<SEC-DOCUMENT>0001145443-15-000289.txt : 20150227
<SEC-HEADER>0001145443-15-000289.hdr.sgml : 20150227
<ACCEPTANCE-DATETIME>20150227091623
ACCESSION NUMBER:		0001145443-15-000289
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150227
DATE AS OF CHANGE:		20150227
EFFECTIVENESS DATE:		20150227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELLSWORTH GROWTH & INCOME 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:		15655186

	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 FUND LTD
		DATE OF NAME CHANGE:	20060330

	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>ellsworth_nq.htm
<DESCRIPTION>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
<TEXT>

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<P align=center><FONT face=Arial size=2>UNITED STATES <BR></FONT><FONT face=Arial size=2>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, DC 20549
</FONT></P>
<P align=center><FONT face=Arial size=2>FORM N-Q </FONT></P>
<P align=center><FONT face=Arial size=2>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED<BR>MANAGEMENT INVESTMENT COMPANY </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="99%"><FONT face=Arial size=2>Investment Company Act file number 811-04656</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="99%"><FONT face=Arial size=2><FONT face="Times New Roman" size=3>&nbsp; </FONT></FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="99%">
      <P align=center><FONT face=Arial size=2>Ellsworth Growth and Income Fund
      Ltd. </FONT></P></TD></TR>
  <TR>
    <TD noWrap style="text-align: center" width="99%">
      <P align=center><FONT face=Arial size=2>(Exact name of registrant as
      specified in charter) </FONT></P></TD></TR>
  <TR>
    <TD noWrap style="text-align: center" width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="99%">
      <P align=center><FONT face=Arial size=2>65 Madison Avenue, Morristown, New
      Jersey 07960-7308 </FONT></P></TD></TR>
  <TR>
    <TD noWrap style="text-align: center" width="99%">
      <P align=center><FONT face=Arial size=2>(Address of principal executive
      offices) (Zip code) </FONT></P></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=Arial size=2>Thomas H. Dinsmore <BR></FONT><FONT face=Arial size=2>Ellsworth Growth and Income Fund Ltd. <BR>65 Madison
Avenue<BR>Morristown, New Jersey 07960-7308<BR>(Name and address of agent for
service) </FONT></P>
<P align=center><FONT face=Arial size=2>Copy to:<BR>Steven B. King,
Esq.<BR>Ballard Spahr LLP <BR></FONT><FONT face=Arial size=2>1735 Market Street,
51st Floor <BR>Philadelphia, PA 19103-7599 </FONT></P>
<P align=left><FONT face=Arial size=2>Registrant's telephone number, including
area code: 973-631-1177 </FONT></P>
<P align=left><FONT face=Arial size=2>Date of fiscal year end: September 30,
2015 </FONT></P>
<P align=left><FONT face=Arial size=2>Date of reporting period: December 31,
2014 </FONT></P>

<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face=Arial size=2>ITEM 1. SCHEDULE OF INVESTMENTS.
</FONT></P>
<P align=left><FONT face=Arial size=2>Ellsworth Growth and Income Fund Ltd. -
Schedule of Investments - unaudited<BR>December 31, 2014</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face=Arial size=2>Principal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face=Arial size=2>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=Arial size=2>Amount</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=Arial size=2>(Note 1)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Convertible Bonds and
      Notes - 49.6%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Airlines - 1.8%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Hawaiian Holdings, Inc.,
      5.00%, Due 3/15/16, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>$750,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>$2,491,875</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Automobiles - 0.1%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Tesla Motors, Inc., 1.25%,
      Due 3/1/21, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>200,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>181,375</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Biotechnology - 7.0%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Array BioPharma Inc.,
      3.00%, Due 6/1/20, (BB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>469,688</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Cepheid, 1.25%, Due 2/1/21, (A)
(1)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>800,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>882,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Emergent BioSolutions
      Inc., 2.875%, Due 1/15/21, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>800,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>901,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Exelixis, Inc., 4.25%, Due 8/15/19,
      (B)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>422,344</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Gilead Sciences, Inc.,
      1.625%, Due 5/1/16, (A)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>700,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>2,898,441</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Incyte Corp., 1.25%, Due 11/15/20,
      (BBB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,535,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Merrimack Pharmaceuticals,
      Inc., 4.50%, Due 7/15/20, (BB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>477,969</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>OPKO Health Inc., 3.00%, Due 2/1/33,
      (A)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>400,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>595,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Regeneron Pharmaceuticals,
      Inc., 1.875%, Due 10/1/16, (AA)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,219,375</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>9,402,567</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Capital Markets -
      0.8%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>FXCM Inc., 2.25%, Due 6/15/18, (A)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,046,250</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Consumer Finance -
      1.3%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Encore Capital Group, Inc., 3.00%, Due
      7/1/20, (A)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,136,250</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Portfolio Recovery
      Associates, Inc., 3.00%, Due 8/1/20, (A)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>561,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,698,125</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Diversified Consumer
      Services - 0.8%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Carriage Services, Inc., 2.75%, Due 3/15/21,
      (BBB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,086,880</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Diversified
      Telecommunications Services - 0.7%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Alaska Communications Systems Group, Inc.,
      6.25%, Due 5/1/18, (BB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>951,250</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Electrical Equipment -
      0.5%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>SolarCity Corp., 2.75%, Due 11/1/18,
      (BB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>270,781</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>SolarCity Corp., 1.625%,
      Due 11/1/19, (BB) (1)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>454,375</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%">&nbsp;</TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>725,156</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Electronic Equipment
      &amp; Instruments - 0.7%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#ffffff><FONT face=Arial size=2>InvenSense, Inc., 1.75%,
      Due 11/1/18, (BB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#ffffff><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#ffffff><FONT face=Arial size=2>998,750</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Health Care Equipment
      &amp; Supplies - 0.4%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Quidel Corp., 3.25%, Due 12/15/20,
    (A)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>279,844</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>The Spectranetics Corp.,
      2.625%, Due 6/1/34, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>321,562</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%">&nbsp;</TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>601,406</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Health Care Providers
      &amp; Services - 1.3%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Molina Healthcare Inc., 1.125%, Due 1/15/20,
      (A)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,250,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,743,750</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Hotels, Restaurants &amp;
      Leisure - 0.4%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>MGM Resorts International, 4.25%, Due
      4/15/15, (B)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>591,250</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Household Durables -
      1.2%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Jarden Corp., 1.875%, Due 9/15/18,
      (BB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>786,562</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Jarden Corp., 1.125%, Due
      3/15/34, (BB) (1)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>844,219</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%">&nbsp;</TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,630,781</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Insurance - 0.8%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>AmTrust Financial Services, Inc., 5.50%, Due
