<SEC-DOCUMENT>0001145443-15-000752.txt : 20150529
<SEC-HEADER>0001145443-15-000752.hdr.sgml : 20150529
<ACCEPTANCE-DATETIME>20150529080033
ACCESSION NUMBER:		0001145443-15-000752
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20150331
FILED AS OF DATE:		20150529
DATE AS OF CHANGE:		20150529
EFFECTIVENESS DATE:		20150529

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04656
		FILM NUMBER:		15897178

	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-CSRS
<SEQUENCE>1
<FILENAME>ellsworth_ncsrs.htm
<DESCRIPTION>CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
<TEXT>

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<P align=center><FONT face="Times New Roman" size=2>UNITED
STATES<BR></FONT><FONT face="Times New Roman" size=2>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549 </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>FORM N-CSR </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>CERTIFIED SHAREHOLDER REPORT
OF REGISTERED<BR>MANAGEMENT INVESTMENT COMPANIES </FONT></P>
<P style="MARGIN-BOTTOM: 9pt" align=center><FONT face="Times New Roman" size=2>Investment Company Act file number 811-04656<BR></FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 4pt" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" width="100%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD></TR></TABLE></div><BR><BR>
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    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="100%"><FONT face="Times New Roman" size=2>ELLSWORTH GROWTH AND INCOME FUND
      LTD.</FONT></TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD noWrap style="text-align: center" width="100%"><FONT face="Times New Roman" size=2>(Exact name of registrant as specified in
  charter)</FONT></TD></TR>
  <TR>
    <TD noWrap style="text-align: center" width="100%">&nbsp;</TD></TR>
  <TR style="PADDING-BOTTOM: 8pt" vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="100%"><FONT face="Times New Roman" size=2>65 Madison Avenue, Morristown, New
      Jersey 07960-7308</FONT></TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD noWrap style="text-align: center" width="100%"><FONT face="Times New Roman" size=2>(Address of principal executive offices) (Zip
  code)</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>Thomas H.
Dinsmore<BR></FONT><FONT face="Times New Roman" 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="Times New Roman" size=2>Copy to:<BR>Steven B. King,
Esq.<BR>Ballard Spahr LLP<BR></FONT><FONT face="Times New Roman" size=2>1735
Market Street, 51st Floor<BR>Philadelphia, PA 19103-7599 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Registrant&#146;s telephone
number, including area code: (973) 631-1177</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Date of fiscal year end:
September 30, 2015</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Date of reporting period:
March 31, 2015 </FONT></P>
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    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" width="100%">&nbsp;</TD></TR></TABLE>



<P align=justify><FONT face="Times New Roman" size=2>ITEM 1. REPORTS TO
STOCKHOLDERS. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR></TABLE>




<P align=center><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=7>Ellsworth Growth and<BR>Income Fund Ltd.</FONT></P>
<P align=center><FONT face="Times New Roman" size=6></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=6></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=6></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=6>2015 Semi-Annual
Report<BR>March 31, 2015</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><I><FONT face="Times New Roman" size=4>2015 Semi-Annual
Report<BR>March 31, 2015</FONT></I></P>
<P align=justify><FONT face="Times New Roman" size=2>Ellsworth Growth and Income
Fund Ltd. operates as a closed-end, diversified management investment company
and invests primarily in convertible securities, with the objectives of
providing income and the potential for capital appreciation; which objectives
the Fund considers to be relatively equal, over the long-term, due to the nature
of the securities in which it invests.</FONT></P>
<P align=center><I><FONT face="Times New Roman" size=5>Highlights</FONT></I></P>
<P align=justify><FONT face="Times New Roman" size=3><B>Performance through March 31,
2015 </B><I>with dividends reinvested</I></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="69%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>Calendar</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=4></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="14%" colSpan=14><B><FONT face="Times New Roman" size=2>Annualized</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>10 Year</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>YTD</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>1
      Year</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>3
      Years</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>5
      Years</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>10
      Years</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Volatility
      *</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Ellsworth market price</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1.81</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>8.81</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>10.82</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>9.50</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>7.26</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>15.24</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face="Times New Roman" size=2>Ellsworth net asset value</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2.02</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7.98</FONT></TD>
    <TD noWrap align=left 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=right width="1%"><FONT face="Times New Roman" size=2>11.54</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>10.17</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7.06</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>12.25</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Bank of America Merrill Lynch All</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S.
      Convertibles Index</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>3.02</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>8.07</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>13.67</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>11.15</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>7.94</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="2%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>12.47</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Barclays Balanced U.S.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Convertibles </FONT><FONT face="Times New Roman" size=2>Index</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2.62</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2.98</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>9.49</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>8.93</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>NA</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>NA</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>S&amp;P 500</FONT><FONT face="Times New Roman" size=2>&#174; </FONT><FONT face="Times New Roman" size=2>Index</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>0.95</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>12.70</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>16.08</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>14.44</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>8.00</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="2%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>15.05</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>Bank of America
</FONT><FONT face="Times New Roman" size=2>Merrill Lynch All U.S. Convertibles
Index </FONT><FONT face="Times New Roman" size=2>and S&amp;P 500&#174; Index
performance in the table above are from the Bloomberg L.P. pricing service.
Barclays Balanced U.S. Convertibles Index performance is from Barclays Capital.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Ellsworth&#146;s net asset value
performance in the table above has not been adjusted for expenses. Performance
data represents past results and does not reflect future performance.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>* Volatility is a measure
of risk based on the standard deviation of the return. The greater the
volatility, the greater the chance of a profit or risk of a loss.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-TOP: 14pt" vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="100%"><FONT face="Times New Roman" size=3><B>Quarterly History of NAV and
      Market Price </B>(NYSE MKT symbol: ECF)</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="9%"></TD>
    <TD noWrap align=left width="61%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%" colSpan=14><B><FONT face="Times New Roman" size=2>Net Asset Values</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%" colSpan=14><B><FONT face="Times New Roman" size=2>Market Prices</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="9%"><B><FONT face="Times New Roman" size=2>Qtr. Ended</FONT></B></TD>
    <TD noWrap align=left width="61%"></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>High</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>Low</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>Close</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>High</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>Low</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>Close</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>6/30/14</FONT></TD>
    <TD noWrap align=right width="61%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><STRONG><FONT size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>10.53</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><STRONG><FONT size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><STRONG><FONT size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>9.88</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><STRONG><FONT size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><STRONG><FONT size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>10.53</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><STRONG><FONT size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><STRONG><FONT size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>8.84</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><STRONG><FONT size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><STRONG><FONT size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>8.33</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><STRONG><FONT size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><STRONG><FONT size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>8.83</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><STRONG><FONT size=2>&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="9%"><FONT face="Times New Roman" size=2>9/30/14</FONT></TD>
    <TD noWrap align=left width="61%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>10.64</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>10.28</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>10.29</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>8.96</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>8.61</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>8.65</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>12/31/14</FONT></TD>
    <TD noWrap align=left width="61%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>10.37</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>9.78</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>10.19</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>8.71</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>7.81</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>8.71</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="9%"><FONT face="Times New Roman" size=2>3/31/15</FONT></TD>
    <TD noWrap align=left width="61%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>10.44</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>9.99</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>10.27</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>8.85</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>8.25</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>8.76</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-TOP: 14pt">
    <TD style="BORDER-TOP: #000000 1.5pt solid" width="100%">
      <P align=justify><B><FONT face="Times New Roman">Dividend Distributions
      (12 Months)</FONT></B></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="9%"><B><FONT face="Times New Roman" size=2>Record<BR>Date</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="68%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Payment<BR>Date</FONT></B></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>Income</FONT></B></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>Capital<BR>Gains</FONT></B></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="5%" colSpan=5>
      <P><B><FONT face="Times New Roman" size=2>Return of<BR></FONT></B><B><FONT face="Times New Roman" size=2>Capital</FONT></B></P></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="9%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>5/15/14</FONT></TD>
    <TD noWrap align=right width="68%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><STRONG><FONT face="Times New Roman" size=2>&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>5/29/14</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><STRONG><FONT face="Times New Roman" size=2>&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><STRONG><FONT face="Times New Roman" size=2>&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>0.0600</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF><STRONG><FONT face="Times New Roman" size=2>&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>0.0600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="9%"><FONT face="Times New Roman" size=2>8/14/14</FONT></TD>
    <TD noWrap align=right width="68%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>8/28/14</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.0600</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.0600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="9%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>10/31/14</FONT></TD>
    <TD noWrap align=right width="68%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>11/26/14</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>0.0380</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>0.312</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>0.3500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="9%"><FONT face="Times New Roman" size=2>2/12/15</FONT></TD>
