<SEC-DOCUMENT>0001145443-14-001132.txt : 20140828
<SEC-HEADER>0001145443-14-001132.hdr.sgml : 20140828
<ACCEPTANCE-DATETIME>20140828091257
ACCESSION NUMBER:		0001145443-14-001132
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140630
FILED AS OF DATE:		20140828
DATE AS OF CHANGE:		20140828
EFFECTIVENESS DATE:		20140828

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:		141069908

	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>d31547.htm
<DESCRIPTION>N-Q
<TEXT>
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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Date of fiscal year end: September 30, 2014</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Date of reporting period: June 30, 2014</P>

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

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

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

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

<HR SIZE=5 COLOR=GRAY NOSHADE>

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

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





<PAGE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Ellsworth Fund Ltd. - Schedule of Investments &#8211; unaudited</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">June 30, 2014</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">Principal<BR> Amount</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">Value<BR> (Note 1)</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Convertible Bonds and Notes - 53.6%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Airlines - 1.3%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Hawaiian Holdings, Inc., 5.00%, Due 3/15/16, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">$1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">$1,812,500</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Automobiles - 0.1%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Tesla Motors, Inc., 1.25%, Due 3/1/21, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">200,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">194,375</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Biotechnology - 7.5%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Acorda Therapeutics, Inc., 1.75%, Due 6/15/21, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">260,469</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">AMAG Pharmaceuticals, Inc., 2.50%, Due 2/15/19, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">529,375</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Array BioPharma Inc., 3.00%, Due 6/1/20, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">250,312</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Cepheid, 1.25%, Due 2/1/21, (BBB) (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">300,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">310,875</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Cubist Pharmaceuticals, Inc., 1.875%, Due 9/1/20, (BBB) (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,100,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,256,750</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Emergent BioSolutions Inc., 2.875%, Due 1/15/21, (BBB) (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">800,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">838,500</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Exelixis, Inc., 4.25%, Due 8/15/19, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">750,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">637,500</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Gilead Sciences, Inc., 1.625%, Due 5/1/16, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">900,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">3,282,192</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Incyte Corp., 1.25%, Due 11/15/20, (BBB) (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,351,875</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Merrimack Pharmaceuticals, Inc., 4.50%, Due 7/15/20, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">332,188</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">OPKO Health Inc., 3.00%, Due 2/1/33, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">400,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">543,500</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Regeneron Pharmaceuticals, Inc., 1.875%, Due 10/1/16, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">840,469</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">10,434,005</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Capital Markets - 0.7%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">FXCM Inc., 2.25%, Due 6/15/18, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,035,625</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Communications Equipment - 0.1%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Finisar Corp., 5.00%, Due 10/15/29, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">75,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">141,141</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Consumer Finance - 1.3%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Encore Capital Group, Inc., 3.00%, Due 7/1/20, (BBB)&nbsp; (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,169,375</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Portfolio Recovery Associates, Inc., 3.00%, Due 8/1/20, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">597,500</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,766,875</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Diversified Consumer Services - 0.8%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Carriage Services, Inc., 2.75%, Due 3/15/21, (BBB) (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,041,880</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Diversified Telecommunications Services - 0.6%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Alaska Communications Systems Group Inc., 6.25%, Due 5/1/18, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">822,500</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 69%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Electrical Equipment - 0.3%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">SolarCity Corp., 2.75%, Due 11/1/18, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">348,750</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Electronic Equipment Instruments - 0.9%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">InvenSense, Inc., 1.75%, Due 11/1/18, (BBB) (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,239,375</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Energy Equipment &amp; Services - 1.1%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Bristow Group Inc., 3.00%, Due 6/15/38, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,155,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,469,016</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Food Products - 0.5%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Chiquita Brands International, 4.25%, Due 8/15/16, (CCC)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">700,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">708,312</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Health Care Equipment &amp; Supplies - 0.2%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">The Spectranetics Corporation, 2.625%, Due 6/1/34, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">261,094</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Health Care Providers &amp; Services - 1.1%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Molina Healthcare Inc., 1.125%, Due 1/15/20, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,568,750</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Ellsworth Fund Ltd. - Schedule of Investments - continued</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">June 30, 2014</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">Principal<BR>Amount</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">Value<BR>(Note 1)</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Convertible Bonds and Notes - continued</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Hotels, Restaurants &amp; Leisure - 0.5%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">MGM Resorts International, 4.25%, Due 4/15/15, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">$500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">$735,312</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Household Durables - 1.2%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Jarden Corp., 1.875%, Due 9/15/18, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,728,906</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Insurance - 0.6%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">AmTrust Financial Services, Inc., 5.50%, Due 12/15/21, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">823,750</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Internet &amp; Catalog Retail - 1.9%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">HomeAway, Inc., 0.125%, Due 4/1/19, (A) (1)</TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">489,688</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">The Priceline Group Inc., 1.00%, Due 3/15/18, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,132,812</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,622,500</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Internet Software &amp; Services - 2.7%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Equinix Inc., 4.75%, Due 