<SEC-DOCUMENT>0001145443-14-000240.txt : 20140228
<SEC-HEADER>0001145443-14-000240.hdr.sgml : 20140228
<ACCEPTANCE-DATETIME>20140228070532
ACCESSION NUMBER:		0001145443-14-000240
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131231
FILED AS OF DATE:		20140228
DATE AS OF CHANGE:		20140228
EFFECTIVENESS DATE:		20140228

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:		14651421

	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>d31152.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="01/24/2014">
</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:Arial" align=center>UNITED STATES</P>
<P style="margin:0px; font-family:Arial" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="margin:0px; font-family:Arial" align=center>Washington, DC 20549</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial" align=center>FORM N-Q</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial" align=center>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</P>
<P style="margin:0px; font-family:Arial" align=center>MANAGEMENT INVESTMENT COMPANY</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial" align=center>Investment Company Act file number 811-04656</P>
<P style="margin:0px; font-family:Arial" align=center>-------------------------------------------------------------------------------</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial" align=center>Ellsworth Fund Ltd.</P>
<P style="margin:0px; font-family:Arial" align=center>-------------------------------------------------------------------------------</P>
<P style="margin:0px; font-family:Arial" 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:Arial" align=center>65 Madison Avenue, Morristown, New Jersey 07960-7308</P>
<P style="margin:0px; font-family:Arial" align=center>-------------------------------------------------------------------------------</P>
<P style="margin:0px; font-family:Arial" align=center>(Address of principal executive offices) (Zip code)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial" align=center>Thomas H. Dinsmore</P>
<P style="margin:0px; font-family:Arial" align=center>Ellsworth Fund Ltd.</P>
<P style="margin:0px; font-family:Arial" align=center>65 Madison Avenue</P>
<P style="margin:0px; font-family:Arial" align=center>Morristown, New Jersey 07960-7308</P>
<P style="margin:0px; font-family:Arial" align=center>(Name and address of agent for service)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Arial" align=center>Copy to:</P>
<P style="margin:0px; font-family:Arial" align=center>Steven B. King, Esq.</P>
<P style="margin:0px; font-family:Arial" align=center>Ballard Spahr LLP</P>
<P style="margin:0px; font-family:Arial" align=center>1735 Market Street, 51st Floor</P>
<P style="margin:0px; font-family:Arial" 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:Arial">Registrant's telephone number, including area code: 973-631-1177</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Date of fiscal year end: September 30, 2014</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Date of reporting period: December 31, 2013</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">ITEM 1. SCHEDULE OF INVESTMENTS.</P>
<P style="margin:0px"><BR></P>