    <TD noWrap align=right width="68%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2/26/15</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>0.0962</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>0.0113</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" noWrap width="1%"><FONT face="Times New Roman" size=2>0.1075</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="68%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>0.2542</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: center" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>0.312</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>0.0113</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>0.5775</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>E L L S W O R T
      H&nbsp;&nbsp; G R O W T H&nbsp;&nbsp; A N D&nbsp;&nbsp; I N C O M
      E&nbsp;&nbsp; F U N D&nbsp;&nbsp; L T D .&nbsp;&nbsp; 2 0 1 5&nbsp;&nbsp; S
      E M I - A N N U A L&nbsp;&nbsp; R E P O R T&nbsp;&nbsp; T O&nbsp;&nbsp; S H A R E H O
      L D E R S</FONT></P></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>To Our
      Shareholders</FONT></P></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2>May 8, 2015</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=6>E</FONT><FONT face="Times New Roman" size=2>llsworth Growth and Income Fund Ltd. is off to a
great start in 2015, building on our outstanding year in calendar 2014, in which
we outperformed all of our closed-end convertible fund peers. Return on
Ellsworth&#146;s market price, with dividends reinvested, was 5.29% for the calendar
year-to-date ended April 30, 2015, compared to 1.92% for the S&amp;P
500</FONT><FONT face="Times New Roman" size=2>&#174; </FONT><FONT face="Times New Roman" size=2>over the same period. In addition, we have paid
and/or declared distributions of 21.6 cents within this time frame, under our
previously announced minimum distribution policy. We have also continued our
share repurchase program which we calculate has added 7 cents of Net Asset Value
(NAV) per share for fiscal year-to-date through the end of April. The Fund&#146;s
discount to NAV has steadily decreased over this time, we believe in recognition
of our efforts to benefit shareholders. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Looking at the portfolio,
we feel that we are well positioned. We have increased diversification and yield
with our common holdings, while maintaining a core portfolio that we believe
should have strong total return characteristics regardless of the market
environment. Our method of reduced volatility equity investing should
participate if the market continues up, and should outperform in a flat or down
environment.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Performance for Ellsworth&#146;s
second fiscal quarter ended March 31, 2015 was enhanced by exposure to the
Health Care and Consumer Discretionary sectors. Performance was held back by the
Fund&#146;s exposure to the Energy and Information Technology sectors. The Fund&#146;s
largest sector exposures as of March 31, 2015 were in Information Technology
(22.9%), Health Care (22.2%), and Financials (17.2%).</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The net assets of the Fund
at March 31, 2015 consisted of 48.6% cash-pay convertible bonds and notes, 32.6%
common stock, 10.4% mandatory convertible issues, and 7.8% convertible preferred
stock. At that date, the bonds had an average current annual yield of 2.19%; the
common shares, 3.49%; the mandatory convertible securities, 5.55%; and the
preferred shares, 6.41%. The Fund&#146;s convertible securities holdings at March 31,
2015 had a median premium-to-conversion value of 19.7%. We calculate that
equities and equity-sensitive convertible issues at that date made up 59% of the
Fund&#146;s portfolio, with credit-sensitive issues accounting for 10% of the Fund&#146;s
portfolio, and total-return convertible issues at 31%. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As previously reported, the
Board of Trustees of the Fund authorized a share repurchase program of up to 7%
of the outstanding shares of the Fund as a way to address what the Trustees
believe to be an undervaluation of the Fund&#146;s shares. As of May 8, 2015, the
Fund had purchased 410,147 shares (approximately 3% of the number of outstanding
shares at the start of the program). </FONT></P>
<P align=center><I><FONT face="Times New Roman" size=2>continued on the
following page</FONT></I></P>
<P align=right><B><I><FONT face="Times New Roman" size=2>Page
1</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>E L L S W O R T
      H&nbsp;&nbsp; G R O W T H&nbsp;&nbsp; A N D&nbsp;&nbsp; I N C O M
      E&nbsp;&nbsp; F U N D&nbsp;&nbsp; L T D .&nbsp;&nbsp; 2 0 1 5&nbsp;&nbsp; S
      E M I - A N N U A L&nbsp;&nbsp; R E P O R T&nbsp;&nbsp; T O&nbsp;&nbsp; S H A R E H O
      L D E R S</FONT></P></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>To Our
      Shareholders</FONT> <FONT face="Times New Roman">(continued)</FONT></P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The results of the 2015
annual meeting of shareholders are shown in the Miscellaneous Notes section of
this report. We thank you for your participation and support. At its April
meeting, the Board of Trustees of the Fund declared a distribution of $0.1085
per share, consisting of net investment income of $0.0541 and a return of
capital of $0.0544. The distribution is payable on May 28, 2015 to shareholders
of record on May 14, 2015. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Portfolio
Managers:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Thomas H. Dinsmore<BR>Jane
D. O&#146;Keeffe<BR>James A. Dinsmore</FONT></P>
<P align=center><IMG src="ellsworth_ncsrs1x4x1.jpg" border=0> </P>
<P style="TEXT-ALIGN: left"><B><I><FONT face="Times New Roman" size=2>Page
2</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>E L L S W O R T
      H&nbsp;&nbsp; G R O W T H&nbsp;&nbsp; A N D&nbsp;&nbsp; I N C O M
      E&nbsp;&nbsp; F U N D&nbsp;&nbsp; L T D .&nbsp;&nbsp; 2 0 1 5&nbsp;&nbsp; S
      E M I - A N N U A L&nbsp;&nbsp; R E P O R T&nbsp;&nbsp; T O&nbsp;&nbsp; S H A R E H O
      L D E R S</FONT></P></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Large Investment Holdings</FONT> <FONT face="Times New Roman" size=4>by underlying common
stock</FONT></P></TD></TR></TABLE>


<P align=justify></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=1>Value<BR>(Note
      1)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>% Total<BR>Net
      Assets</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Gilead Sciences, Inc.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>3,017,004</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>2.2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD style="PADDING-LEFT: 15pt" align=left width="90%"><FONT face="Times New Roman" size=2>Gilead Sciences is a research-based
      biopharmaceutical company that discovers, develops and commercializes
      medicines. Gilead&#146;s primary areas of focus include human immunodeficiency
      virus (HIV)/AIDS, liver diseases, and cardiovascular/metabolic and
      respiratory conditions.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>AT&amp;T Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>2,285,500</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>1.7</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD style="PADDING-LEFT: 15pt" align=left width="90%"><FONT face="Times New Roman" size=2>AT&amp;T is a provider of telecommunications
      services in the U.S. and worldwide. These include wireless communications,
      local exchange services, long-distance services, data/broadband and
      Internet services, and video services.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp; </TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Mylan Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>2,225,312</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>1.7</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD style="PADDING-LEFT: 15pt" align=left width="90%"><FONT face="Times New Roman" size=2>Mylan and its subsidiaries comprise a global
      pharmaceutical company that develops, licenses, manufactures, markets and
      distributes generic, brand and branded generic pharmaceutical products and
      active pharmaceutical ingredients (API).</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp; </TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Equinix, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>2,168,906</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>1.6</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD style="PADDING-LEFT: 15pt" align=left width="90%"><FONT face="Times New Roman" size=2>Equinix provides core Internet exchange
      services to networks, Internet infrastructure companies, enterprises and
      content providers.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Hawaiian Holdings, Inc.</FONT></TD>
    <TD align=left width="1%" bgColor=#f0f8ff></TD>
    <TD align=left width="1%" bgColor=#f0f8ff></TD>
    <TD align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>2,125,781</FONT></TD>
    <TD align=right width="1%" bgColor=#f0f8ff></TD>
    <TD align=right width="1%" bgColor=#f0f8ff></TD>
    <TD align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>1.6</FONT></TD>
    <TD align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD style="PADDING-LEFT: 15pt" align=left width="90%"><FONT face="Times New Roman" size=2>Hawaiian Holdings is a holding company whose
      primary asset is the sole ownership of all issued and outstanding shares
      of common stock of Hawaiian Airlines, Inc., which is engaged in the
      scheduled air transportation of passengers and cargo amongst the Hawaiian
      Islands, between the islands and certain cities in the United States, and
      between the islands and the South Pacific, Australia and Asia.</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp; </TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Molina Healthcare Inc.</FONT></TD>
    <TD align=left width="1%" bgColor=#f0f8ff></TD>
    <TD align=left width="1%" bgColor=#f0f8ff></TD>
    <TD align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>2,109,375</FONT></TD>
    <TD align=right width="1%" bgColor=#f0f8ff></TD>
    <TD align=right width="1%" bgColor=#f0f8ff></TD>
    <TD align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>1.6</FONT></TD>
    <TD align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD style="PADDING-LEFT: 15pt" align=left width="90%"><FONT face="Times New Roman" size=2>Molina provides Medicaid-related solutions
      to meet the health care needs of families and individuals and to assist
      state agencies in their administration of the Medicaid program. The
      company derives its revenues primarily from health insurance premiums and
      service revenues.</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Actavis plc</FONT></TD>
    <TD align=left width="1%" bgColor=#f0f8ff></TD>
    <TD align=left width="1%" bgColor=#f0f8ff></TD>
    <TD align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>2,024,000</FONT></TD>
    <TD align=right width="1%" bgColor=#f0f8ff></TD>
    <TD align=right width="1%" bgColor=#f0f8ff></TD>
    <TD align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>1.5</FONT></TD>
    <TD align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD style="PADDING-LEFT: 15pt" align=left width="90%"><FONT face="Times New Roman" size=2>Actavis is a global, integrated specialty
      pharmaceutical company. The company is focused on developing,
      manufacturing and distributing generic, brand and biosimilar products. The
      company produces and markets generic, branded generic, branded and
      over-the-counter (OTC) pharmaceutical products covering all therapeutic
      classes.</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="90%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>The Priceline Group Inc.</FONT></TD>
    <TD align=left width="1%" bgColor=#F0F8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#F0F8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>2,009,062</FONT></TD>
    <TD align=right width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" width="1%" bgColor=#F0F8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>1.5</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%" bgColor=#F0F8FF></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD style="PADDING-LEFT: 15pt" align=left width="90%"><FONT face="Times New Roman" size=2>Priceline is an online travel company that
      offers its customers hotel room reservations at over 295,000 hotels
      worldwide through the Booking.com, priceline.com and Agoda brands. In the
      United States, it also offers its customers reservations for car rentals,
      airline tickets, vacation packages, destination services and cruises
      through the priceline.com brand.</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp; </TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>Total</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>17,964,940</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>13.4</FONT></TD>
    <TD style="PADDING-BOTTOM: 2pt; WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%" bgColor=#F0F8FF></TD></TR></TABLE><BR>
<P align=right><B><I><FONT face="Times New Roman" size=2>Page
3</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>E L L S W O R T
      H&nbsp;&nbsp; G R O W T H&nbsp;&nbsp; A N D&nbsp;&nbsp; I N C O M
      E&nbsp;&nbsp; F U N D&nbsp;&nbsp; L T D .&nbsp;&nbsp; 2 0 1 5&nbsp;&nbsp; S
      E M I - A N N U A L&nbsp;&nbsp; R E P O R T&nbsp;&nbsp; T O&nbsp;&nbsp; S H A R E H O
      L D E R S</FONT></P></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Major Industry
      Exposure</FONT></P></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="95%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=1>% Total<BR>Net
      Assets</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Pharmaceuticals</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>10.0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Biotechnology</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>8.5</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Software</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>8.4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Real
      Estate Investment Trusts</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>6.8</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Semiconductors &amp; Semiconductor
      Equipment</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>6.2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Oil,
      Gas &amp; Consumable Fuels</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5.2</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Diversified Telecommunication
    Services</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>4.2</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Food