      12/15/21, (A)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,060,312</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Internet &amp; Catalog
      Retail - 1.5%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>The Priceline Group Inc., 1.00%, Due
      3/15/18, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>2,000,625</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face=Arial size=2>Ellsworth Growth and Income Fund Ltd. -
Schedule of Investments - continued<BR>December 31, 2014</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face=Arial size=2>Principal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face=Arial size=2>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=Arial size=2>Amount</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=Arial size=2>(Note 1)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Convertible Bonds and
      Notes - continued</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Internet Software &amp; Services -
      4.0%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Blucora, Inc., 4.25%, Due
      4/1/19, (A) (1)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>$1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>$945,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Equinix Inc., 4.75%, Due 6/15/16,
    (B)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>750,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>2,110,312</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Monster Worldwide, Inc.,
      3.50%, Due 10/15/19, (BBB) (1)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>625,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>666,406</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Twitter, Inc., 1.00%, Due 9/15/21, (BBB)
      (1)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>438,125</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Web.com Group, Inc.,
      1.00%, Due 8/15/18, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,375,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,264,141</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>5,423,984</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>IT Services -
    0.8%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>CSG Systems International, Inc., 3.00%, Due
      3/1/17, (A)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>900,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,074,938</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Life Sciences Tools &amp;
      Services - 0.8%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Illumina, Inc., 0.25%, Due 3/15/16,
      (A)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,105,628</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Machinery - 0.5%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Chart Industries, Inc., 2.00%, Due 8/1/18,
      (BB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>750,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>721,406</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Metals &amp; Mining -
      1.7%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>A.M. Castle &amp; Co., 7.00%, Due 12/15/17,
      (BB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>400,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>409,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Kaiser Aluminum Corp.,
      4.50%, Due 4/1/15, (BB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>746,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>RTI International Metals, Inc., 3.00%, Due
      12/1/15, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>616,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>RTI International Metals,
      Inc., 1.625%, Due 10/15/19, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>488,438</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>2,260,438</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Oil, Gas &amp; Consumable
      Fuels - 0.8%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Clean Energy Fuels Corp., 5.25%, Due
      10/1/18, (BB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>350,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Goodrich Petroleum Corp.,
      5.00%, Due 10/1/32, (CCC)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>517,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>273,687</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Ship Finance International Ltd., 3.25%, Due
      2/1/18, (B)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>495,312</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,119,624</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#ffffff><FONT face=Arial size=2>Personal Products -
      0.4%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="10%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>IGI Laboratories, Inc.,
      3.75%, Due 12/15/19, (A) (1)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>503,750</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Pharmaceuticals - 2.2%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Depomed, Inc., 2.50%, Due
      9/1/21, (BB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>300,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>324,562</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Mylan Inc., 3.75%, Due 9/15/15,
    (BBB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>2,115,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Salix Pharmaceuticals,
      Ltd., 1.50%, Due 3/15/19, (B)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>300,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>548,438</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>2,988,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Real Estate Investment
      Trusts - 2.4%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>American Realty Capital Properties, Inc.,
      3.00%, Due 8/1/18, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>924,375</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Colony Financial, Inc.,
      5.00%, Due 4/15/23, (AA)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,341,406</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>RAIT Financial Trust, 4.00%, Due 10/1/33,
      (A)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>450,938</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Spirit Realty Capital,
      Inc., 3.75%, Due 5/15/21, (AA)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>488,128</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>3,204,847</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Real Estate Management &amp; Development -
      0.8%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Forest City Enterprises, Inc., 3.625%, Due
      8/15/20, (B)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,065,000</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Semiconductors &amp;
      Semiconductor Equipment - 5.9%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>GT Advanced Technologies Inc., 3.00%, Due
      12/15/20, (NR) (2)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>307,125</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>JinkoSolar Holding Co.,
      Ltd., 4.00%, Due 2/1/19, (BB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>426,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Micron Technology, Inc., 3.00%, Due
      11/15/43, (BB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,750,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>2,311,094</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Photronics, Inc., 3.25%,
      Due 4/1/16, (A)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,039,375</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Rudolph Technologies Inc., 3.75%, Due
      7/15/16, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>521,250</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Spansion LLC, 2.00%, Due
      9/1/20, (B)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>400,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>992,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>SunEdison, Inc., 2.75%, Due 1/1/21, (BB)
      (1)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>250,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>375,781</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>SunEdison, Inc., 0.25%,
      Due 1/15/20, (BB) (1)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>375,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>365,156</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>SunPower Corp., 0.875%, Due 6/1/21, (BB)
      (1)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>905,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Xilinx, Inc., 2.625%, Due
      6/15/17, (A)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>755,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>7,998,656</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face=Arial size=2>Ellsworth Growth and Income Fund Ltd. -
Schedule of Investments - continued<BR>December 31, 2014</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face=Arial size=2>Principal</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face=Arial size=2>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=Arial size=2>Amount</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=Arial size=2>(Note 1)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Convertible Bonds and
      Notes - continued</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Software - 7.8%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Bottomline Technologies,