6/15/16, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">750,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,916,250</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Move, Inc., 2.75%, Due 9/1/18, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">543,125</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Web.com Group, Inc., 1.00%, Due 8/15/18, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,347,656</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">3,807,031</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">IT Services - 0.8%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">CSG Systems International, Inc., 3.00%, Due 3/1/17, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">900,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,121,625</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Life Science Tools &amp; Services - 1.5%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Illumina, Inc., 0.25%, Due 3/15/16, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">750,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,613,441</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Illumina, Inc., 0.50%, Due 6/15/21, (A) (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">515,625</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,129,066</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Machinery - 0.8%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Chart Industries, Inc., 2.00%, Due 8/1/18, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">750,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,051,406</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Media - 0.6%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Liberty Media Corp., 1.375%, Due 10/15/23, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">750,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">762,188</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Metals &amp; Mining - 2.0%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">A.M. Castle &amp; Co., 7.00%, Due 12/15/17, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">400,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">518,000</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Kaiser Aluminum Corp., 4.50%, Due 4/1/15, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">750,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,152,656</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">RTI International Metals, Inc., 3.00%, Due 12/1/15, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">600,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">624,750</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">RTI International Metals, Inc., 1.625%, Due 10/15/19, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">504,375</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,799,781</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Oil, Gas &amp; Consumable Fuels - 1.4%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Clean Energy Fuels Corp., 5.25%, Due 10/1/18, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">487,812</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Goodrich Petroleum Corp., 5.00%, Due 10/1/32, (CCC)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">742,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">922,862</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Ship Finance International Ltd., 3.25%, Due 2/1/18, (B)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">567,812</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,978,486</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Pharmaceuticals - 2.4%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Mylan Inc., 3.75%, Due 9/15/15, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,940,938</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Salix Pharmaceuticals, Ltd., 2.75%, Due 5/15/15, (B)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">300,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">803,062</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Salix Pharmaceuticals, Ltd., 1.50%, Due 3/15/19, (B)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">300,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">590,438</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">3,334,438</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Real Estate Investment Trusts - 2.8%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">American Realty Capital Properties, Inc., 3.00%, Due 8/1/18, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,016,875</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Colony Financial, Inc., 5.00%, Due 4/15/23, (AA)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,350,781</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Lexington Realty Trust, 6.00%, Due 1/15/30, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">300,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">487,875</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">RAIT Financial Trust, 4.00%, Due 10/1/33, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">489,375</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Spirit Realty Capital, Inc., 3.75%, Due 5/15/21, (A)</TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">503,128</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">3,848,034</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Real Estate Management - 0.8%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Forest City Enterprises, Inc., 3.625%, Due 8/15/20, (B)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,056,250</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Ellsworth Fund Ltd. - Schedule of Investments - continued</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">June 30, 2014</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">Principal<BR>Amount</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">Value<BR>(Note 1)</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Convertible Bonds and Notes - continued</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Semiconductors &amp; Semiconductor Equipment - 8.1%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">GT Advanced Technologies Inc., 3.00%, Due 12/15/20, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">$850,000</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">$1,485,375</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Intel Corp., 2.95%, Due 12/15/35, (AA) (2)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,245,625</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">JinkoSolar Holding Co., Ltd., 4.00%, Due 2/1/19, (BB) (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">497,812</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Micron Technology, Inc., 3.00%, Due 11/15/43, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,750,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,262,969</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Photronics, Inc., 3.25%, Due 4/1/16, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,081,875</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Rudolph Technologies Inc., 3.75%, Due 7/15/16, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">534,062</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Spansion LLC, 2.00%, Due 9/1/20, (B)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">822,188</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">SunEdison, Inc., 2.75%, Due 1/1/21, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">865,625</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">SunEdison, Inc., 0.25%, Due 1/15/20, (BB) (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">375,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">403,359</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">SunPower Corp., 0.875%, Due 6/1/21, (BBB) (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,175,625</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Xilinx, Inc., 2.625%, Due 6/15/17, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">830,938</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">11,205,453</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Software - 6.3%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Bottomline Technologies, Inc., 1.50%, Due 12/1/17, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">750,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">888,750</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Mentor Graphics Corp., 4.00%, Due 4/1/31, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,229,375</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">MercadoLibre, Inc., 2.25%, Due 7/1/19, (AA) (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">262,812</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">NQ Mobile Inc., 4.00%, Due 10/15/18, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">320,625</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Nuance Communications, Inc., 2.75%, Due 11/1/31, (BB) (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,007,500</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Proofpoint, Inc., 1.25%, Due 12/15/18, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">650,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">779,594</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Take-Two Interactive Software, Inc., 1.75%, Due 12/1/16, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,313,750</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">TeleCommunication Systems, Inc., 7.75%, Due 