      Products</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.1</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Internet Software &amp; Services</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>3.9</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Wireless Telecommunication Services</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>3.5</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Total</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>60.8</FONT></TD>
    <TD style="PADDING-BOTTOM: 2pt; WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%" bgColor=#F0F8FF></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Major Portfolio
      Changes</FONT> <FONT face="Times New Roman" size=4>by underlying common
      stock</FONT></P></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff><FONT size=4>Six months ended March 31,
      2015</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=1>Additions</FONT></B></TD>
    <TD noWrap align=left width="49%"><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=1>Reductions</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Actavis plc</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>American Realty Capital</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>ANI
      Pharmaceuticals, Inc.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Bristow Group Inc.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Blucora, Inc.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Chart Industries, Inc.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Cheniere Energy, Inc.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Chiquita Brands International</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Chevron Corp.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Cubist Pharmaceuticals, Inc.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Citigroup Inc.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>FXCM
      Inc.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Global Eagle Entertainment Inc.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Genesee &amp; Wyoming, Inc.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Horizon Pharma plc</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Gilead Sciences, Inc.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>IGI
      Laboratories, Inc.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Illumina, Inc.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>inContact, Inc.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Kaiser Aluminum Corp.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Isis
      Pharmaceuticals, Inc.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Liberty Media Corp.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Jazz
      Pharmaceuticals plc</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Nuance Communications, Inc.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Kindred Healthcare, Inc.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Post
      Holdings, Inc.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Quidel Corp.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>RTI
      International Metals, Inc.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>SunEdison, Inc.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Salix Pharmaceuticals, Ltd.</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="50%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Unilever N.V.</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>United Technologies Corp.</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><B><I><FONT face="Times New Roman" size=2>Page
4</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>E L L S W O R T
      H&nbsp;&nbsp; G R O W T H&nbsp;&nbsp; A N D&nbsp;&nbsp; I N C O M
      E&nbsp;&nbsp; F U N D&nbsp;&nbsp; L T D .&nbsp;&nbsp; 2 0 1 5&nbsp;&nbsp; S
      E M I - A N N U A L&nbsp;&nbsp; R E P O R T&nbsp;&nbsp; T O&nbsp;&nbsp; S H A R E H O
      L D E R S</FONT></P></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Portfolio of
      Investments </FONT><FONT face="Times New Roman" size=4>March 31, 2015
      </FONT><I><FONT face="Times New Roman">(unaudited)</FONT></I></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="95%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face="Times New Roman" size=1>Principal<BR>Amount</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face="Times New Roman" size=1>Value<BR>(Note
      1)</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><STRONG><FONT face="Times New Roman" size=2>Convertible Bonds and Notes - 48.6%</FONT></STRONG></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR>
    <TD noWrap align=left width="95%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Airlines - 1.6%</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Hawaiian Holdings, Inc., 5.00%, Due 3/15/16, (BB)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>750,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2,125,781</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap width="95%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" noWrap width="1%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Automobiles - 0.1%</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Tesla
      Motors, Inc., 1.25%, Due 3/1/21, (BBB)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>200,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: #ffffff; border-bottom: Black 1pt solid"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>168,500</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Biotechnology - 7.5%</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Array
      BioPharma Inc., 3.00%, Due 6/1/20, (BB)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>315,156</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Cepheid, 1.25%, Due 2/1/21, (A)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>800,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>891,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Emergent BioSolutions Inc., 2.875%, Due 1/15/21, (A)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>800,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>926,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Exelixis, Inc., 4.25%, Due 8/15/19, (B)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>191,562</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Gilead Sciences, Inc., 1.625%, Due 5/1/16, (A)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>700,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>3,017,004</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Incyte Corp., 1.25%, Due 11/15/20, (BBB)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,860,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Isis
      Pharmaceuticals, Inc., 1.00%, Due 11/15/21, (BBB) (1)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,166,250</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>OPKO
      Health Inc., 3.00%, Due 2/1/33, (A)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>200,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>418,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Regeneron Pharmaceuticals, Inc., 1.875%, Due 10/1/16,
(AA)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,342,188</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>10,129,660</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="95%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Communications Equipment - 0.5%</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Oclaro, Inc., 6.00%, Due 2/15/20, (BB) (1)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>611,562</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Consumer Finance - 0.8%</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Encore Capital Group, Inc., 3.00%, Due 7/1/20, (A)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" 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="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,082,500</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Diversified Consumer Services - 0.9%</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Carriage Services, Inc., 2.75%, Due 3/15/21, (A)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" 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="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,202,505</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Diversified Telecommunication Services - 1.2%</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Alaska Communications Systems Group, Inc., 6.25%, Due 5/1/18,
      (BB)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>985,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>inContact, Inc., 2.50%, Due 4/1/22, (NR) (1)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>575,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>605,188</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="95%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,590,813</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="95%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Electrical Equipment - 0.5%</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>SolarCity Corp., 2.75%, Due 11/1/18, (BB)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>262,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>SolarCity Corp., 1.625%, Due 11/1/19, (BB)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>445,000</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="95%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>707,500</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="95%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Electronic Equipment &amp; Instruments - 0.7%</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>InvenSense, Inc., 1.75%, Due 11/1/18, (BBB)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" 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="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>975,000</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Health Care Equipment &amp; Supplies - 0.4%</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Quidel Corp., 3.25%, Due 12/15/20, (BBB)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>545,000</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Health Care Providers &amp; Services - 1.6%</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Molina Healthcare Inc., 1.125%, Due 1/15/20, (A)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2,109,375</FONT></TD></TR></TABLE><BR>
<P align=right><B><I><FONT face="Times New Roman" size=2>Page
5</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>E L L S W O R T
      H&nbsp;&nbsp; G R O W T H&nbsp;&nbsp; A N D&nbsp;&nbsp; I N C O M
      E&nbsp;&nbsp; F U N D&nbsp;&nbsp; L T D .&nbsp;&nbsp; 2 0 1 5&nbsp;&nbsp;
      S E M I - A N N U A L&nbsp;&nbsp; R E P O R T&nbsp;&nbsp; T O&nbsp;&nbsp;
      S H A R E H O L D E R S</FONT></P></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Portfolio of
      Investments <FONT face="Times New Roman" size=4>March 31, 2015 <FONT size=3 face="Times New Roman"><I>(continued)</I></FONT></FONT></FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=2><B><FONT size=+0><FONT face="Times New Roman" size=1>Principal<BR>Amount</FONT></FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=2><B><FONT size=+0><FONT face="Times New Roman" size=1>Value<BR>(Note 1)</FONT></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Convertible Bonds and Notes -
      continued</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Household Durables - 1.3%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Jarden Corp., 1.875%, Due 9/15/18,
      (BB)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>859,062</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Jarden Corp., 1.125%, Due 3/15/34,
      (BB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>893,475</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,752,537</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="91%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Internet &amp; Catalog Retail -
      1.5%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>The Priceline Group Inc., 1.00%, Due
      3/15/18, (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2,009,062</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Internet Software &amp; Services -
      3.9%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Blucora, Inc., 4.25%, Due 4/1/19, (BBB)
      (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>934,375</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Equinix, Inc., 4.75%, Due 6/15/16,
    (B)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>2,168,906</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Monster Worldwide, Inc., 3.50%, Due
      10/15/19, (BBB) (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>625,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>852,734</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Web.com Group, Inc., 1.00%, Due 8/15/18,
      (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,375,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,273,594</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>5,229,609</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="91%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>IT Services - 0.9%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>CSG Systems International, Inc., 3.00%, Due
      3/1/17, (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>900,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,227,938</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Life Sciences Tools &amp; Services -
      0.8%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Illumina, Inc., 0.25%, Due 3/15/16,
      (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,106,565</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Media - 0.8%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Global Eagle Entertainment Inc., 2.75%, Due
      2/15/35, (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,125,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,105,312</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Metals &amp; Mining - 0.2%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>A.M. Castle &amp; Co., 7.00%, Due 12/15/17,
      (B)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>400,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>268,000</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Oil, Gas &amp; Consumable Fuels -
      1.4%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Cheniere Energy, Inc., 4.25%, Due 3/15/45,
      (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,242,150</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Clean Energy Fuels Corp., 5.25%, Due
      10/1/18, (BB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>365,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Goodrich Petroleum Corp., 5.00%, Due