      Inc., 1.50%, Due 12/1/17, (A)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>$750,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>$798,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>EnerNOC, INC., 2.25%, Due 8/15/19, (BBB)
      (1)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>842,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Mentor Graphics Corp.,
      4.00%, Due 4/1/31, (A)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,503,125</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>MercadoLibre, Inc., 2.25%, Due 7/1/19, (A)
      (1)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>596,250</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>NQ Mobile Inc., 4.00%, Due
      10/15/18, (BB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>355,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Nuance Communications, Inc., 2.75%, Due
      11/1/31, (B)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,001,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Proofpoint, Inc., 1.25%,
      Due 12/15/18, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>650,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>889,688</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>PROS Holdings, Inc., 2.00%, Due 12/1/19, (A)
      (1)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>200,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>205,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Synchronoss Technologies,
      Inc., 0.75%, Due 8/15/19, (A)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>750,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>793,594</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Take-Two Interactive Software, Inc., 1.75%,
      Due 12/1/16, (A)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>758,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>TeleCommunication Systems,
      Inc., 7.75%, Due 6/30/18, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>950,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>TiVo Inc., 2.00%, Due 10/1/21, (A)
    (1)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>480,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Verint Systems Inc.,
      1.50%, Due 6/1/21, (B)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,250,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,385,938</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>10,561,845</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Technology, Hardware &amp;
      Storage - 0.4%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Violin Memory, Inc., 4.25%, Due 10/1/19,
      (BB) (1)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>520,000</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Textiles, Apparel &amp;
      Luxury Goods - 1.1%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Iconix Brand Group, Inc., 2.50%, Due 6/1/16,
      (A)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>750,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>885,469</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Iconix Brand Group, Inc.,
      1.50%, Due 3/15/18, (A)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>560,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>663,950</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,549,419</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Trading Companies &amp;
      Distributors - 0.7%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Kaman Corp., 3.25%, Due 11/15/17,
    (A)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>750,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>956,250</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Total Convertible Bonds
      and Notes</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>$67,264,762</FONT></TD></TR>
  <TR>
    <TD WIDTH="99%" COLSPAN="4">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=Arial size=2>Shares</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Convertible Preferred
      Stock - 8.3%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Commercial Banks - 1.7%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Huntington Bancshares,
      Inc., 8.50%, (BB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,250</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,662,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Wells Fargo &amp; Co., 7.50%,
(BBB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>607,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>2,270,125</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Diversified Financial Services -
    1.0%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Bank of America Corp.,
      7.25%, (BB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,200</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,395,564</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Food Products - 1.0%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Bunge Ltd., 4.875%,
      (BB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>7,500</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>843,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Post Holdings, Inc., 3.75%, (B)
(1)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>5,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>488,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,332,350</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Machinery - 0.8%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Stanley Black &amp;
      Decker, Inc., 6.25%, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,174,000</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Oil, Gas &amp; Consumable Fuels -
    1.3%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Chesapeake Energy Corp.,
      5.75%, (B)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,550</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,596,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Halcon Resources Corp., 5.75%,
    (CCC)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>500</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>187,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,784,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Real Estate Investment Trusts -
    1.0%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Health Care REIT, Inc.,
      6.50%, (BB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>20,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,317,000</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Specialty Retail - 0.6%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Amerivon Holdings LLC,
      4.00%, (NR) (1,3,4)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>666,024</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>763,605</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Amerivon Holdings LLC, common equity units,
      (NR) (1,3,4)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>272,728</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>16,364</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>779,969</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Thrift &amp; Mortgage Finance -
    0.9%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>New York Community Capital
      Trust V, 6.00%, (BB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>24,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,194,000</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Total Convertible Preferred Stock</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>11,247,008</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face=Arial size=2>Ellsworth Growth and Income Fund Ltd. -
Schedule of Investments - continued<BR>December 31, 2014</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap style="text-align: center" width="10%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face=Arial size=2>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=Arial size=2>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=Arial size=2>(Note 1)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Mandatory Convertible
      Securities - 10.4% (5)</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Aerospace &amp; Defense - 1.8%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>United Technologies Corp.,
      7.50%, Due 8/1/15, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>40,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>$2,453,200</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Automobiles - 0.4%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Fiat Chrysler Automobiles
      N.V., 7.875%, Due 12/15/16, (B)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>5,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>533,125</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Biotechnology - 0.9%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>AmSurg Corp., 5.25%, Due
      7/1/17, (NR)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>10,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,186,500</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Electric Utilities - 1.3%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>NextEra Energy, Inc.,
      5.799%, Due 9/1/16, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>30,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,730,700</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Food Products - 0.9%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Post Holdings, Inc.,
      5.25%, Due 6/1/17, (B)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>2,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>221,612</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Tyson Foods, Inc., 4.75%, Due 7/15/17,
      (BBB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>20,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,006,800</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,228,412</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Health Care Providers &amp; Services -