6/30/18, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">980,000</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Verint Systems Inc., 1.50%, Due 6/1/21, (B)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">950,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">978,500</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">8,760,906</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Textiles, Apparel &amp; Luxury Goods - 1.8%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Iconix Brand Group, Inc., 2.50%, Due 6/1/16, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,450,000</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Iconix Brand Group, Inc., 1.50%, Due 3/15/18, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">750,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,091,250</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 69%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,541,250</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Trading Companies &amp; Distributors - 0.7%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Kaman Corp., 3.25%, Due 11/15/17, (A)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">750,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,017,656</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Total Convertible Bonds and Notes</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">74,168,236</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">Shares</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Convertible Preferred Stock - 10.0%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Commercial Banks - 2.1%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Huntington Bancshares, Inc., 8.50%, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,250</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,662,500</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Wells Fargo &amp; Co., 7.50%, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,214,000</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,876,500</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Diversified Financial Services - 1.3%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Bank of America Corp., 7.25%, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,600</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,867,200</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Food Products - 1.6%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Bunge Ltd., 4.875%, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">7,500</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">779,625</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Post Holdings, Inc., 3.75%, (B)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">8,300</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">985,127</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Post Holdings, Inc., 2.50%, (B)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">5,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">509,688</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,274,440</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Machinery - 0.8%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Stanley Black &amp; Decker, Inc., 6.25%, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">10,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,136,300</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Oil, Gas &amp; Consumable Fuels - 1.9%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Chesapeake Energy Corp., 5.75%, (B)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,550</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,972,375</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Halcon Resources Corp., 5.75%, (CCC)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">610,000</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,582,375</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Real Estate Investment Trusts - 0.8%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Health Care REIT, Inc., 6.50%, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">20,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,154,800</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Ellsworth Fund Ltd. - Schedule of Investments - continued</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">June 30, 2014</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR VALIGN="BOTTOM">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">Shares</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">Value<BR>(Note 1)</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Convertible Preferred Stock - continued</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Specialty Retail - 0.6%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Amerivon Holdings LLC, 4.00%, (NR) (1,3,4)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">655,793</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">$763,605</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Amerivon Holdings LLC, common equity units, (NR) (1,3,4)</TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">272,728</TD>
    <TD NOWRAP STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">16,364</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">779,969</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Thrift &amp; Mortgage Finance - 0.9%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">New York Community Capital Trust V, 6.00%, (BB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">24,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,180,080</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Total Convertible Preferred Stock</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">13,851,664</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Mandatory Convertible Securities - 9.5% (5)</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Aerospace &amp; Defense - 1.9%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">United Technologies Corp., 7.50%, Due 8/1/15, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">40,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,607,600</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Biotechnology - 0.0%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">AmSurg Corp., 5.25%, Due 7/1/17, (NR)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">500</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">50,350</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Electric Utilities - 1.7%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">NextEra Energy, Inc., 5.599%, Due 6/1/15, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">7,500</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">504,375</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">NextEra Energy, Inc., 5.799%, Due 9/1/16, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">10,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">571,200</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">NextEra Energy, Inc., 5.889%, Due 9/1/15, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">20,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,300,200</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,375,775</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Food Products - 0.2%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Post Holdings, Inc., 5.25%, Due 6/1/17, (B)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,500</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">265,625</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Insurance - 1.4%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Maiden Holdings, Ltd., 7.25%, Due 9/15/16, (NR)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">22,500</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,090,350</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">MetLife, Inc., 5.00%, Due 10/8/14, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">25,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">799,000</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,889,350</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Multi-Utilities - 1.0%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Dominion Resources, Inc., 6.125%, Due 4/1/16, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">12,500</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">720,625</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Dominion Resources, Inc., 6.00%, Due 7/1/16, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">12,500</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">725,250</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,445,875</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Real Estate Investment Trusts - 2.3%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">American Tower Corp., 5.25%, Due 5/15/17, (NR)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,250</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">133,562</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Crown Castle International Corp., 4.50%, Due 11/1/16, (B)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">12,500</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,268,625</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Weyerhaeuser Co., 6.375%, Due 7/1/16, (BBB)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">30,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,713,900</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">3,116,087</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Road &amp; Rail - 1.0%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Genesee &amp; Wyoming, Inc., 5.00%, Due 10/1/15, (NR)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">10,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,353,800</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Total Mandatory Convertible Securities (5)</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">13,104,462</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Common Stock - 26.1%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Automobiles - 1.2%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Ford Motor Co.