      10/1/32, (CCC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>517,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>272,071</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,879,846</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="91%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Personal Products - 0.6%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>IGI Laboratories, Inc., 3.75%, Due 12/15/19,
      (BB) (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #ffffff; border-bottom: Black 1pt solid"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>751,875</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Pharmaceuticals - 3.9%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>ANI Pharmaceuticals, Inc., 3.00%, Due
      12/1/19, (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>576,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Depomed, Inc., 2.50%, Due 9/1/21,
      (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>397,312</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Horizon Pharma Investment Ltd., 2.50%, Due
      3/15/22, (NR) (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (guaranteed by and cv. into Horizon Pharma plc ordinary shares)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>878,906</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Jazz Investments I Ltd., 1.875%, Due
      8/15/21, (B) (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (guaranteed by and cv. into Jazz Pharmaceuticals plc ordinary
      shares)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>710,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>829,812</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Mylan Inc., 3.75%, Due 9/15/15,
    (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2,225,312</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>The Medicines Co., 2.50%, Due 1/15/22, (BBB)
      (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>270,469</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>5,178,686</FONT></TD></TR></TABLE><BR>
<P align=left><B><I><FONT face="Times New Roman" size=2>Page
6</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>E L L S W O R T
      H&nbsp;&nbsp; G R O W T H&nbsp;&nbsp; A N D&nbsp;&nbsp; I N C O M
      E&nbsp;&nbsp; F U N D&nbsp;&nbsp; L T D .&nbsp;&nbsp; 2 0 1 5&nbsp;&nbsp;
      S E M I - A N N U A L&nbsp;&nbsp; R E P O R T&nbsp;&nbsp; T O&nbsp;&nbsp;
      S H A R E H O L D E R S</FONT></P></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Portfolio of
      Investments <FONT face="Times New Roman" size=4>March 31, 2015 <FONT size=3 face="Times New Roman"><I>(continued)</I></FONT></FONT></FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=2><B><FONT size=+0><FONT face="Times New Roman" size=1>Principal<BR>Amount</FONT></FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=2><B><FONT size=+0><FONT face="Times New Roman" size=1>Value<BR>(Note 1)</FONT></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Convertible Bonds and Notes -
      continued</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Real Estate Investment Trusts -
      1.5%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Colony Financial, Inc., 5.00%, Due 4/15/23,
      (A)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,000,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,130,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>RAIT Financial Trust, 4.00%, Due 10/1/33,
      (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>428,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Spirit Realty Capital, Inc., 3.75%, Due
      5/15/21, (AA)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,628</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>2,059,378</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="91%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Real Estate Management &amp; Development -
      0.9%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Forest City Enterprises, Inc., 3.625%, Due
      8/15/20, (B)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" 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=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,165,000</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Semiconductors &amp; Semiconductor Equipment
      - 5.3%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>GT Advanced Technologies Inc., 3.00%, Due
      12/15/20, (BB) (2)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>195,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>JinkoSolar Holding Co., Ltd., 4.00%, Due
      2/1/19, (BB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>468,438</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Microchip Technology Inc., 1.625%, Due
      2/15/25, (BB) (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>521,562</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Micron Technology, Inc., 3.00%, Due
      11/15/43, (BB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,943,594</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Photronics, Inc., 3.25%, Due 4/1/16,
      (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>520,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Rudolph Technologies Inc., 3.75%, Due
      7/15/16, (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>532,812</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Spansion LLC, 2.00%, Due 9/1/20,
    (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>300,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>753,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>SunEdison, Inc., 2.375%, Due 4/15/22, (BB)
      (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,177,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>SunPower Corp., 0.875%, Due 6/1/21,
      (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" 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=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>971,250</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>7,083,906</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="91%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Software - 7.5%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Bottomline Technologies, Inc., 1.50%, Due
      12/1/17, (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>832,031</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>EnerNOC, Inc., 2.25%, Due 8/15/19, (BBB)
      (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>738,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Mentor Graphics Corp., 4.00%, Due 4/1/31,
      (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,565,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>MercadoLibre, Inc., 2.25%, Due 7/1/19,
      (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>584,375</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>NQ Mobile Inc., 4.00%, Due 10/15/18,
      (BB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>337,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Proofpoint, Inc., 1.25%, Due 12/15/18,
      (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>650,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,038,781</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>PROS Holdings, Inc., 2.00%, Due 12/1/19,
      (BBB) (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>516,250</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Synchronoss Technologies, Inc., 0.75%, Due
      8/15/19, (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>869,531</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Take-Two Interactive Software, Inc., 1.75%,
      Due 12/1/16, (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>705,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>TeleCommunication Systems, Inc., 7.75%, Due
      6/30/18, (BBB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,000,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>965,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>TiVo Inc., 2.00%, Due 10/1/21, (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>470,312</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Verint Systems Inc., 1.50%, Due 6/1/21,
      (B)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,250,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,460,938</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>10,084,093</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="91%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Technology, Hardware &amp; Storage -
      0.4%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Violin Memory, Inc., 4.25%, Due 10/1/19,
      (BB)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>500,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>483,750</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Textiles, Apparel &amp; Luxury Goods -
      1.2%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Iconix Brand Group, Inc., 2.50%, Due 6/1/16,
      (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>877,031</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Iconix Brand Group, Inc., 1.50%, Due
      3/15/18, (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>560,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>667,800</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,544,831</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="91%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Trading Companies &amp; Distributors -
      0.7%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Kaman Corp., 3.25%, Due 11/15/17,
    (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>750,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>995,625</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Total Convertible Bonds and
    Notes</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>65,174,209</FONT></TD></TR></TABLE><BR>
<P align=right><B><I><FONT face="Times New Roman" size=2>Page
7</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>E L L S W O R T
      H&nbsp;&nbsp; G R O W T H&nbsp;&nbsp; A N D&nbsp;&nbsp; I N C O M
      E&nbsp;&nbsp; F U N D&nbsp;&nbsp; L T D .&nbsp;&nbsp; 2 0 1 5&nbsp;&nbsp;
      S E M I - A N N U A L&nbsp;&nbsp; R E P O R T&nbsp;&nbsp; T O&nbsp;&nbsp;
      S H A R E H O L D E R S</FONT></P></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Portfolio of
      Investments <FONT face="Times New Roman" size=4>March 31, 2015 <FONT size=3 face="Times New Roman"><I>(continued)</I></FONT></FONT></FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="3%"><B><FONT size=+0><FONT face="Times New Roman" size=1>Shares</FONT></FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=2><B><FONT size=+0><FONT face="Times New Roman" size=1>Value<BR>(Note 1)</FONT></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Convertible Preferred Stock -
    7.8%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Commercial Banks - 1.7%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Huntington Bancshares, Inc., 8.50%, (BB)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,250</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,693,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Wells Fargo &amp; Co., 7.50%,
(BBB)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>611,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></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="3%"><FONT face="Times New Roman" size=2>2,305,250</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="92%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Diversified Financial Services -
      1.0%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Bank of America Corp., 7.25%, (BB)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,388,400</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Food Products - 0.6%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Bunge Ltd., 4.875%, (BB)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>7,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>783,750</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Machinery - 0.9%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Stanley Black &amp; Decker, Inc., 6.25%,
      (BBB)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>10,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,133,800</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Oil, Gas &amp; Consumable Fuels -
      1.1%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Chesapeake Energy Corp., 5.75%,
(B)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,550</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,377,268</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Halcon Resources Corp., 5.75%,
    (CCC)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>145,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,522,268</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="92%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Real Estate Investment Trusts -
      1.0%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Health Care REIT, Inc., 6.50%,
(BB)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,343,200</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Specialty Retail - 0.6%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Amerivon Holdings LLC, 4.00%, (NR)
      (1,3,4)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>666,024</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>763,605</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>Amerivon Holdings LLC, common equity units,
      (NR) (1,3,4)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>272,728</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>16,364</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>779,969</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="92%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Thrift &amp; Mortgage Finance -
      0.9%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>New York Community Capital Trust V, 6.00%,
      (BB)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>24,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,218,000</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Total Convertible Preferred
    Stock</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>10,474,637</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Mandatory Convertible Securities -
      10.4%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Aerospace &amp; Defense - 0.9%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>United Technologies Corp., 7.50%, Due
      8/1/15, (BBB)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,230,800</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Automobiles - 0.5%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Fiat Chrysler Automobiles N.V., 7.875%, Due
      12/15/16, (B)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>5,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>688,850</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Biotechnology - 1.0%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>AmSurg Corp., 5.25%, Due 7/1/17,