      0.7%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Kindred Healthcare, Inc.,
      7.50%, Due 11/19/17, (B)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>950,500</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Insurance - 0.8%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Maiden Holdings, Ltd.,
      7.25%, Due 9/15/16, (NR)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>22,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,072,800</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Multi-Utilities - 1.1%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Dominion Resources, Inc.,
      6.125%, Due 4/1/16, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>12,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>750,125</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Dominion Resources, Inc., 6.00%, Due 7/1/16,
      (BBB)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>12,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>751,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,501,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Real Estate Investment Trusts -
    1.3%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Weyerhaeuser Co., 6.375%,
      Due 7/1/16, (BBB)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>30,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,730,100</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Road &amp; Rail - 0.8%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Genesee &amp; Wyoming,
      Inc., 5.00%, Due 10/1/15, (NR)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,160,000</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Wireless Telecommunication Services -
      0.4%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>T-Mobile US, Inc., 5.50%,
      Due 12/15/17, (NR)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>529,900</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Total Mandatory Convertible Securities
      (5)</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>14,076,862</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Common Stock -
    31.0%</FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Automobiles - 1.1%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Ford Motor Co.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,550,000</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Capital Markets - 0.8%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>BlackRock Kelso Capital
      Corp.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>131,034</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,074,479</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Commercial Banks - 0.9%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Wells Fargo &amp;
      Co.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>22,200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,217,004</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Diversified Financial Services -
    0.8%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Citigroup Inc.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>19,546</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,057,634</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Diversified Telecommunications Services -
      3.0%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>AT&amp;T Inc.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>70,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>2,351,300</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Verizon Communications Inc.</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>35,260</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,649,463</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>4,000,763</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Energy Equipment &amp; Services -
    0.7%</FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Chevron Corp.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>9,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,009,620</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face=Arial size=2>Ellsworth Growth and Income Fund Ltd. -
Schedule of Investments - continued<BR>December 31, 2014</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap style="text-align: center" width="10%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face=Arial size=2>Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=Arial size=2>Shares</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=Arial size=2>(Note 1)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Common Stock -
      continued</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Food Products - 2.0%</FONT></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>B&amp;G Foods,
    Inc.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>35,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>$1,046,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>ConAgra Foods, Inc.</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>45,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,632,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>2,679,100</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Household Products - 1.2%</FONT></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Church &amp; Dwight Co.,
      Inc.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>20,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,576,200</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Industrial Conglomerates - 0.9%</FONT></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>General Electric
    Co.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>50,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,263,500</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Insurance - 0.8%</FONT></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>MetLife, Inc.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>20,175</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,091,266</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Media - 1.0%</FONT></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Walt Disney Co.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>15,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,412,850</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Oil, Gas &amp; Consumable Fuels -
    2.8%</FONT></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>ConocoPhillips</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>26,782</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,849,565</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#ffffff><FONT face=Arial size=2>Kinder Morgan,
    Inc.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#ffffff><FONT face=Arial size=2>45,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#ffffff><FONT face=Arial size=2>1,903,950</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>3,753,515</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Pharmaceuticals - 4.5%</FONT></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>AbbVie Inc.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>25,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,636,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Eli Lilly &amp; Co.</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>15,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,034,850</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Merck &amp; Co.,
      Inc.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>22,651</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,286,350</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Pfizer Inc.</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>40,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,246,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Roche Holdings
    Ltd.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>27,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>934,725</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>6,137,925</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Real Estate Investment
      Trusts - 3.1%</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>American Tower Corp.</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>15,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>1,482,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Crown Castle International
      Corp.</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>16,100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,267,070</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Invesco Mortgage Capital Inc.</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>58,700</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>907,502</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Lexington Realty
      Trust</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>55,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>603,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>4,261,222</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Semiconductors &amp;
      Semiconductor Equipment - 1.1%</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Intel Corp.</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>40,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,451,600</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Software - 1.0%</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Microsoft Corp.</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>28,600</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>1,328,470</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Technology, Hardware &amp;
      Storage - 2.3%</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>EMC Corp.</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>70,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>2,081,800</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Stratasys Ltd.