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">100,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,724,000</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Capital Markets - 0.9%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">BlackRock Kelso Capital Corp.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">131,034</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,193,720</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Commercial Banks - 0.8%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Wells Fargo &amp; Co.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">22,200</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,166,832</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Computers &amp; Peripherals - 2.2%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">EMC Corp.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">70,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,843,800</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Stratasys Ltd. (6)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">10,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,136,300</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,980,100</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Diversified Financial Services - 0.7%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Citigroup Inc.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">19,546</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">920,617</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Ellsworth Fund Ltd. - Schedule of Investments - continued</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">June 30, 2014</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR VALIGN="BOTTOM">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">Shares</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">Value<BR>(Note 1)</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Common Stock - continued</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Diversified Telecommunications Services - 3.0%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">AT&amp;T Inc.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">70,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">$2,475,200</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Verizon Communications Inc.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">35,260</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,725,272</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">4,200,472</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Food Products - 1.3%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">B&amp;G Foods, Inc.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">15,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">490,350</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">ConAgra Foods, Inc.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">45,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,335,600</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,825,950</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Household Products - 1.0%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Church &amp; Dwight Co., Inc.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">20,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,399,000</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Industrial Conglomerates - 0.9%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">General Electric Co.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">50,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,314,000</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Insurance - 0.5%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">MetLife, Inc.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">14,175</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">787,563</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Media - 0.9%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Walt Disney Co.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">15,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,286,100</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 69%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Oil, Gas &amp; Consumable Fuels - 2.8%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">ConocoPhillips</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">26,782</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,296,021</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Halcon Resources Corp. (6)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,380</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">10,060</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Kinder Morgan, Inc.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">45,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,631,700</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">3,937,781</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Pharmaceuticals - 3.8%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">AbbVie Inc.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">25,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,411,000</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Eli Lilly &amp; Co.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">15,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">932,550</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Merck &amp; Co., Inc.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">22,651</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,310,360</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Pfizer Inc.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">40,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,187,200</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Roche Holdings Ltd.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">12,500</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">466,250</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">5,307,360</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Real Estate Investment Trusts - 1.5%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">American Tower Corp.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">12,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,079,760</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Invesco Mortgage Capital Inc.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">58,700</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,019,032</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,098,792</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Semiconductors &amp; Semiconductor Equipment - 0.7%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Intel Corp.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">30,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">927,000</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Software - 0.9%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Microsoft Corp.</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">28,600</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,192,620</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Wireless Telecommunication Services - 2.7%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">SBA Communications Corp. (6)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">20,500</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">2,097,150</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Vodafone Group Plc (ADR)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">50,909</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,699,852</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">3,797,002</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Total Common Stock</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">36,058,909</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Convertible Bonds and Notes - 53.6%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">$74,168,236</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Convertible Preferred Stock - 10.0%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">13,851,664</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Mandatory Convertible Securities - 9.5%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">13,104,462</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Common Stock - 26.1%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">36,058,909</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Total Investments - 99.2%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">137,183,271</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Other Assets, Net of Liabilites - 0.8%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">1,146,715</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="75%">Total Net Assets - 100.0%</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="5%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">$138,329,986</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>