    (B)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>10,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,307,145</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Electric Utilities - 1.2%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>NextEra Energy, Inc., 5.799%, Due 9/1/16,
      (NR)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>30,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,672,500</FONT></TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Page
8</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>E L L S W O R T
      H&nbsp;&nbsp; G R O W T H&nbsp;&nbsp; A N D&nbsp;&nbsp; I N C O M
      E&nbsp;&nbsp; F U N D&nbsp;&nbsp; L T D .&nbsp;&nbsp; 2 0 1 5&nbsp;&nbsp;
      S E M I - A N N U A L&nbsp;&nbsp; R E P O R T&nbsp;&nbsp; T O&nbsp;&nbsp;
      S H A R E H O L D E R S</FONT></P></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Portfolio of
      Investments <FONT face="Times New Roman" size=4>March 31, 2015 <FONT size=3 face="Times New Roman"><I>(continued)</I></FONT></FONT></FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="3%"><B><FONT size=+0><FONT face="Times New Roman" size=1>Shares</FONT></FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=2><B><FONT size=+0><FONT face="Times New Roman" size=1>Value<BR>(Note 1)</FONT></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Mandatory Convertible Securities -
      continued</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Food Products - 0.7%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Tyson Foods, Inc., 4.75%, Due 7/15/17, (BBB)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>969,600</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Health Care Providers &amp; Services -
      0.9%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Kindred Healthcare, Inc., 7.50%, Due 11/19/17, (B)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,000</FONT></TD>
    <TD noWrap align=left width="1%"></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="3%"><FONT face="Times New Roman" size=2>1,179,650</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Insurance - 0.9%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Maiden Holdings, Ltd., 7.25%, Due 9/15/16, (NR)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>22,500</FONT></TD>
    <TD noWrap align=left width="1%"></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="3%"><FONT face="Times New Roman" size=2>1,190,925</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Multi-Utilities - 1.1%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Dominion Resources, Inc., 6.125%, Due 4/1/16, (BBB)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>12,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>702,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Dominion Resources, Inc., 6.00%, Due 7/1/16,
      (BBB)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>12,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>705,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></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="3%"><FONT face="Times New Roman" size=2>1,407,000</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="92%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Pharmaceuticals - 1.5%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Actavis plc, 5.50%, Due 3/1/18,
    (NR)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2,024,000</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Real Estate Investment Trusts -
      1.2%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Weyerhaeuser Co., 6.375%, Due 7/1/16,
      (BBB)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>30,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,646,700</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Wireless Telecommunication Services -
      0.5%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>T-Mobile US, Inc., 5.50%, Due 12/15/17,
      (NR)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>10,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>586,600</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Total Mandatory Convertible Securities
      (5)</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>13,903,770</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Common Stock - 32.6%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Automobiles - 1.2%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Ford Motor Co.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,614,000</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Capital Markets - 0.9%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>BlackRock Capital Investment Corp.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>131,034</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,187,168</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Commercial Banks - 0.9%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Wells Fargo &amp; Co.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>22,200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,207,680</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Diversified Financial Services -
      1.1%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Citigroup Inc.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>29,546</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,522,210</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Diversified Telecommunication Services -
      3.0%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>AT&amp;T Inc.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>70,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2,285,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Verizon Communications Inc.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>35,260</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,714,694</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>4,000,194</FONT></TD></TR></TABLE><BR>
<P align=right><B><I><FONT face="Times New Roman" size=2>Page
9</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>E L L S W O R T
      H&nbsp;&nbsp; G R O W T H&nbsp;&nbsp; A N D&nbsp;&nbsp; I N C O M
      E&nbsp;&nbsp; F U N D&nbsp;&nbsp; L T D .&nbsp;&nbsp; 2 0 1 5&nbsp;&nbsp;
      S E M I - A N N U A L&nbsp;&nbsp; R E P O R T&nbsp;&nbsp; T O&nbsp;&nbsp;
      S H A R E H O L D E R S</FONT></P></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Portfolio of
      Investments <FONT face="Times New Roman" size=4>March 31, 2015 <FONT size=3 face="Times New Roman"><I>(continued)</I></FONT></FONT></FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="3%"><B><FONT size=+0><FONT face="Times New Roman" size=1>Shares</FONT></FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=2><B><FONT size=+0><FONT face="Times New Roman" size=1>Value<BR>(Note 1)</FONT></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Common Stock - continued</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Energy Equipment &amp; Services -
      1.1%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Chevron Corp.</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>14,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,469,720</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Food Products - 2.8%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>B&amp;G Foods, Inc.</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>35,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,030,050</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>ConAgra Foods, Inc.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>45,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,643,850</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Unilever N.V. (ADR)</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>24,000</FONT></TD>
    <TD noWrap align=left width="1%"></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="3%"><FONT face="Times New Roman" size=2>1,002,240</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>3,676,140</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="92%" >&nbsp;</TD>
    <TD noWrap align=left width="3%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="3%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Household Products - 1.3%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Church &amp; Dwight Co., Inc.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,708,400</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Industrial Conglomerates -
0.9%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>General Electric Co.</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>50,000</FONT></TD>
    <TD noWrap align=left width="1%"></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="3%"><FONT face="Times New Roman" size=2>1,240,500</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Insurance - 1.2%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>AmTrust Financial Services, Inc.</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>10,055</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>572,984</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>MetLife, Inc.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>20,175</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,019,846</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></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="3%"><FONT face="Times New Roman" size=2>1,592,830</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="92%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Media - 1.2%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Walt
      Disney Co.</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>15,000</FONT></TD>
    <TD noWrap align=left width="1%"></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="3%"><FONT face="Times New Roman" size=2>1,573,350</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Oil, Gas &amp; Consumable Fuels -
      2.7%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>ConocoPhillips</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>26,782</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,667,447</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Halcon Resources Corp. (6)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>3,707</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>5,709</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Kinder Morgan, Inc.</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>45,000</FONT></TD>
    <TD noWrap align=left width="1%"></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="3%"><FONT face="Times New Roman" size=2>1,892,700</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>3,565,856</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="92%" >&nbsp;</TD>
    <TD noWrap align=left width="3%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="3%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Pharmaceuticals - 4.6%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>AbbVie Inc.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,463,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Eli Lilly &amp; Co.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>15,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,089,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Merck &amp; Co., Inc.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>22,651</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,301,979</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Pfizer Inc.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>40,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,391,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Roche Holdings Ltd. (ADR)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>27,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>945,450</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>6,192,279</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="92%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Real Estate Investment Trusts -
      3.1%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>American Tower Corp.</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>15,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,412,250</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Crown Castle International Corp.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>16,100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,328,894</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Invesco Mortgage Capital Inc.</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>58,700</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>911,611</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Lexington Realty Trust</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>55,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>540,650</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>4,193,405</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="92%"  bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%"  bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%"  bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Semiconductors &amp; Semiconductor Equipment
      - 0.9%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Intel Corp.</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>40,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,250,800</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Software - 0.9%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Microsoft Corp.</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>28,600</FONT></TD>
    <TD noWrap align=left width="1%"></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="3%"><FONT face="Times New Roman" size=2>1,162,733</FONT></TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Page
10</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>E L L S W O R T
      H&nbsp;&nbsp; G R O W T H&nbsp;&nbsp;&nbsp;A N D&nbsp;&nbsp;&nbsp;I N C O
      M E&nbsp;&nbsp;&nbsp;F U N D&nbsp;&nbsp;&nbsp;L T D .&nbsp;&nbsp;&nbsp;2 0
      1 5&nbsp;&nbsp;&nbsp;S E M I - A N N U A L&nbsp;&nbsp;&nbsp;R E P O R
      T&nbsp;&nbsp;&nbsp;T O&nbsp;&nbsp;&nbsp;S H A R E H O L D E R
    S</FONT></P></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Portfolio of
      Investments <FONT face="Times New Roman" size=4>March 31, 2015 <FONT size=3 face="Times New Roman"><I>(continued)</I></FONT></FONT></FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2></FONT></TD></TR>
  <TR style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=1>Value<BR>(Note
      1)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Common Stock - continued</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Technology, Hardware &amp; Storage -
      1.8%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>EMC
      Corp.</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>70,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,789,200</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Stratasys Ltd. (6)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>12,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>633,360</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left 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="3%"><FONT face="Times New Roman" size=2>2,422,560</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="92%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Wireless Telecommunication Services -