<HR NOSHADE SIZE="5">

<PAGE>

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

<P style="margin:0px; font-family:Arial">Ellsworth Fund Ltd. - Schedule of Investments - unaudited</P>
<P style="margin:0px; font-family:Arial">December 31, 2013</P>
<P style="margin:0px"><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center">Principal</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center; border-bottom: Black 1pt solid">(Note 1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial">Convertible Bonds and Notes - 63.5%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial">Airlines - 1.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; font: 10pt Arial; text-align: left; padding-bottom: 1pt">Hawaiian Holdings, Inc., 5.00%, Due 3/15/16, (BBB)</TD><TD STYLE="width: 8%; font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Arial; text-align: left">$</TD><TD STYLE="width: 12%; padding-bottom: 1pt; font: 10pt Arial; text-align: right">1,375,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,868,281</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial">Biotechnology - 8.1%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Array BioPharma Inc., 3.00%, Due 6/1/20, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">250,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">260,938</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Cubist Pharmaceuticals, Inc., 1.125%, Due 9/1/18, (A) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">550,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">634,219</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Cubist Pharmaceuticals, Inc., 1.875%, Due 9/1/20, (A) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">550,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">630,094</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Exelixis, Inc., 4.25%, Due 8/15/19, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">614,688</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Gilead Sciences, Inc., 1.00%, Due 5/1/14, (A)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">2,493,750</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Gilead Sciences, Inc., 1.625%, Due 5/1/16, (A)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">3,300,005</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Incyte Corp., 0.375%, Due 11/15/18, (A) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">350,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">420,219</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Incyte Corp., 1.25%, Due 11/15/20, (A) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">350,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">426,344</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Merrimack Pharmaceuticals, Inc., 4.50%, Due 7/15/20, (BB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">518,750</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">OPKO Health Inc., 3.00%, Due 2/1/33, (BBB) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">400,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">523,750</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Regeneron Pharmaceuticals, Inc., 1.875%, Due 10/1/16, (AA)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">250,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">820,469</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">10,643,226</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Capital Markets - 2.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">BlackRock Kelso Capital Corp., 5.50%, Due 2/15/18, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,541,250</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">FXCM Inc., 2.25%, Due 6/15/18, (AA)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,130,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,671,250</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial">Chemicals - 0.2%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">RPM International Inc., 2.25%, Due 12/15/20, (BBB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">250,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">277,969</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Communications Equipment - 2.1%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Finisar Corp., 5.00%, Due 10/15/29, (NR)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">75,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">171,188</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Ixia, 3.00%, Due 12/15/15, (A)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">541,250</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Infinera Corp., 1.75%, Due 6/1/18, (A) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">807,656</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">InterDigital, Inc., 2.50%, Due 3/15/16, (A)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">1,250,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,277,344</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,797,438</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Computers &amp; Peripherals - 0.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">SanDisk Corp., 1.50%, Due 8/15/17, (BB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,109,062</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Construction &amp; Engineering - 0.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Layne Christensen Co., 4.25%, Due 11/15/18, (A) (1)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">501,562</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Consumer Finance - 2.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">DFC Global Corp., 3.25%, Due 4/15/17, (B)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,250,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,121,875</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Encore Capital Group, Inc., 3.00%, Due 11/27/17, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">840,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Encore Capital Group, Inc., 3.00%, Due 7/1/20, (BBB) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">946,406</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Portfolio Recovery Associates, Inc., 3.00%, Due 8/1/20, (AA) (1)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">550,312</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">3,458,593</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Diversified Consumer Services - 0.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Ascent Capital Group, Inc., 4.00%, Due 7/15/20, (A)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">535,312</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Diversified Telecommunications Services - 1.2%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Alaska Communications Systems Group, Inc., 6.25%, Due 5/1/18, (BB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">830,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Liberty Media Corp., 1.375%, Due 10/15/23, (AA) (1)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">750,469</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,580,469</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Electrical Equipment - 0.2%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">SolarCity Corp., 2.75%, Due 11/1/18, (BBB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">250,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">297,031</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Electronic Equipment Instruments - 0.7%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">InvenSense, Inc., 1.75%, Due 11/1/18, (AA) (1)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">877,031</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P style="margin:0px; padding-left:5.867px; font-family:Arial">Ellsworth Fund Ltd. - Schedule of Investments - continued</P>
<P style="margin:0px; padding-left:5.867px; font-family:Arial">December 31, 2013</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center">Principal</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center; border-bottom: Black 1pt solid">(Note 1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Convertible Bonds and Notes - continued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Energy Equipment &amp; Services - 1.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; font: 10pt Arial; text-align: left">Bristow Group Inc., 3.00%, Due 6/15/38, (BB)</TD><TD STYLE="width: 8%; font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Arial; text-align: right">1,155,000</TD><TD STYLE="width: 1%; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Arial; text-align: right">1,422,094</TD><TD STYLE="width: 1%; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Hornbeck Offshore Services, Inc., 1.50%, Due 9/1/19, (BB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">894,375</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,316,469</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Food Products - 0.5%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Chiquita Brands International, 4.25%, Due 8/15/16, (CCC)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">700,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">682,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Health Care Equipment &amp; Supplies - 0.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Insulet Corp., 3.75%, Due 6/15/16, (A)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">736,875</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Health Care Providers &amp; Services - 1.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Molina Healthcare Inc., 1.125%, Due 1/15/20, (A) (1)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">1,250,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,320,312</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Health Care Technology - 0.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Allscripts Healthcare Solutions, Inc., 1.25%, Due 7/1/20, (A) (1)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">844,688</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Hotels, Restaurants &amp; Leisure - 1.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">MGM Resorts International, 4.25%, Due 4/15/15, (B)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,377,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Household Durables - 1.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Jarden Corp., 1.875%, Due 9/15/18, (BB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">1,250,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,779,750</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial">Insurance - 0.7%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">AmTrust Financial Services, Inc., 5.50%, Due 12/15/21, (A)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">980,156</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Internet &amp; Catalog Retail - 2.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Move, Inc., 2.75%, Due 9/1/18, (A) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">565,625</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Priceline.com Inc., 1.00%, Due 3/15/18, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,700,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">2,352,375</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Shutterfly, Inc., 0.25%, Due 5/15/18, (A) (1)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">537,188</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">3,455,188</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Internet Software &amp; Services - 2.2%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">CardTronics, Inc., 1.00%, Due 12/1/20, (A)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">250,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">249,845</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Equinix, Inc., 3.00%, Due 10/15/14, (B)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,582,500</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Web.com Group, Inc., 1.00%, Due 8/15/18, (A)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,127,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,959,845</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">IT Services - 0.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">CSG Systems International, Inc., 3.00%, Due 3/1/17, (AA)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">900,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,209,938</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Life Science Tools &amp; Services - 0.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Illumina, Inc., 0.25%, Due 3/15/16, (AA) (1)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,043,906</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial">Machinery - 0.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Chart Industries, Inc., 2.00%, Due 8/1/18, (B)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,162,031</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Metals &amp; Mining - 3.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">A.M. Castle &amp; Co., 7.00%, Due 12/15/17, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">400,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">647,520</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Kaiser Aluminum Corp., 4.50%, Due 4/1/15, (BB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,490,625</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Northgate Minerals Corp., 3.50%, Due 10/1/16, (NR)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;(convertible into AuRico Gold Inc. common shares)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">600,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">577,500</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">RTI International Metals, Inc., 3.00%, Due 12/1/15, (A)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">600,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">682,875</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">RTI International Metals, Inc., 1.625%, Due 10/15/19, (A)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">527,812</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">3,926,332</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<HR NOSHADE SIZE="5">