<PAGE>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Ellsworth Fund Ltd. - Schedule of Investments &#8211; continued</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">June 30, 2014</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">(1) Security not registered under the Securities Act of 1933, as
amended (the &quot;Securities Act&quot;) (e.g., the security was purchased in a Rule 144A or a Regulation D transaction). The security
may be resold only pursuant to an exemption from registration under the Securities Act, typically to qualified institutional buyers.
The Fund generally has no rights to demand registration of such securities. The aggregate market value of these unregistered securities
at June 30, 2014 was $13,341,020 which represented 9.6% of the Fund's net assets.</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">(2) Contingent payment debt instrument which accrues contingent
interest.</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">(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 $779,969 at June 30, 2014, which represented 0.6% of the Fund's net assets.</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">(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&#8217;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&#8217;s expense, either upon demand by
the Fund or in connection with another registered offering of the securities. Investments in restricted securities are valued at
fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the
estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference
could be material. As of June 30, 2014, the Fund was invested in the following restricted securities:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Verdana, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Security</TD>
    <TD STYLE="width: 18%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Acquisition Date</TD>
    <TD STYLE="width: 9%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares</TD>
    <TD STYLE="width: 13%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Cost</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Price per Share</TD>
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Value</TD>
    <TD STYLE="width: 9%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">% Net Assets</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Amerivon Holdings LLC<BR> series A 4.00% cv. pfd.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 1, 2010</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">655,793</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1,500,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1.1644</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$763,605</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.55%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Amerivon Holdings LLC<BR> common equity units</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 1, 2010</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">272,728</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.060</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">16,364</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.01%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">(6) Non-income producing security.</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">ADR = American Depositary Receipt.</P>