      3.0%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff><FONT face="Times New Roman" size=2>SBA Communications Corp. (6)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>20,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2,400,550</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Vodafone Group plc (ADR)</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>50,909</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,663,711</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>4,064,261</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Total Common Stock</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>43,644,086</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Total Convertible Bonds and Notes -
      48.6%</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>65,174,209</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><B><FONT face="Times New Roman" size=2>Total Convertible Preferred Stock - 7.8%</FONT></B></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>10,474,637</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Total Mandatory Convertible Securities -
      10.4%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>13,903,770</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><B><FONT face="Times New Roman" size=2>Total Common Stock - 32.6%</FONT></B></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left 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="3%"><FONT face="Times New Roman" size=2>43,644,086</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Total Investments - 99.4%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>133,196,702</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Other Assets and Liabilities, Net -
      0.6%</FONT></B></TD>
    <TD noWrap align=left width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>815,063</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><B><FONT face="Times New Roman" size=2>Total Net Assets - 100.0%</FONT></B></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>134,011,765</FONT></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)&nbsp;
    </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Security not
      registered under the Securities Act of 1933, as amended (the &#147;Securities
      Act&#148;) (e.g., the security was purchased in a Rule 144A or a Regulation D
      transaction). The security may be resold only pursuant to an exemption
      from registration under the Securities Act, typically to qualified
      institutional buyers. The Fund generally has no rights to demand
      registration of such securities. The aggregate market value of these
      unregistered securities at March 31, 2015 was $10,635,202, which
      represented 7.9% of the Fund&#146;s net assets.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Company filed for
      bankruptcy and is in default.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>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 March 31, 2015, which represented
      0.6% of the Fund&#146;s net assets.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>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 March 31, 2015, the Fund was invested
      in the following restricted securities:</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="61%"><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">Security</FONT></FONT></FONT></B></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="2%"><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">Acquisition Date</FONT></FONT></FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="1%"><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">Shares</FONT></FONT></FONT></B></TD>
    <TD noWrap style="text-align: center" width="5%"><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="4%" colSpan=2><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">Cost</FONT></FONT></FONT></B></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="10%" colSpan=4><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">Price<BR>per
      Share</FONT></FONT></FONT></B></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="2%" colSpan=2><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">Value</FONT></FONT></FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="1%"><B><FONT size=+0><FONT size=1 face="Times New Roman"><FONT face="Times New Roman">% Net<BR>Assets</FONT></FONT></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Amerivon Holdings LLC series A cv.
    pfd.</FONT></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>April 1, 2010</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>666,024</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,500,000</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1.147</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>763,605</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF><FONT size=2 face="Times New Roman">0.57%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face="Times New Roman" size=2>Amerivon Holdings LLC common equity
    units</FONT></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>April 1, 2010</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>272,728</FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.060</FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>16,364</FONT></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">0.01%</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>continued</FONT></P>
<P align=right><B><I><FONT face="Times New Roman" size=2>Page
11</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>E L L S W O R T
      H&nbsp;&nbsp; G R O W T H&nbsp;&nbsp; A N D&nbsp;&nbsp; I N C O M
      E&nbsp;&nbsp; F U N D&nbsp;&nbsp; L T D .&nbsp;&nbsp; 2 0 1 5&nbsp;&nbsp;
      S E M I - A N N U A L&nbsp;&nbsp; R E P O R T&nbsp;&nbsp; T O&nbsp;&nbsp;
      S H A R E H O L D E R S</FONT></P></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Portfolio of
      Investments <FONT face="Times New Roman" size=4>March 31, 2015 <FONT size=3 face="Times New Roman"><I>(continued)</I></FONT></FONT></FONT></P></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)&nbsp;
    </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>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></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Non-income producing
      security.</FONT></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2>ADR = American Depositary
Receipt.</FONT></P>
<DIV style="FLOAT: left; WIDTH: 70%">
<TABLE style="PADDING-RIGHT: 15pt; PADDING-LEFT: 45pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid" width="100%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Portfolio
      Ratings:</FONT></B></P>
      <P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Where a security is
      rated by Standard &amp; Poor&#146;s (S&amp;P), such rating appears in
      parentheses next to such security (but without any applicable + or - that
      might apply).</FONT></P>
      <P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Where a security is
      rated by S&amp;P and at least one other rating agency and the Fund
      believes the ratings to be functionally equivalent to one another, the
      S&amp;P rating appears in parentheses next to such security (but without
      any applicable + or - that might apply).</FONT></P>
      <P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Where a security is
      rated by S&amp;P and at least one other rating agency and the Fund
      believes the ratings not to be functionally equivalent to one another, the
      Fund puts in parentheses next to such security the S&amp;P rating which it
      believes approximates the average of all such ratings (but without any
      applicable + or -that might apply).</FONT></P>
      <P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Where a security is
      not rated by S&amp;P, but is rated by at least one other rating agency,
      the Fund puts in parentheses next to such security the S&amp;P rating
      which it believes approximates the average of all such ratings (but
      without any applicable + or - that might apply). NR is used whenever a
      rating is unavailable.</FONT></P></TD></TR></TABLE></DIV>
<DIV style="FLOAT: right; WIDTH: 30%">
<DIV style="PADDING-LEFT: 8pt" align=justify><B><FONT face="Times New Roman" size=2>Summary of Portfolio Ratings </FONT></B><FONT face="Times New Roman" size=2>*</FONT></DIV>
<DIV align=justify><FONT face="Times New Roman" size=1>&nbsp;</FONT></DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><B><FONT size=+0><FONT face="Times New Roman" size=2>% of</FONT></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT size=+0><FONT face="Times New Roman" size=2>Portfolio</FONT></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>AAA</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>AA</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>A</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>24</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>BBB</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>32</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>BB</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>21</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>B</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>12</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>CCC
      &amp; below</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Not
      Rated</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>9</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR></TABLE><BR>
<P style="PADDING-LEFT: 8pt" align=left><FONT face="Times New Roman" size=2>* Excludes equity securities and cash.</FONT></P></DIV><BR clear=all><BR>
<P align=center><I><FONT face="Times New Roman" size=1>S e e&nbsp;&nbsp;&nbsp;a c c o m p a n y i n g&nbsp;&nbsp;&nbsp;n o t e s&nbsp;&nbsp;&nbsp;t o&nbsp;&nbsp;&nbsp;f i n a n c i a l&nbsp;&nbsp;&nbsp;s t a t e m e n t s</FONT></I></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Page
12</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff><FONT face="Times New Roman" size=1>
      E L L S W O R T H&nbsp;&nbsp;&nbsp;G R O W T H &nbsp;&nbsp;A N
      D&nbsp;&nbsp; I N C O M E &nbsp;&nbsp;F U N D &nbsp;&nbsp;L T D
      .&nbsp;&nbsp; 2 0 1 5 &nbsp;&nbsp;S E M I - A N N U A L &nbsp;&nbsp;R E P
      O R T &nbsp;&nbsp;T O &nbsp;&nbsp;S H A R E H O L D E R S</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Statement of Assets
      and Liabilities <FONT size=3 face="Times New Roman"><I>(unaudited)</I></FONT></FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><B><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=1>March 31, 2015</FONT></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Assets:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at value
      (cost $114,325,911) (Note 1)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>133,196,702</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>201,588</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for securities
      sold</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>733,897</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest
      receivable</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>651,840</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid
    insurance</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>2,556</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
    receivables</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>42,987</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      assets</FONT></TD>
    <TD noWrap align=left width="1%"></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="4%"><FONT face="Times New Roman" size=2>134,829,570</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Liabilities:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for securities
      purchased</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>797,746</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued management fee
      (Note 2)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>12,161</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
    liabilities</FONT></TD>
    <TD noWrap align=left width="1%"></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="4%"><FONT face="Times New Roman" size=2>7,898</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      liabilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>817,805</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR>
    <TD noWrap align=left width="93%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD noWrap align=left width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Net Assets</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>134,011,765</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR>
    <TD noWrap align=left width="93%" >&nbsp;</TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="4%" ></TD>
    <TD noWrap align=left width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Net assets consist of:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares (unlimited
      shares of $0.01 par value authorized) (Note 3)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>130,552</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in
      capital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>114,271,047</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated net
      investment income loss</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(8,309,113</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated net realized
      gain from investment transactions</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>9,048,488</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation
      on investments</FONT></TD>
    <TD noWrap align=left width="1%"></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="4%"><FONT face="Times New Roman" size=2>18,870,791</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Net Assets</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>134,011,765</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Net
      asset value per share ($134,011,765 &#247; 13,055,158 outstanding
    shares)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>10.27</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Statement of
      Operations <I><FONT face="Times New Roman" size=3>(unaudited)</FONT></I></FONT></P></TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff><EM>For the Six Months