<PAGE>

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




<P style="margin:0px; font-family:Arial">Ellsworth Fund Ltd. - Schedule of Investments - continued</P>
<P style="margin:0px; font-family:Arial">December 31, 2013</P>
<P style="margin:0px"><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center">Principal</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center; border-bottom: Black 1pt solid">(Note 1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Convertible Bonds and Notes - continued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Oil, Gas &amp; Consumable Fuels - 1.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; font: 10pt Arial; text-align: left">Clean Energy Fuels Corp., 5.25%, Due 10/1/18, (BBB) (1)</TD><TD STYLE="width: 8%; font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="width: 1%; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Arial; text-align: right">511,250</TD><TD STYLE="width: 1%; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Goodrich Petroleum Corp., 5.00%, Due 10/1/32, (CCC)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">992,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,014,320</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Ship Finance International Ltd., 3.25%, Due 2/1/18, (B)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">523,750</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,049,320</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial">Pharmaceuticals - 2.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Mylan Inc., 3.75%, Due 9/15/15, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,641,875</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Salix Pharmaceuticals, Ltd., 2.75%, Due 5/15/15, (B)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">300,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">591,750</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Salix Pharmaceuticals, Ltd., 1.50%, Due 3/15/19, (B)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">300,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">448,688</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,682,313</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Real Estate Investment Trusts - 3.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">American Realty Capital Properties, Inc., 3.00%, Due 8/1/18, (A)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,000,625</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Colony Financial, Inc., 5.00%, Due 4/15/23, (AA)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,250,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,286,719</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">IAS Operating Partnership LP, 5.00%, Due 3/15/18, (NR)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;(exchangeable for Invesco Mortgage Capital Inc. common stock)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">461,562</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Lexington Realty Trust, 6.00%, Due 1/15/30, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">758,750</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">RAIT Financial Trust, 4.00%, Due 10/1/33, (BBB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">497,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">4,005,156</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Real Estate Management - 0.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Forest City Enterprises, Inc., 3.625%, Due 8/15/20, (B) (1)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,023,750</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Semiconductors &amp; Semiconductor Equipment - 7.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">GT Advanced Technologies Inc., 3.00%, Due 10/1/17, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">687,812</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">GT Advanced Technologies Inc., 3.00%, Due 12/15/20, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">350,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">356,125</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Intel Corp., 2.95%, Due 12/15/35, (A) (2)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,150,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,290,875</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Micron Technology, Inc., 3.125%, Due 5/1/32, (BB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,140,938</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Micron Technology, Inc., 3.00%, Due 11/15/43, (BB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">742,031</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">NVIDIA Corp., 1.00%, Due 12/1/18, (BB) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">514,375</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Photronics, Inc., 3.25%, Due 4/1/16, (A)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,153,750</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">ReneSola Ltd., 4.125%, Due 3/15/18, (BB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">250,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">197,825</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Rudolph Technologies Inc., 3.75%, Due 7/15/16, (A)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">573,750</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Spansion LLC, 2.00%, Due 9/1/20, (B) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">585,312</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">SunEdison, Inc., 2.75%, Due 1/1/21, (BB) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">559,700</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">SunPower Corp., 4.50%, Due 3/15/15, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,405,625</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Xilinx, Inc., 2.625%, Due 6/15/17, (A)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">800,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">10,008,118</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial">Software - 6.3%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Bottomline Technologies, Inc., 1.50%, Due 12/1/17, (A)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,008,750</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Concur Technologies, Inc., 0.50%, Due 6/15/18, (A)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">375,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">436,172</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Mentor Graphics Corp., 4.00%, Due 4/1/31, (AA)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,334,375</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">NQ Mobile Inc., 4.00%, Due 10/15/18, (BB) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">352,500</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Nuance Communications, Inc., 2.75%, Due 8/15/27, (BB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">2,000,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">2,101,250</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Proofpoint, Inc., 1.25%, Due 12/15/18, (AA) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">650,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">704,031</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Take-Two Interactive Software, Inc., 1.75%, Due 12/1/16, (A)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,250,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,448,438</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">TeleCommunication Systems, Inc., 7.75%, Due 6/30/18, (BBB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">970,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">8,355,516</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Textiles, Apparel &amp; Luxury Goods - 1.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Iconix Brand Group, Inc., 1.50%, Due 3/15/18, (A)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,027,500</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Iconix Brand Group, Inc., 2.50%, Due 6/1/16, (A)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,378,125</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,405,625</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Trading Companies &amp; Distributors - 0.7%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Kaman Corp., 3.25%, Due 11/15/17, (A)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">968,906</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Wireless Telecommunications - 1.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">SBA Communications Corp., 4.00%, Due 10/1/14, (AA)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">600,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,779,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Total Convertible Bonds and Notes</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">83,690,418</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<HR NOSHADE SIZE="5">