    (6)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>12,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>997,320</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>3,079,120</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Wireless Telecommunication
      Services - 3.0%</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>SBA Communications Corp. (6)</FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>20,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>2,270,580</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Vodafone Group Plc
      (ADR)</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>50,909</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>1,739,561</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><FONT face=Arial size=2>4,010,141</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Total Common
    Stock</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>41,954,409</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Total Convertible Bonds and Notes -
      49.6%</FONT></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>$67,264,762</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Total Convertible
      Preferred Stock - 8.3%</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>11,247,008</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Total Mandatory Convertible Securities -
      10.4%</FONT></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=Arial size=2>14,076,862</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Total Common Stock -
      31.0%</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>41,954,409</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Total Investments - 99.3%</FONT></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 10%"><FONT face=Arial size=2>134,543,041</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=Arial size=2>Other Assets, Net of
      Liabilities - 0.7%</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=Arial size=2>982,460</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Total Net Assets - 100.0%</FONT></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=Arial size=2>$135,525,501</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face=Arial size=2>Ellsworth Growth and Income Fund Ltd. -
Schedule of Investments &#150; continued<BR>December 31, 2014 </FONT></P>
<P align=left><FONT face=Arial size=2>(1) Security not registered under the
Securities Act of 1933, as amended (the "Securities Act") (e.g., the security
was purchased in a Rule 144A or a Regulation D transaction). The security may be
resold only pursuant to an exemption from registration under the Securities Act,
typically to qualified institutional buyers. The Fund generally has no rights to
demand registration of such securities. The aggregate market value of these
unregistered securities at December 31, 2014 was $10,294,006 which represented
7.60% of the Fund&#146;s net assets. </FONT></P>
<P align=left><FONT face=Arial size=2>(2) On October 6, 2014, GT Advanced
Technologies Inc. filed for bankruptcy and went into default. </FONT></P>
<P align=left><FONT face=Arial size=2>(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 December 31, 2014, which represented 0.57% of the Fund&#146;s net assets.
</FONT></P>
<P align=left><FONT face=Arial size=2>(4) Restricted securities include
securities that have not been registered under the Securities Act and securities
that are subject to restrictions on resale. The Fund may invest in restricted
securities that are consistent with the Fund&#146;s investment objective and
investment strategies. In some cases, the issuer of restricted securities has
agreed to register such securities for resale at the issuer&#146;s expense, either
upon demand by the Fund or in connection with another registered offering of the
securities. Investments in restricted securities are valued at fair value as
determined in good faith in accordance with procedures adopted by the Board of
Trustees. It is possible that the estimated value may differ significantly from
the amount that might ultimately be realized in the near term, and the
difference could be material. As of December 31, 2014, the Fund was invested in
the following restricted securities: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face=Arial size=2>Price per</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face=Arial size=2>% Net</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="45%"><FONT face=Arial size=2>Security</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT face=Arial size=2>Acquisition Date</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT face=Arial size=2>Shares</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT face=Arial size=2>Cost</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT face=Arial size=2>Share</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT face=Arial size=2>Value</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT face=Arial size=2>Assets</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=Arial size=2>Amerivon Holdings LLC</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0><FONT face=Arial size=2>April 1, 2010</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0><FONT face=Arial size=2>666,024</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0><FONT face=Arial size=2>$1,500,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0><FONT face=Arial size=2>$1.147</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0><FONT face=Arial size=2>$763,605</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0><FONT face=Arial size=2>0.56%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;series
      A 4.00% cv. pfd.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD align=left width="99%" bgColor=#c0c0c0 colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=Arial size=2>Amerivon
      Holdings LLC</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face=Arial size=2>April 1, 2010</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face=Arial size=2>272,728</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face=Arial size=2>0</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face=Arial size=2>0.060</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face=Arial size=2>16,364</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face=Arial size=2>0.01%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
      equity units</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"></TD></TR></TABLE><BR>
<P align=left><FONT face=Arial size=2>(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. </FONT></P>
<P align=left><FONT face=Arial size=2>(6) Non-income producing security.
</FONT></P>
<P align=left><FONT face=Arial size=2>ADR = American Depositary Receipt.
</FONT></P>
<P align=left><FONT face=Arial size=2>Portfolio Ratings: </FONT></P>
<P align=left><FONT face=Arial size=2>Where a security is rated by Standard
&amp; Poor&#146;s, such rating appears in parentheses next to such security (but
without any applicable + or - that might apply). </FONT></P>
<P align=left><FONT face=Arial size=2>Where a security is rated by Standard
&amp; Poor&#146;s and at least one other rating agency and the Fund believes the
ratings to be functionally equivalent to one another, the Standard &amp; Poor&#146;s
rating appears in parentheses next to such security (but without any applicable
+ or - that might apply). </FONT></P>
<P align=left><FONT face=Arial size=2>Where a security is rated by Standard
&amp; Poor&#146;s and at least one other rating agency and the Fund believes the
ratings not to be functionally equivalent to one another, the Fund puts in
parentheses next to such security the Standard &amp; Poor&#146;s rating which it
believes approximates the average of all such ratings (but without any
applicable + or - that might apply). </FONT></P>
<P align=left><FONT face=Arial size=2>Where a security is not rated by Standard
&amp; Poor&#146;s, but is rated by at least one other rating agency, the Fund puts in
parentheses next to such security the Standard &amp; Poor&#146;s rating which it
believes approximates the average of all such ratings (but without any
applicable + or - that might apply). NR is used whenever a rating is
unavailable. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>Summary of Portfolio
      Ratings *</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="99%"><FONT face=Arial size=2>AAA</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>0</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face=Arial size=2>AA</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>3</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>%</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="99%"><FONT face=Arial size=2>A</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>26</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face=Arial size=2>BBB</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>31</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>%</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="99%"><FONT face=Arial size=2>BB</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>21</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face=Arial size=2>B</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>13</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>%</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="99%"><FONT face=Arial size=2>CCC &amp; below</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face=Arial size=2>Not Rated</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>5</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>%</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=Arial size=2>* Excludes common stocks and cash.