      Ended March 31, 2015</EM></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Investment Income (Note 1):</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>85,148</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>1,394,380</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      income</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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="4%"><FONT face="Times New Roman" size=2>1,479,528</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Expenses (Note 2):</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="4%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>463,012</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>7,800</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>15,500</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>46,250</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>21,850</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees&#146; fees</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>54,375</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative services
      fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>33,742</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to
      shareholders</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>29,636</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>15,516</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>34,686</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      expenses</FONT></TD>
    <TD noWrap align=left 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="4%"><FONT face="Times New Roman" size=2>722,367</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#F0F8FF><B><FONT face="Times New Roman" size=2>Net Investment Income</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 4%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" noWrap width="4%" bgColor=#F0F8FF><B><FONT face="Times New Roman" size=2>757,161</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><B><FONT face="Times New Roman" size=2>Realized and
      Unrealized Gain on Investments:</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from
      investment transactions</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>4,077,098</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized
      appreciation of investments</FONT></TD>
    <TD noWrap align=left 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="4%"><FONT face="Times New Roman" size=2>685,475</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      gain on investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>4,762,573</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><B><FONT face="Times New Roman" size=2>Net Increase in
      Net Assets Resulting from Operations</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><B><FONT face="Times New Roman" size=2>5,519,734</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD></TR></TABLE><BR>
<P align=center><I><FONT face="Times New Roman" size=1>S e e&nbsp;&nbsp;&nbsp;a
c c o m p a n y i n g&nbsp;&nbsp; n o t e s&nbsp;&nbsp;&nbsp;t o &nbsp;&nbsp;f i
n a n c i a l &nbsp;&nbsp;s t a t e m e n t s</FONT></I></P>
<P STYLE="text-align: right"><B><I><FONT face="Times New Roman" size=2>Page 13</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff><FONT face="Times New Roman" size=1>
      E L L S W O R T H&nbsp;&nbsp;&nbsp;G R O W T H &nbsp;&nbsp;A N
      D&nbsp;&nbsp; I N C O M E &nbsp;&nbsp;F U N D &nbsp;&nbsp;L T D
      .&nbsp;&nbsp; 2 0 1 5 &nbsp;&nbsp;S E M I - A N N U A L &nbsp;&nbsp;R E P
      O R T &nbsp;&nbsp;T O &nbsp;&nbsp;S H A R E H O L D E R S</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Statement of Changes
      in Net Assets</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD noWrap align=left width="83%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="WIDTH: 7%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" noWrap width="7%" colSpan=5><FONT face="Times New Roman" size=1><B>Six
      Months Ended<BR>March 31, 2015</B>(a)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="WIDTH: 8%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" noWrap width="8%" colSpan=5><FONT face="Times New Roman" size=1><B>Year
      Ended<BR>September 30, 2014</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Operations:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="4%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment
      income</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>757,161</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1,851,887</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on
      investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>4,077,098</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>13,837,265</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized
      appreciation on investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></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="3%"><FONT face="Times New Roman" size=2>685,475</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></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="4%"><FONT face="Times New Roman" size=2>(3,015,876</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase
      in net assets resulting from operations</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>5,519,734</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>12,673,276</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR>
    <TD noWrap align=left width="83%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Distributions to Shareholders:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="4%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment
      income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>(1,764,781</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face="Times New Roman" size=2>(3,182,349</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on
      investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>(4,099,896</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of
    capital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>(148,643</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease
      in net assets from distributions</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>(6,013,320</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>(3,182,349</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR>
    <TD noWrap align=left width="83%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Capital Share Transactions (Note
      3):</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="4%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of shares issued on
      reinvestment of distributions</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1,632,409</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff><FONT face="Times New Roman" size=2>305,503</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares
      purchased</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>(2,394,173</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>(3,343,583</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
      in net assets from capital share transactions</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>(761,764</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face="Times New Roman" size=2>(3,038,080</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD noWrap align=left width="83%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Total Increase (Decrease) in Net
      Assets</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="3%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>(1,255,350</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=right width="4%" bgColor=#f0f8ff><FONT face="Times New Roman" size=2>6,452,847</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Net assets at beginning of period</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>135,267,115</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#ffffff><FONT face="Times New Roman" size=2>128,814,268</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD noWrap align=left width="83%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#f0f8ff><B><FONT face="Times New Roman" size=2>Net assets at end of period </FONT></B><FONT face="Times New Roman" size=2>(including accumulated net
    investment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="3%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="4%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD>
    <TD noWrap align=left width="1%" bgColor=#f0f8ff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income loss of
      ($8,309,113) and ($3,052,951), respectively)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 3%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="3%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>134,011,765</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="1%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="WIDTH: 4%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right" noWrap width="4%" bgColor=#F0F8FF><FONT face="Times New Roman" size=2>135,267,115</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#F0F8FF></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Financial Highlights
      <I><FONT face="Times New Roman" size=2>Selected data for a share of
      beneficial interest
outstanding</FONT></I></FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><FONT face="Times New Roman" size=1><B>Six Months</B></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><FONT face="Times New Roman" size=1><B>Ended</B></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><FONT face="Times New Roman" size=1><B>March 31,</B></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%" colSpan=19><FONT face="Times New Roman" size=1><B>Years
      Ended September 30,</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face="Times New Roman" size=1><STRONG>2015 </STRONG>(a)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face="Times New Roman" size=1><B>2014</B></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face="Times New Roman" size=1><B>2013</B></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face="Times New Roman" size=1><B>2012</B></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face="Times New Roman" size=1><B>2011</B></FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face="Times New Roman" size=1><B>2010</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Operating
    Performance:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Net
      asset value, beginning of period</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>10.29</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>9.54</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>8.48</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7.46</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7.95</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7.15</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Net
      investment income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>0.06</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>0.14</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>0.18</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>0.19</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>0.22</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>0.26</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Net
      realized and unrealized gain (loss)</FONT></TD>
    <TD noWrap align=left width="1%"></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="Times New Roman" size=2>0.37</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></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="Times New Roman" size=2>0.80</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></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="Times New Roman" size=2>1.15</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></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="Times New Roman" size=2>1.08</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></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="Times New Roman" size=2>(0.46</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></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="Times New Roman" size=2>0.84</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      from investment operations</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>0.43</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>0.94</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1.33</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1.27</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>(0.24</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1.10</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><B><FONT face="Times New Roman" size=2>Less Distributions:</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Dividends from net investment income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>(0.13</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>(0.24</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>(0.26</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>(0.25</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>(0.25</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>(0.30</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Distributions from net realized gains</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(0.31</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Return of capital</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>(0.01</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      distributions</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(0.45</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(0.24</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(0.26</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(0.25</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(0.25</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(0.30</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Capital Share
      Transactions:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Anti-dilutive effect of share
    repurchases</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.05</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;
      </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Dilutive effect of dividend
    reinvestment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>(0.01</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT size=2 face="Times New Roman">(b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT size=2 face="Times New Roman">(b)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Net