<PAGE>

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


<P style="margin:0px; font-family:Arial">Ellsworth Fund Ltd. - Schedule of Investments - continued</P>
<P style="margin:0px; font-family:Arial">December 31, 2013</P>
<P style="margin:0px"><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center; border-bottom: Black 1pt solid">(Note 1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Convertible Preferred Stock - 12.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Commercial Banks - 2.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; font: 10pt Arial; text-align: left">Huntington Bancshares, Inc., 8.50%, (BB)</TD><TD STYLE="width: 8%; font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 10pt Arial; text-align: right">1,250</TD><TD STYLE="width: 1%; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Arial; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Arial; text-align: right">1,587,500</TD><TD STYLE="width: 1%; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Wells Fargo &amp; Co., 7.50%, (BBB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">2,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,210,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">3,797,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Diversified Financial Services - 1.3%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Bank of America Corp., 7.25%, (BB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">1,600</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,697,600</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Food Products - 1.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Post Holdings, Inc., 3.75%, (B)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">8,300</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">999,154</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Post Holdings, Inc., 2.50%, (B) (1)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">5,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">500,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Bunge Ltd., 4.875%, (BB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">7,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">806,625</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,305,779</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Machinery - 0.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Stanley Black &amp; Decker, Inc., 4.75%, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">7,800</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">968,214</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Stanley Black &amp; Decker, Inc., 6.25%, (BBB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">2,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">256,925</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,225,139</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Oil, Gas &amp; Consumable Fuels - 2.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Chesapeake Energy Corp., 5.75%, (B)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,550</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,801,875</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Halcon Resources Corp., 5.75%, (CCC)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">1,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">804,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,605,875</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Real Estate Investment Trusts - 2.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Health Care REIT, Inc., 6.50%, (BB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">20,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,025,200</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Weyerhaeuser Co., 6.375%, (BBB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">30,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,673,700</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,698,900</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Specialty Retail - 0.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Amerivon Holdings LLC, 4.00%, (NR) (1,3,4)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">643,516</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">763,660</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Amerivon Holdings LLC, common equity units, (NR) (1,3,4)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">272,728</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">16,364</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">780,024</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Thrift &amp; Mortgage Finance - 0.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">New York Community Capital Trust V, 6.00%, (BB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">24,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,179,120</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Total Convertible Preferred Stock</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">16,289,937</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Mandatory Convertible Securities - 7.9% (5)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Aerospace &amp; Defense - 2.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">United Technologies Corp., 7.50%, Due 8/1/15, (BBB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">40,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,618,800</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Electric Utilities - 1.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">NextEra Energy, Inc., 5.599%, Due 6/1/15, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">7,500</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">432,075</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">NextEra Energy, Inc., 5.799%, Due 9/1/16, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">10,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">501,900</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">NextEra Energy, Inc., 5.889%, Due 9/1/15, (BBB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">20,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,136,200</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">2,070,175</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Insurance - 1.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">MetLife, Inc., 5.00%, Due 10/8/14, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">25,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">788,500</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Maiden Holdings, Ltd., 7.25%, Due 9/15/16, (NR)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">22,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,011,375</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,799,875</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Multi-Utilities-1.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Dominion Resources, Inc., 6.125%, Due 4/1/16, (BBB)</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">12,500</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">676,500</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Dominion Resources, Inc., 6.00%, Due 7/1/16, (BBB)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">12,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">677,625</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,354,125</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Road &amp; Rail - 1.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Genesee &amp; Wyoming, Inc., 5.00%, Due 10/1/15, (NR)</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">10,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,283,200</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<HR NOSHADE SIZE="5">