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

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

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Where a security is rated by Standard &amp; Poor&#8217;s, such
rating appears in parentheses next to such security (but without any applicable + or - that might apply).<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Where a security is rated by Standard &amp; Poor&#8217;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&#8217;s rating appears in parentheses next to such security (but without any applicable + or - that might apply).<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Where a security is rated by Standard &amp; Poor&#8217;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&#8217;s rating which it believes approximates the average of all such
ratings (but without any applicable + or - that might apply).</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Where a security is not rated by Standard &amp; Poor&#8217;s, but
is rated by at least one other rating agency, the Fund puts in parentheses next to such security the Standard &amp; Poor&#8217;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="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Summary of Portfolio Ratings<B> </B>*</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="width: 40%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">AAA</TD>
    <TD NOWRAP STYLE="width: 36%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;0%</TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">AA</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;3%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">A</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">27%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">BBB</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">35%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">BB</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">20%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">B</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">CCC &amp; below</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;2%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Not Rated</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;3%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">* Excludes common stocks and cash.</TD></TR>
</TABLE>

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

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Ellsworth Fund Ltd. - Selected Notes to Financial Statements -
unaudited</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Ellsworth Fund Ltd. (the &#8220;Fund&#8221;), is registered under
the Investment Company Act of 1940, as amended, (the &#8220;Act&#8221;) as a diversified, closed-end management investment company.</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0"><U>Note 1 - Security Valuation</U> - 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="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">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
of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels
listed below:</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Level 1 - Quoted unadjusted prices for identical instruments in
active markets.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">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&#8217;s own assumptions
that market participants would use to price an asset or liability based on the best available information.</P>

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

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">The following is a summary of the inputs used to value the investments
of the Fund as of<BR>
June 30, 2014:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Level 1</TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Level 2</TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Level 3</TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Total</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Investments in Securities:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Common Stock:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Consumer Discretionary</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 3,010,100</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$&nbsp;&nbsp;&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ 3,010,100</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Consumer Staples</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,224,950</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,224,950</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Energy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,937,781</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,937,781</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Financials</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,167,524</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,167,524</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Health Care</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,307,360</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,307,360</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Industrials</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,314,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,314,000</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Information Technology</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,099,720</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,099,720</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Telecommunication Services</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,997,474</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,997,474</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Total Common Stock</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">36,058,909</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">36,058,909</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Convertible Bonds and Notes</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74,168,236</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74,168,236</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Convertible Preferred Stock:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Consumer Discretionary</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">779,969</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">779,969</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Consumer Staples</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,274,440</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,274,440</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Energy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,582,375</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,582,375</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Financials</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,078,580</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,078,580</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;Industrials</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,136,300</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; ---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,136,300</TD></TR>
<TR BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Total Convertible Preferred Stock</TD>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,071,695</TD>
    <TD STYLE="border-top: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">779,969</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,851,664</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Mandatory Convertible Securities</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,104,462</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;---</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,104,462</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Total Investments</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$36,058,909</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$100,344,393</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$779,969</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$137,183,271</TD></TR>
</TABLE>

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

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Ellsworth Fund Ltd. - Selected Notes to Financial Statements -
continued</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Refer to the Fund&#8217;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 June 30, 2014, the end of the reporting period. The Fund recognized no transfers to or from levels
1 and 2.</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">The following is a reconciliation of assets for which Level 3 inputs
were used in determining value:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Verdana, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="90%">
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Description</P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">Investments in Securities</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="90%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" WIDTH="10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="90%">Balance as of March 31, 2014</TD>
    <TD STYLE="padding-right: 5.15pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">$780,024</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="90%">Proceeds from sales</TD>
    <TD STYLE="padding-right: 5.15pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">---</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="90%">Gain/loss</TD>
    <TD STYLE="padding-right: 5.15pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">---</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="90%">Change in unrealized appreciation (depreciation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">(55)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="90%">Net transfers in/out of Level 3</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.15pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="90%">Balance as of June 30, 2014</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; padding-right: 5.15pt; padding-left: 5.4pt; text-align: right" WIDTH="10%">$779,969</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">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 June 30, 2014:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Verdana, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 36%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Fair Value<BR> June 30, 2014</TD>
    <TD STYLE="width: 16%; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Valuation<BR> Methodologies</TD>
    <TD STYLE="width: 16%; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Unobservable<BR>
Input <SUP>(1)</SUP></TD>
    <TD STYLE="width: 16%; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">Impact to<BR> Valuation from<BR>
an Increase<BR> in Input <SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Amerivon Holdings LLC series A cv. pfd. and common equity units</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$779,969</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Market<BR> Comparables/<BR> Sum of the<BR> Parts<BR> Valuation/<BR> Dividend<BR> Analysis</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Liquidity<BR> Discount</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Decrease</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">(1)</FONT></TD>
<TD><FONT STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">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.</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">(2)</FONT></TD>
<TD><FONT STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">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.</FONT></TD>
</TR>
</TABLE>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0"><U>Note 2 - Securities Transactions and Related Investment Income</U>
- 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 &#8220;contingent payment debt instruments,&#8221; Federal tax regulations require the Fund to record
non-cash, &#8220;contingent&#8221; interest income in addition to interest income actually received. Contingent interest income
amounted to approximately $0.002 per share for the nine months ended June 30, 2014. In addition, Federal tax regulations require
the Fund to reclassify realized gains (losses) on contingent payment debt instruments to interest income. At June 30, 2014, there
were unrealized losses of approximately $0.004 per share on contingent payment debt instruments.</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0"><U>Note 3 - Federal Income Tax Cost</U> - At June 30, 2014, unrealized
appreciation (depreciation) of investment securities on a tax cost basis and federal tax cost were as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Verdana, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="90%">Unrealized appreciation</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 5.4pt; text-align: right" WIDTH="10%" NOWRAP>$ 23,696,023</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="90%">Unrealized depreciation</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" WIDTH="10%" NOWRAP>(1,852,003)</TD></TR>
<TR STYLE="vertical-align: top" BGCOLOR="#CCEEFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="90%">Net unrealized appreciation</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt double; padding-right: 0.05in; padding-left: 5.4pt; text-align: right" WIDTH="10%" NOWRAP>21,844,020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="90%">
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Cost for federal income tax purposes</P></TD>
    <TD STYLE="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt" WIDTH="10%" NOWRAP>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0 0.05in 0 0; text-align: right">$115,339,251</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">The differences between book-basis and tax-basis unrealized appreciation
(depreciation) is attributable to differing methods of recognizing interest and ordinary income on bonds for tax purposes.</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0"><U>Note 4 - New Accounting Pronouncement</U> - In June 2013, the
Financial Accounting Standards Board issued guidance that creates a two-tiered approach to assess whether an entity is an investment
company. The guidance will also require an investment company to measure non-controlling ownership interest in other investment
companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and
information about financial support provided or contractually required to be provided to any of the investment company&#8217;s
investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim
periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds&#8217; financial statement
disclosures.</P>