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face=Arial size=2>Ellsworth Growth and Income Fund Ltd. -
Selected Notes to Financial Statements - unaudited </FONT></P>
<P align=left><FONT face=Arial size=2>Ellsworth Growth and Income Fund Ltd. (the
&#147;Fund&#148;), is registered under the Investment Company Act of 1940, as amended,
(the &#147;Act&#148;) as a diversified, closed-end management investment company.
</FONT></P>
<P align=left><U><FONT face=Arial size=2>Note 1 - Security
Valuation</FONT></U><FONT face=Arial size=2> - 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. </FONT></P>
<P align=left><FONT face=Arial size=2>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: </FONT></P>
<P align=left><FONT face=Arial size=2>Level 1 - Quoted unadjusted prices for
identical instruments in active markets. </FONT></P>
<P align=left><FONT face=Arial size=2>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. </FONT></P>
<P align=left><FONT face=Arial size=2>Level 3 - Model derived valuations in
which one or more significant inputs or significant value drivers are
unobservable. Unobservable inputs are those inputs that reflect the Fund&#146;s own
assumptions that market participants would use to price an asset or liability
based on the best available information. </FONT></P>
<P align=left><FONT face=Arial size=2>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. </FONT></P>
<P align=left><FONT face=Arial size=2>The following is a summary of the inputs
used to value the investments of the Fund as of December 31, 2014: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT face=Arial size=2>Level 1</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT face=Arial size=2>Level 2</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT face=Arial size=2>Level 3</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT face=Arial size=2>Total</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Investments in Securities:</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" colSpan=2><FONT face=Arial size=2>Common Stock:</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Consumer
      Discretionary</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>2,962,850</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>2,962,850</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Consumer Staples</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>4,255,300</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>4,255,300</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Energy</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>4,763,135</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>4,763,135</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Financials</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>8,701,605</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>8,701,605</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Health Care</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>6,137,925</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>6,137,925</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Industrials</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,263,500</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,263,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Information
      Technology</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>5,859,190</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>5,859,190</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Telecommunication Services</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>8,010,904</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>8,010,904</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Total Common Stock</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>41,954,409</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>41,954,409</FONT></TD></TR>
  <TR>
    <TD width="1%" bgColor=#c0c0c0></TD>
    <TD width="99%" bgColor=#c0c0c0 colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" colSpan=2><FONT face=Arial size=2>Convertible Bonds and Notes:</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Consumer
      Discretionary</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>7,040,330</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>7,040,330</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Consumer Staples</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>503,750</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>503,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Energy</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,119,624</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,119,624</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Financials</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>8,074,534</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>8,074,534</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Health Care</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>15,841,976</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>15,841,976</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Industrials</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>5,893,437</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>5,893,437</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Information
      Technology</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>25,579,423</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>25,579,423</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Materials</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>2,260,438</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>2,260,438</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Telecommunication
      Services</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>951,250</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>951,250</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" colSpan=2><FONT face=Arial size=2>Total Convertible Bonds and Notes</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>67,264,762</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>67,264,762</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Convertible Preferred Stock:</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Consumer Discretionary</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,332,350</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>779,969</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>2,112,319</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Energy</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,784,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,784,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Financials</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>6,176,689</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>6,176,689</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Industrials</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,174,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1,174,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" colSpan=2><FONT face=Arial size=2>Total Convertible Preferred Stock</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>10,467,039</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>779,969</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>11,247,008</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Mandatory Convertible Securities:</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Consumer Discretionary</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,761,537</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>1,761,537</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Financials</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>2,802,900</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>2,802,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Health Care</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>2,137,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>2,137,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Industrials</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>3,613,200</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>3,613,200</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Telecommunication Services</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>529,900</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>529,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=2>Utilities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>3,232,325</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>3,232,325</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" colSpan=2><FONT face=Arial size=2>Total Mandatory Convertible Securities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>14,076,862</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>14,076,862</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Total Investments</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>41,954,409</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>91,808,663</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>779,969</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>134,543,041</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face=Arial size=2>Refer to the Fund&#146;s Portfolio of
Investments for a detailed breakdown of Common Stock, Convertible Bonds and
Notes, Convertible Preferred Stock and Mandatory Convertible Securities.
Transfers between levels are recognized at December 31, 2014, the end of the
reporting period. The Fund recognized no transfers to or from levels 1 and 2.