<PAGE>

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


<P style="margin:0px; font-family:Arial">Ellsworth Fund Ltd. - Schedule of Investments - continued</P>
<P style="margin:0px; font-family:Arial">December 31, 2013</P>
<P style="margin:0px"><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center">Value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial; text-align: center; border-bottom: Black 1pt solid">(Note 1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial">Mandatory Convertible Securities - continued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial">Wireless Telecommunications - 0.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; font: 10pt Arial; text-align: left; padding-bottom: 1pt">Crown Castle International Corp., 4.50%, Due 11/1/16, (B)</TD><TD STYLE="width: 8%; font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; padding-bottom: 1pt; font: 10pt Arial; text-align: right">12,500</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,250,875</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Total Mandatory Convertible Securities (5)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">10,377,050</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Common Stock - 15.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial">Automobiles - 0.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Ford Motor Co.</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">50,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">771,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Computers &amp; Peripherals - 1.1%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">EMC Corp.</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">60,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,509,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Diversified Financial Services - 0.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Citigroup Inc.</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">19,546</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,018,542</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Diversified Telecommunications Services - 3.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial">AT&amp;T Inc.</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">70,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">2,461,200</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Verizon Communications Inc.</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">30,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,474,200</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">3,935,400</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Food Products - 0.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">ConAgra Foods, Inc.</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">30,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,011,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Industrial Conglomerates - 0.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">General Electric Co.</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">30,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">840,900</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial">Insurance - 0.6%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">MetLife, Inc.</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">14,175</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">764,316</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial">Media - 0.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Walt Disney Co.</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">15,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,146,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Oil, Gas &amp; Consumable Fuels - 1.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; padding-bottom: 1pt">ConocoPhillips</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">26,782</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,892,148</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial">Pharmaceuticals - 4.2%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">AbbVie Inc.</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">25,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,320,250</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Bristol Myers Squibb Co.</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">10,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">531,500</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Eli Lilly &amp; Co.</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">15,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">765,000</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Merck &amp; Co., Inc.</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">32,651</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">1,634,183</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Pfizer Inc.</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">40,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,225,200</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">5,476,133</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Semiconductors &amp; Semiconductor Equipment - 0.5%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Intel Corp.</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">25,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">649,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial">Software - 1.0%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Microsoft Corp.</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: right">33,600</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,257,648</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Total Common Stock</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">20,271,587</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Total Convertible Bonds and Notes - 63.5%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">$</TD><TD STYLE="font: 10pt Arial; text-align: right">83,690,418</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left">Total Convertible Preferred Stock - 12.4%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">16,289,937</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Total Mandatory Convertible Securities - 7.9%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">10,377,050</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Common Stock - 15.4%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">20,271,587</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left">Total Investments - 99.2%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; text-align: right">130,628,992</TD><TD STYLE="font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt">Other Assets and Liabilities, Net - 0.8%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right">1,077,080</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial; text-align: left; padding-bottom: 2.5pt">Total Net Assets - 100.0%</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial; text-align: right">131,706,072</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<HR NOSHADE SIZE="5">

<PAGE>

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



<P style="margin:0px; font-family:Arial"><B>Ellsworth Fund Ltd. - Schedule of Investments &#150; continued</B></P>
<P style="margin:0px; font-family:Arial"><B>December 31, 2013</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">(1) Security not registered under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) (e.g., the security was purchased in a Rule 144A or a Regulation D transaction). The security may be resold only pursuant to an exemption from registration under the Securities Act, typically to qualified institutional buyers. The Fund generally has no rights to demand registration of such securities. The aggregate market value of these unregistered securities at December 31, 2013 was $16,910,723 which represented 12.8% of the Fund&#146;s net assets.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">(2) Contingent payment debt instrument which accrues contingent interest.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">(3) Investment is valued at fair value as determined in good faith pursuant to procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material. The fair value of these securities amounted to $780,024 at December 31, 2013, which represented 0.6% of the Fund's net assets.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">(4) Restricted securities include securities that have not been registered under the Securities Act and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund&#146;s investment objective and investment strategies. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer&#146;s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material. As of December 31, 2013, the Fund was invested in the following restricted securities:</P>
<P style="margin:0px"><BR></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 20%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center">Price per</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center">% Net</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: center; width: 20%">Security</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: center; width: 10%">Acquisition Date</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: center; width: 10%">Shares</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: center; width: 10%">Cost</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: center; width: 10%">Share</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: center; width: 10%">Value</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: center; width: 10%">Assets</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="width: 20%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9pt">Amerivon Holdings LLC</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9pt">series A 4.00% cv. pfd.</P></TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">April 1, 2010</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">643,516</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">$1,500,000</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">$1.187</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">$763,660</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">0.6%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="padding-left: 9pt; width: 20%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="width: 20%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9pt">Amerivon Holdings LLC</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9pt">common equity units</P></TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">April 1, 2010</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">272,728</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">0</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">0.060</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">16,364</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%">0.0%</TD></TR>
</TABLE>