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

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">ITEM 2. CONTROLS AND PROCEDURES.</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Conclusions of principal officers concerning controls and procedures.</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">(a) The Fund&#8217;s principal executive officer and principal
financial officer have concluded that the Fund&#8217;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Act (17 CFR 270.30a-3(c)) are effective as of August 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="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">(b) There have been no changes in the Fund&#8217;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&#8217;s
last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund&#8217;s internal control
over financial reporting.</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">ITEM 3. EXHIBITS.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Date: August 28, 2014</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Date: August 28, 2014</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">Date: August 28, 2014</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d31547_ex99-cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

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

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

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">4. The registrant&#8217;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="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Helvetica, Sans-Serif; text-align: right">(a)&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Helvetica, Sans-Serif; text-align: right">(c)&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Helvetica, Sans-Serif; text-align: right">(d)&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred
during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over
financial reporting; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">5. The registrant&#8217;s other certifying
officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors
(or persons performing the equivalent functions):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">
        <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right">(a)&nbsp;&nbsp;</P></TD>
    <TD STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</TD>
</TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Helvetica, Sans-Serif; text-align: right">(b)&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant&#8217;s internal control over financial reporting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Date: August 28, 2014</P>

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

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

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

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

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

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

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

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

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

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">4. The registrant&#8217;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="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Helvetica, Sans-Serif; text-align: right">(a)&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Helvetica, Sans-Serif; text-align: right">(c)&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Helvetica, Sans-Serif; text-align: right">(d)&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred
during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over
financial reporting; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">5. The registrant&#8217;s other certifying
officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors
(or persons performing the equivalent functions):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Helvetica, Sans-Serif; text-align: right">(a)&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</TD>
</TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 10pt Verdana, Helvetica, Sans-Serif; text-align: right">(b)&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Verdana, Helvetica, Sans-Serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant&#8217;s internal control over financial reporting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;Date: August 28, 2014</P>

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

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

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

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

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

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

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

<HR SIZE=5 COLOR=GRAY NOSHADE>

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

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

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