</FONT></P>
<P align=left><FONT face=Arial size=2>The following is a reconciliation of
assets for which Level 3 inputs were used in determining value: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>Investments</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><FONT face=Arial size=2>Description</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>in
      Securities</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face=Arial size=2>Balance as of September
      30, 2014</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$779,969</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face=Arial size=2>Proceeds from sales</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face=Arial size=2>Gain/loss</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face=Arial size=2>Change in unrealized appreciation
      (depreciation)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>---</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face=Arial size=2>Net transfers in/out of
      Level 3</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>---</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face=Arial size=2>Balance as of December 31, 2014</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=Arial size=2>$779,969</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=Arial size=2>The following table presents additional
information about valuation methodologies and inputs used for investments that
are measured at fair value and categorized within Level 3 as of December 31,
2014: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"><FONT face=Arial size=2>Impact to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"><FONT face=Arial size=2>Valuation from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="8%"><FONT face=Arial size=2>Fair Value</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"><FONT face=Arial size=2>Valuation</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"><FONT face=Arial size=2>Unobservable</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"><FONT face=Arial size=2>an Increase in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT face=Arial size=2>December 31, 2014</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><FONT face=Arial size=2>Methodologies</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><FONT face=Arial size=2>Input <SUP>(1)</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><FONT face=Arial size=2>Input <SUP>(2)</SUP></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT face=Arial size=2>Amerivon Holdings LLC
      series A</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0><FONT face=Arial size=2>$779,969</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face=Arial size=2>Market</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face=Arial size=2>Liquidity</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face=Arial size=2>Increase</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT face=Arial size=2>cv. pfd. and common equity
      units</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face=Arial size=2>Comparables/</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face=Arial size=2>Discount</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face=Arial size=2>Sum of the</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face=Arial size=2>Parts</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face=Arial size=2>Valuation/</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face=Arial size=2>Dividend</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face=Arial size=2>Analysis</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(1)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>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>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>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 align=left><U><FONT face=Arial size=2>Note 2 - Securities Transactions and
Related Investment Income</FONT></U><FONT face=Arial size=2> - 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.</FONT></P>
<P align=left><U><FONT face=Arial size=2>Note 3 - Federal Income Tax
Cost</FONT></U><FONT face=Arial size=2> - At December 31, 2014, unrealized
appreciation (depreciation) of investment securities on a tax cost basis and
federal tax cost were as follows: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=Arial size=2>Unrealized
      appreciation</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>22,231,793</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Unrealized depreciation</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>(4,729,257</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=Arial size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=Arial size=2>Net unrealized
      appreciation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>17,502,536</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Cost for federal income tax
    purposes</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=Arial size=2>117,040,505</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR></TABLE><BR>

<P align=left><U><FONT face=Arial size=2>Note 4 - New Accounting
Pronouncement</FONT></U><FONT face=Arial size=2> - In June 2014, FASB issued ASU No. 2014-11,
Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions,
Repurchase Financings, and Disclosures. The ASU changes the accounting for
certain repurchase agreements and expands disclosure requirements related to
repurchase agreements, securities lending, repurchase-to-maturity and similar
transactions. The ASU is effective for interim and annual reporting periods
beginning after December 15, 2014. Management is currently evaluating the
impact, if any, of applying this provision. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face=Arial size=2>ITEM 2. CONTROLS AND PROCEDURES.
</FONT></P>
<P align=left><FONT face=Arial size=2>Conclusions of principal officers
concerning controls and procedures. </FONT></P>
<P align=left><FONT face=Arial size=2>(a) The Fund&#146;s principal executive officer
and principal financial officer have concluded that the Fund&#146;s disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c)) are effective as of February 27, 2015 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)).
</FONT></P>
<P align=left><FONT face=Arial size=2>(b) There have been no changes in the
Fund&#146;s internal control over financial reporting (as defined in Rule 30a-3(d)
under the Act (17 CFR 270.30a-3(d)) that occurred during the Fund&#146;s last fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, the Fund&#146;s internal control over financial reporting. </FONT></P>
<P align=left><FONT face=Arial size=2>ITEM 3. EXHIBITS. </FONT></P>
<P align=left><FONT face=Arial size=2>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. </FONT></P>
<P align=left><FONT face=Arial size=2>SIGNATURES </FONT></P>
<P align=left><FONT face=Arial size=2>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. </FONT></P>
<P align=left><FONT face=Arial size=2>Ellsworth Growth and Income Fund Ltd.