<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">(5) Mandatory Convertible Securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><B>PORTFOLIO RATINGS:</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Where a security is rated by Standard &amp; Poor&#146;s, such rating appears in parentheses next to such security (but without any applicable + or - that might apply).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Where a security is rated by Standard &amp; Poor&#146;s and at least one other rating agency and the Fund believes the ratings to be functionally equivalent to one another, the Standard &amp; Poor&#146;s rating appears in parentheses next to such security (but without any applicable + or - that might apply).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Where a security is rated by Standard &amp; Poor&#146;s and at least one other rating agency and the Fund believes the ratings not to be functionally equivalent to one another, the Fund puts in parentheses next to such security the Standard &amp; Poor&#146;s rating which it believes approximates the average of all such ratings (but without any applicable + or - that might apply).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Where a security is not rated by Standard &amp; Poor&#146;s, but is rated by at least one other rating agency, the Fund puts in parentheses next to such security the Standard &amp; Poor&#146;s rating which it believes approximates the average of all such ratings (but without any applicable + or - that might apply). NR is used whenever a rating is unavailable.</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=278.8></TD><TD width=250.933></TD></TR>
<TR><TD valign=bottom width=697 colspan=3><P style="margin:0px; font-family:Arial"><B>SUMMARY OF PORTFOLIO RATINGS </B>*</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom width=278.8><P style="margin:0px; font-family:Arial">AAA</P>
</TD><TD valign=bottom width=250.933><P style="margin:0px; font-family:Arial" align=center>0%</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom width=278.8><P style="margin:0px; font-family:Arial">AA</P>
</TD><TD valign=bottom width=250.933><P style="margin:0px; font-family:Arial" align=center>11%</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom width=278.8><P style="margin:0px; font-family:Arial">A</P>
</TD><TD valign=bottom width=250.933><P style="margin:0px; font-family:Arial" align=center>26%</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom width=278.8><P style="margin:0px; font-family:Arial">BBB</P>
</TD><TD valign=bottom width=250.933><P style="margin:0px; font-family:Arial" align=center>26%</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom width=278.8><P style="margin:0px; font-family:Arial">BB</P>
</TD><TD valign=bottom width=250.933><P style="margin:0px; font-family:Arial" align=center>19%</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom width=278.8><P style="margin:0px; font-family:Arial">B</P>
</TD><TD valign=bottom width=250.933><P style="margin:0px; font-family:Arial" align=center>12%</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom width=278.8><P style="margin:0px; font-family:Arial">CCC &amp; below</P>
</TD><TD valign=bottom width=250.933><P style="margin:0px; font-family:Arial" align=center>&nbsp;2%</P>
</TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom width=278.8><P style="margin:0px; font-family:Arial">Not Rated</P>
</TD><TD valign=bottom width=250.933><P style="margin:0px; font-family:Arial" align=center>4%</P>
</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)"><TD valign=bottom width=278.8><P>&nbsp;</P></TD><TD valign=bottom width=250.933><P>&nbsp;</P></TD></TR>
<TR STYLE="background-color: White"><TD valign=bottom width=697 colspan=3><P style="margin:0px; font-family:Arial">* Excludes common stocks and cash.<BR>
<BR>
<I>See accompanying notes.</I></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

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<PAGE>

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

<P style="margin:0px; font-family:Arial"><B>Ellsworth Fund Ltd. - Selected Notes to Financial Statements - unaudited</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">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:Arial"><B>Note 1 - Security Valuation</B> - Investments in securities traded on a national securities exchange are valued at market using the last reported sales price, supplied by an independent pricing service, as of the close of regular trading. Listed securities, for which no sales were reported, are valued at the mean between closing reported bid and asked prices as of the close of regular trading. Unlisted securities traded in the over-the-counter market are valued using an evaluated quote provided by the independent pricing service, or, if an evaluated quote is unavailable, such securities are valued using prices received from dealers, provided that if the dealer supplies both bid and asked prices, the price to be used is the mean of the bid and asked prices. The independent pricing service derives an evaluated quote by obtaining dealer quotes, analyzing the listed markets, reviewing trade execution data and employing sensitivity analysis. Evaluated quotes may also reflect appropriate factors such as individual characteristics of the issue, communications with broker-dealers, and other market data. Securities for which quotations are not readily available, restricted securities and other assets are valued at fair value as determined in good faith pursuant to procedures approved by the Board of Trustees. Short-term debt securities with original maturities of 60 days or less are valued at amortized cost.</P>
<P style="margin:0px; font-family:Arial">&nbsp;</P>
<P style="margin:0px; font-family:Arial">The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Level 1 - Quoted unadjusted prices for identical instruments in active markets.</P>
<P style="margin:0px; font-family:Arial">&nbsp;</P>
<P style="margin:0px; font-family:Arial">Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuation in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers, and those received from an independent pricing service.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Level 3 - Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund&#146;s own assumptions that market participants would use to price an asset or liability based on the best available information.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.</P>
<P style="margin:0px"><BR></P>

