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR><BR></P>

<HR NOSHADE SIZE="5">

<PAGE>
<P style="margin:0px"><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 August 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 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>August 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: August 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: August 29, 2012</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR><BR></P>

<HR NOSHADE SIZE="5">



</DIV>
</BODY>
<!-- EDGAR Validation Code: EED596FE -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d29731_ex99-cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>EX-99 2 ellsworth_ncsr-ex99</TITLE>
<META NAME="author" CONTENT="Gary Levine">
<META NAME="date" CONTENT="08/10/2012">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:100%"><P style="margin:0px; font-family:Verdana" align=right>Exhibit 99.CERT</P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-family:Verdana"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">I, Thomas H. Dinsmore, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">1. I have reviewed this report on Form N-Q of Ellsworth Fund Ltd.;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>
<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD width=90%></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=90%><P STYLE="margin: 0px; font-family: Verdana; text-align: justify">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 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD width=90%></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=90%><P STYLE="margin: 0px; font-family: Verdana; text-align: justify">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 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD width=90%></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(c)&nbsp;&nbsp;</P>
</TD><TD valign=top width=90%><P STYLE="margin: 0px; font-family: Verdana; text-align: justify">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 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD width=90%></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(d)&nbsp;&nbsp;</P>
</TD><TD valign=top width=90%><P STYLE="margin: 0px; font-family: Verdana; text-align: justify">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</P>
<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD width=90%></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=90%><P STYLE="margin: 0px; font-family: Verdana; text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#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 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD width=90%></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=90%><P STYLE="margin: 0px; font-family: Verdana; text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">&nbsp;Date: August 29, 2012</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">&nbsp;/s/ Thomas H. Dinsmore </P>
<P style="margin:0px; font-family:Verdana">Chairman of the Board and Chief Executive Officer </P>
<P style="margin:0px; font-family:Verdana">(Principal Executive Officer)</P>
<P style="margin:0px"><BR>
<BR></P>

<HR NOSHADE SIZE="5">

<PAGE>

<P style="margin:0px; font-family:Verdana"><BR>
<BR>
<B>CERTIFICATION OF PRINCIPAL&nbsp;FINANCIAL OFFICER</B></P>
<P style="margin:0px; font-family:Verdana"><BR>
I, Gary I. Levine, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">1. I have reviewed this report on Form N-Q of Ellsworth Fund Ltd.;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>
<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD width=90%></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=90%><P STYLE="margin: 0px; font-family: Verdana; text-align: justify">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 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD width=90%></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=90%><P STYLE="margin: 0px; font-family: Verdana; text-align: justify">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 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD width=90%></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(c)&nbsp;&nbsp;</P>
</TD><TD valign=top width=90%><P STYLE="margin: 0px; font-family: Verdana; text-align: justify">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 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD width=90%></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(d)&nbsp;&nbsp;</P>
</TD><TD valign=top width=90%><P STYLE="margin: 0px; font-family: Verdana; text-align: justify">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD width=90%></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD valign=top width=90%><P STYLE="margin: 0px; font-family: Verdana; text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#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 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD width=90%></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD valign=top width=90%><P STYLE="margin: 0px; font-family: Verdana; text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">&nbsp;</P>
<P style="margin:0px; font-family:Verdana">&nbsp;Date: August 29, 2012</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">&nbsp;</P>
<P style="margin:0px; font-family:Verdana">/s/ Gary I. Levine</P>
<P style="margin:0px; font-family:Verdana">Chief Financial Officer </P>
<P style="margin:0px; font-family:Verdana">(Principal Financial Officer)</P>
<P style="margin:0px"><BR>
<BR></P>



<HR NOSHADE SIZE="5">

</DIV>
</BODY>
<!-- EDGAR Validation Code: 3952D387 -->
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