</FONT></P>
<TABLE style="LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>By:
      /s/Thomas H. Dinsmore</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Thomas H. Dinsmore</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Chairman of the Board
and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Chief Executive Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>(Principal Executive
    Officer)</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=Arial size=2>Date: February 27, 2015 </FONT></P>
<P align=left><FONT face=Arial size=2>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. </FONT></P>
<TABLE style="LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>By:
      /s/Thomas H. Dinsmore</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Thomas H. Dinsmore</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Chairman of the Board
and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Chief Executive Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>(Principal Executive
    Officer)</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=Arial size=2>Date: February 27, 2015 </FONT></P>
<TABLE style="LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="15%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>By: /s/Gary I. Levine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Gary I. Levine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Chief Financial Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>(Principal Financial
Officer)</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=Arial size=2>Date: February 27, 2015 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>exhibit99-cert.htm
<DESCRIPTION>CERTIFICATIONS OF THE PRINCIPAL EXECUTIVE OFFICER AND THE PRINCIPAL FINANCIAL OFFICER OF THE FUND
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<P align=right><FONT face=Arial size=2><STRONG>Exhibit 99.CERT
</STRONG></FONT></P>
<P align=left><B><FONT face=Arial size=2>CERTIFICATION OF PRINCIPAL EXECUTIVE
OFFICER</FONT></B><FONT face=Arial size=2> </FONT></P>
<P align=left><FONT face=Arial size=2>I, Thomas H. Dinsmore, certify that:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>1.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2>
      <P align=left><FONT face=Arial size=2>I have reviewed this report on Form
      N-Q of Ellsworth Growth and Income Fund Ltd.; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>2.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2>
      <P align=left><FONT face=Arial size=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; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>3.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2>
      <P align=left><FONT face=Arial size=2>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; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>4.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2>
      <P align=left><FONT face=Arial size=2>The registrant&#146;s other certifying
      officer(s) and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the
      Investment Company Act of 1940) and internal control over financial
      reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
      1940) for the registrant and have: </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(a)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>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;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(b)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>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;</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(c)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>Evaluated the effectiveness of the registrant&#146;s
      disclosure controls and procedures and presented in this report our
      conclusions about the effectiveness of the disclosure controls and
      procedures, as of a date within 90 days prior to the filing date of this
      report, based on such evaluation; and</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(d)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>Disclosed in this report any change in the registrant&#146;s
      internal control over financial reporting that occurred during the
      registrant&#146;s most recent fiscal quarter that has materially affected, or
      is reasonably likely to materially affect, the registrant&#146;s internal
      control over financial reporting; and</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=2></TD></TR>
  <TR vAlign=top>
    <TD noWrap><FONT face=Arial size=2>5.</FONT></TD>
    <TD width="100%" colSpan=2>
      <P align=left><FONT face=Arial size=2>The registrant&#146;s other certifying
      officer(s) and I have disclosed to the registrant&#146;s auditors and the audit
      committee of the registrant&#146;s board of directors (or persons performing
      the equivalent functions): </FONT></P></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(a)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>All significant deficiencies and
      material weaknesses in the design or operation of internal control over
      financial reporting which are reasonably likely to adversely affect the
      registrant&#146;s ability to record, process, summarize, and report financial
      information; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(b)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>Any fraud, whether or not
      material, that involves management or other employees who have a
      significant role in the registrant&#146;s internal control over financial
      reporting.</FONT></TD></TR></TABLE>
<P align=left><FONT face=Arial size=2>Date: February 27, 2015 </FONT></P>
<P align=left><FONT face=Arial size=2>/s/ Thomas H. Dinsmore<BR></FONT><FONT face=Arial size=2>Chairman of the Board and Chief Executive
Officer<BR>(Principal Executive Officer) </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face=Arial size=2>CERTIFICATION OF PRINCIPAL FINANCIAL
OFFICER</FONT></B><FONT face=Arial size=2> </FONT></P>
<P align=left><FONT face=Arial size=2>I, Gary I. Levine, certify that:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>1.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2>
      <P align=left><FONT face=Arial size=2>I have reviewed this report on Form
      N-Q of Ellsworth Growth and Income Fund Ltd.; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top width="100%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>2.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2>
      <P align=left><FONT face=Arial size=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; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>3.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2>
      <P align=left><FONT face=Arial size=2>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; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>4.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2>
      <P align=left><FONT face=Arial size=2>The registrant&#146;s other certifying
      officer(s) and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the
      Investment Company Act of 1940) and internal control over financial
      reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
      1940) for the registrant and have: </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(a)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>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;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(b)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>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;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(c)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>Evaluated the effectiveness of
      the registrant&#146;s disclosure controls and procedures and presented in this
      report our conclusions about the effectiveness of the disclosure controls
      and procedures, as of a date within 90 days prior to the filing date of
      this report, based on such evaluation; and</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(d)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>Disclosed in this report any
      change in the registrant&#146;s internal control over financial reporting that
      occurred during the registrant&#146;s most recent fiscal quarter that has
      materially affected, or is reasonably likely to materially affect, the
      registrant&#146;s internal control over financial reporting; and</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap><FONT face=Arial size=2>5.</FONT></TD>
    <TD width="100%" colSpan=2>
      <P align=left><FONT face=Arial size=2>The registrant&#146;s other certifying
      officer(s) and I have disclosed to the registrant&#146;s auditors and the audit
      committee of the registrant&#146;s board of directors (or persons performing
      the equivalent functions): </FONT></P></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(a)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>All significant deficiencies and
      material weaknesses in the design or operation of internal control over
      financial reporting which are reasonably likely to adversely affect the
      registrant&#146;s ability to record, process, summarize, and report financial
      information; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(b)</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>Any fraud, whether or not
      material, that involves management or other employees who have a
      significant role in the registrant&#146;s internal control over financial
      reporting.</FONT></TD></TR></TABLE>
<P align=left><FONT face=Arial size=2>Date: February 27, 2015 </FONT></P>
<P align=left><FONT face=Arial size=2>/s/ Gary I. Levine<BR>Chief Financial
Officer<BR>(Principal Financial Officer) </FONT></P>
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