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<PAGE>

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

<P style="margin:0px; font-family:Arial"><B>Ellsworth Fund Ltd. - Selected Notes to Financial Statements - continued</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">The following is a summary of the inputs used to value the investments of the Fund as of<BR>
December 31, 2013:</P>
<P style="margin:0px"><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Totals</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Investments in Securities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Common Stock:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-left: 12pt; text-indent: -6pt">Automobiles</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">771,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">771,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Computers &amp; Peripherals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,509,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,509,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Diversified Financial Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,018,542</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,018,542</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Diversified Telecommunications Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,935,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,935,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Food Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,011,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,011,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Industrial Conglomerates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">840,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">840,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">764,316</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">764,316</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Media</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,146,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,146,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Oil, Gas &amp; Consumable Fuels</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,892,148</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,892,148</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Pharmaceuticals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,476,133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,476,133</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Semiconductors &amp; Semiconductor Equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">649,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">649,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Software</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,257,648</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,257,648</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Common Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,271,587</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,271,587</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Convertible Bonds and Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,690,418</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,690,418</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Convertible Preferred Stock:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Commercial Banks</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,797,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,797,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Diversified Financial Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,697,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,697,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Food Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,305,779</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,305,779</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Machinery</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,225,139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,225,139</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Oil, Gas &amp; Consumable Fuels</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,605,875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,605,875</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Real Estate Investment Trusts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,698,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,698,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Specialty Retail</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">780,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">780,024</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -6pt">Thrift &amp; Mortgage Finance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,179,120</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,179,120</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Preferred Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,509,913</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">780,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,289,937</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Mandatory Convertible Securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,377,050</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,377,050</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Investments</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">20,271,587</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">109,577,381</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">780,024</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">130,628,992</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Refer to the Fund&#146;s Portfolio of Investments for a detailed breakdown of Common Stock, Convertible Bonds and Notes, Convertible Preferred Stock and Mandatory Convertible Securities. Transfers between levels are recognized at December 31, 2013, the end of the reporting period. The Fund recognized no transfers to or from Level 1 and Level 2.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">Description</TD><TD NOWRAP STYLE="padding-bottom: 1pt; width: 15%">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Investments<BR>in Securities</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="width: 15%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="width: 70%">Beginning balance as of September 30, 2013</TD><TD NOWRAP STYLE="width: 15%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">$</TD><TD NOWRAP STYLE="width: 18%; text-align: right">776,999</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">Proceeds from sales</TD><TD NOWRAP STYLE="padding-bottom: 1pt; width: 15%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-bottom: 1pt">Gain/loss</TD><TD NOWRAP STYLE="padding-bottom: 1pt; width: 15%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">Change in unrealized appreciation (depreciation)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; width: 15%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: right">3,025</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">Net transfers in/out of Level 3</TD><TD NOWRAP STYLE="padding-bottom: 1pt; width: 15%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 2.5pt">Balance as of December 31, 2013</TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; width: 15%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: right">780,024</TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

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<PAGE>

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

<P style="margin:0px; font-family:Arial"><B>Ellsworth Fund Ltd. - Selected Notes to Financial Statements - continued</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2013:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 26%; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 24%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center">Fair Value<BR> December 31, 2013</TD>
    <TD STYLE="width: 17%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center">Valuation<BR> Methodologies</TD>
    <TD STYLE="width: 15%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center">Unobservable<BR>
Input <SUP>(1)</SUP></TD>
    <TD STYLE="width: 18%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center">Impact to<BR>
Valuation from<BR>
an Increase in<BR>
Input <SUP>(2)</SUP></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Amerivon Holdings LLC<BR> series A cv. pfd. and<BR> common equity units</TD>
    <TD STYLE="text-align: center">$780,024</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Market<BR>
        Comparables/</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Sum of the<BR>
        Parts<BR>
        Valuation/</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Dividend<BR>
        Analysis</P></TD>
    <TD STYLE="text-align: center">Liquidity<BR> Discount</TD>
    <TD STYLE="text-align: center">Increase</TD></TR>
</TABLE>



<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><SUP>(1)</SUP> In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><SUP>(2)</SUP> This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><B>Note 2 - Securities Transactions and Related Investment Income</B> - Securities transactions are accounted for on the trade date (the date the order to buy or sell is executed) with gain or loss on the sale of securities being determined based upon identified cost. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis, including accretion of discounts and amortization of non-equity premium. For certain securities, known as &#147;contingent payment debt instruments,&#148; Federal tax regulations require the Fund to record non-cash, &#147;contingent&#148; interest income in addition to interest income actually received. Contingent interest income amounted to $14,723 for the three months ended December 31, 2013. In addition, Federal tax regulations require the Fund to reclassify realized gains (losses) on contingent payment debt instruments to interest income. At December 31, 2013, there were unrealized losses of approximately two cents per share on contingent payment debt instruments.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><B>Note 3 - Federal Income Tax Cost </B>- At December 31, 2013, the cost basis of investments for federal income tax purposes, as well as unrealized appreciation (depreciation) of investment securities on a tax basis were as follows:</P>
<P style="margin:0px"><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 50%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="width: 20%; font: 10pt Arial; text-align: left">Unrealized appreciation</TD><TD NOWRAP STYLE="width: 10%; font: 10pt Arial">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; font: 10pt Arial; text-align: left">$</TD><TD NOWRAP STYLE="width: 1%; font: 10pt Arial; text-align: right">23,922,977</TD><TD NOWRAP STYLE="width: 1%; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font: 10pt Arial; text-align: left; padding-bottom: 1pt; width: 20%">Unrealized depreciation</TD><TD NOWRAP STYLE="font: 10pt Arial; padding-bottom: 1pt; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Arial; text-align: right; width: 1%">(2,177,544</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Arial; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 10pt Arial; text-align: left; padding-bottom: 2.5pt; width: 20%">Net unrealized appreciation</TD><TD NOWRAP STYLE="font: 10pt Arial; padding-bottom: 2.5pt; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial; text-align: right; width: 1%">21,745,433</TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 10pt; width: 20%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: right; width: 1%">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font: 10pt Arial; text-align: left; padding-bottom: 2.5pt; width: 20%">Cost for federal income tax purposes</TD><TD NOWRAP STYLE="font: 10pt Arial; padding-bottom: 2.5pt; width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial; text-align: left">$</TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial; text-align: right; width: 1%">108,883,559</TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; font: 10pt Arial; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">ITEM 2. CONTROLS AND PROCEDURES.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Conclusions of principal officers concerning controls and procedures.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">(a) The Fund&#146;s principal executive officer and principal financial officer have concluded that the Fund&#146;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c)) are effective as of February 28, 2014 based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 17 CFR 240.15d-15(b)).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">(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:Arial">ITEM 3. EXHIBITS.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">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>

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<PAGE>

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

<P style="margin:0px; font-family:Arial">SIGNATURES</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">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:Arial">Ellsworth Fund Ltd.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:Arial">By:</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">/s/Thomas H. Dinsmore</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">Thomas H. Dinsmore</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">Chairman of the Board and</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">Chief Executive Officer</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">(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:Arial">Date: February 28, 2014</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">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-top:0px; margin-bottom:-16px; font-family:Arial">By:</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">/s/Thomas H. Dinsmore</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">Thomas H. Dinsmore</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">Chairman of the Board and</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">Chief Executive Officer</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">(Principal Executive Officer)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Date: February 28, 2014</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:Arial">By: </P>
<P style="margin:0px; text-indent:48px; font-family:Arial">/s/Gary I. Levine</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">Gary I. Levine</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">Chief Financial Officer</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">(Principal Financial Officer)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Date: February 28, 2014</P>
<P style="margin:0px"><BR></P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d31152_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="01/24/2014">
</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 STYLE="width: 95%"></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD STYLE="vertical-align: top; width: 95%"><P style="margin:0px; font-family:Verdana">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
</TD></TR>
</TABLE>

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

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD STYLE="width: 95%"></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD STYLE="vertical-align: top; width: 95%"><P style="margin:0px; font-family:Verdana">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
</TD></TR>
</TABLE>

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

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD STYLE="width: 95%"></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(c)&nbsp;&nbsp;</P>
</TD><TD STYLE="vertical-align: top; width: 95%"><P style="margin:0px; font-family:Verdana">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</P>
</TD></TR>
</TABLE>

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

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD STYLE="width: 95%"></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(d)&nbsp;&nbsp;</P>
</TD><TD STYLE="vertical-align: top; width: 95%"><P style="margin:0px; font-family:Verdana">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
</TD></TR>
</TABLE>

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

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD STYLE="width: 95%"></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD STYLE="vertical-align: top; width: 95%"><P style="margin:0px; font-family:Verdana" align=justify>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</P>
</TD></TR>
</TABLE>

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

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD width=48></TD><TD STYLE="width: 95%"></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD STYLE="vertical-align: top; width: 95%"><P style="margin:0px; font-family:Verdana">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">&nbsp;Date: February 28, 2014</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>



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

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<PAGE>

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





<P style="margin:0px; font-family:Verdana"><B>CERTIFICATION OF PRINCIPAL&nbsp;FINANCIAL OFFICER</B></P>
<P style="margin:0px; font-family:Verdana"><BR>I, Gary I. Levine, certify that:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana">1. I have reviewed this report on Form N-Q of Ellsworth Fund Ltd.;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Verdana" align=justify>4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=48></TD><TD STYLE="width: 95%"></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD STYLE="vertical-align: top; width: 95%"><P style="margin:0px; font-family:Verdana">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
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<TR height=0 style="font-size:0"><TD width=48></TD><TD STYLE="width: 95%"></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD STYLE="vertical-align: top; width: 95%"><P style="margin:0px; font-family:Verdana">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
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<TR height=0 style="font-size:0"><TD width=48></TD><TD STYLE="width: 95%"></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(c)&nbsp;&nbsp;</P>
</TD><TD STYLE="vertical-align: top; width: 95%"><P style="margin:0px; font-family:Verdana">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</P>
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<TR height=0 style="font-size:0"><TD width=48></TD><TD STYLE="width: 95%"></TD></TR>
<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(d)&nbsp;&nbsp;</P>
</TD><TD STYLE="vertical-align: top; width: 95%"><P style="margin:0px; font-family:Verdana">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
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<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>
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<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(a)&nbsp;&nbsp;</P>
</TD><TD STYLE="vertical-align: top; width: 95%"><P style="margin:0px; font-family:Verdana" align=justify>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</P>
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<TR><TD valign=top width=48><P style="margin:0px; font-family:Verdana" align=right>(b)&nbsp;&nbsp;</P>
</TD><TD STYLE="vertical-align: top; width: 95%"><P style="margin:0px; font-family:Verdana">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</P>
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<P style="margin:0px; font-family:Verdana">&nbsp;</P>
<P style="margin:0px; font-family:Verdana">Date: February 28, 2014</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>
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