      asset value, end of period</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>10.27</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>10.29</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>9.54</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>8.48</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7.46</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7.95</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Market value, end of period</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>8.76</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>8.65</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>7.87</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>7.35</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>6.43</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>7.17</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><B><FONT face="Times New Roman" size=2>Total Return (c):</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Total Market Value Return (%)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>6.73</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>13.03</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>10.84</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>18.41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>(7.13</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>21.90</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Total Net Asset Value Return (%)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5.18</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>10.92</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>16.45</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>17.75</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(2.82</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>16.40</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Ratios/Supplemental
      Data:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Net
      assets, end of period (in thousands)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>134,012</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>135,267</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>128,814</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>114,154</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>100,008</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>106,233</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Ratio of expenses to average net assets
      (%)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Ratio of net investment income to</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average
      net assets (%)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1.3</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>1.9</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2.3</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>2.6</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>3.5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Portfolio turnover rate (%)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>18</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>48</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>48</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>39</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>47</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>62</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR></TABLE><DIV>____________________</DIV><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR vAlign=top>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Unaudited.</FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Amount less than
      $0.01.</FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Market value total
      return is calculated assuming a purchase of Fund shares on the opening of
      the first business day and a sale on the closing of the last business day
      of each period reported. Dividends and distributions are assumed for the
      purposes of this calculation to be reinvested at prices obtained under the
      Fund&#146;s Automatic Dividend Investment and Cash Payment Plan. Net asset
      value total return is calculated on the same basis, except that the Fund&#146;s
      net asset value is used on the purchase and sale dates instead of market
      value.</FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Annualized.</FONT></TD></TR></TABLE>
<P align=center><I><FONT face="Times New Roman" size=1>S e e&nbsp;&nbsp; a c c o
m p a n y i n g&nbsp;&nbsp; n o t e s&nbsp;&nbsp; t o&nbsp;&nbsp; f i n a n c i
a l&nbsp;&nbsp; s t a t e m e n t s</FONT></I></P>
<P STYLE="text-align: left"><B><I><FONT face="Times New Roman" size=2>Page 14</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff><FONT face="Times New Roman" size=1>
      E L L S W O R T H&nbsp;&nbsp;&nbsp;G R O W T H &nbsp;&nbsp;A N
      D&nbsp;&nbsp; I N C O M E &nbsp;&nbsp;F U N D &nbsp;&nbsp;L T D
      .&nbsp;&nbsp; 2 0 1 5 &nbsp;&nbsp;S E M I - A N N U A L &nbsp;&nbsp;R E P
      O R T &nbsp;&nbsp;T O &nbsp;&nbsp;S H A R E H O L D E R S</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Notes to Financial
      Statements <I><FONT face="Times New Roman" size=3>(unaudited)</FONT></I></FONT></P></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>NOTE 1 - ORGANIZATION
AND SIGNIFICANT ACCOUNTING POLICIES</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(a) Organization
</FONT></B><FONT face="Times New Roman" size=2>- Ellsworth Growth and Income
Fund Ltd. (the &#147;Fund&#148;), is registered under the Investment Company Act of 1940,
as amended, as a diversified, closed-end management investment company.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(b) Indemnification
</FONT></B><FONT face="Times New Roman" size=2>- Under the Fund&#146;s organizational
documents, each trustee, officer or other agent of the Fund (including the
Fund&#146;s investment adviser) is indemnified against certain liabilities that may
arise out of the performance of their duties to the Fund. Additionally, in the
normal course of business, the Fund enters into contracts that contain a variety
of indemnification clauses. The Fund&#146;s maximum exposure under these arrangements
is unknown, as this would involve future claims that may be made against the
Fund that have not yet occurred. The risk of material loss as a result of such
indemnification is considered remote.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(c) Security Valuation
</FONT></B><FONT face="Times New Roman" size=2>- Investments in securities
traded on a national securities exchange are valued at market price 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=justify><FONT face="Times New Roman" 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 in 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=justify><FONT face="Times New Roman" size=2>Level 1 - Quoted unadjusted
prices for identical instruments in active markets.</FONT></P>
<P align=justify><FONT face="Times New Roman" 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=justify><FONT face="Times New Roman" 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=justify><FONT face="Times New Roman" 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=justify><FONT face="Times New Roman" size=2>Transfers into or out of
Level 3 are valued utilizing values as of the end of the period. Transfers into
Level 3 were due to a decline in market activity (e.g., frequency of trades),
which resulted in a lack of available market inputs to determine
price.</FONT></P>
<P STYLE="text-align: right"><B><I><FONT face="Times New Roman" size=2>Page 15</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff><FONT face="Times New Roman" size=1>
      E L L S W O R T H&nbsp;&nbsp;&nbsp;G R O W T H &nbsp;&nbsp;A N
      D&nbsp;&nbsp; I N C O M E &nbsp;&nbsp;F U N D &nbsp;&nbsp;L T D
      .&nbsp;&nbsp; 2 0 1 5 &nbsp;&nbsp;S E M I - A N N U A L &nbsp;&nbsp;R E P
      O R T &nbsp;&nbsp;T O &nbsp;&nbsp;S H A R E H O L D E R S</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Notes to Financial
      Statements <I><FONT face="Times New Roman" size=3>(continued)</FONT></I></FONT></P></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>NOTE 1 - ORGANIZATION
AND SIGNIFICANT ACCOUNTING POLICIES</FONT></B> <B><I><FONT face="Times New Roman" size=2>(continued)</FONT></I></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The following is a summary
of the inputs used to value the net assets of Ellsworth Growth and Income Fund
Ltd. as of March 31, 2015:</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="76%"></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="5%" colSpan=2><FONT face="Times New Roman" size=1>Level
      1</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="5%" colSpan=2><FONT face="Times New Roman" size=1>Level
      2</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="5%" colSpan=2><FONT face="Times New Roman" size=1>Level
      3</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="4%" colSpan=2><FONT face="Times New Roman" size=1>Total</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Investments in Securities:</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Common
      Stock:</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Consumer
      Discretionary</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>3,187,350</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>3,187,350</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Consumer
      Staples</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>5,384,540</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>5,384,540</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Energy</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>5,035,576</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>5,035,576</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Financials</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>9,703,293</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>9,703,293</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Health
      Care</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>6,192,279</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>6,192,279</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Industrials</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1,240,500</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,240,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Information
      Technology</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>4,836,093</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>4,836,093</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Telecommunication
      Services</FONT></TD>
    <TD 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="4%"><FONT face="Times New Roman" size=2>8,064,455</FONT></TD>
    <TD 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="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD 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="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD 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="3%"><FONT face="Times New Roman" size=2>8,064,455</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Total Common
      Stock</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>43,644,086</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>43,644,086</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Convertible Bonds and Notes:</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Consumer
      Discretionary</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>7,782,747</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7,782,747</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Consumer
      Staples</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>751,875</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>751,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Energy</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1,879,846</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,879,846</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Financials</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>4,306,878</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>4,306,878</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Health
      Care</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>19,069,286</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>19,069,286</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Industrials</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>3,828,906</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>3,828,906</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Information
      Technology</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>25,695,858</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>25,695,858</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Materials</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>268,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>268,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Telecommunication
      Services</FONT></TD>
    <TD 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="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD 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="4%"><FONT face="Times New Roman" size=2>1,590,813</FONT></TD>
    <TD 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="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD 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="3%"><FONT face="Times New Roman" size=2>1,590,813</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Total Convertible
      Bonds and Notes</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>65,174,209</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>65,174,209</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="76%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Convertible Preferred Stock:</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Consumer
      Discretionary</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" 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="3%"><FONT face="Times New Roman" size=2>779,969</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Consumer
      Staples</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>783,750</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>783,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Energy</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1,522,268</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,522,268</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Financials</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>6,254,850</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>6,254,850</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Industrials</FONT></TD>
    <TD 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="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD 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="4%"><FONT face="Times New Roman" size=2>1,133,800</FONT></TD>
    <TD 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="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD 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="3%"><FONT face="Times New Roman" size=2>1,133,800</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Total Preferred
      Stock</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>9,694,668</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>779,969</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>10,474,637</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Mandatory Convertible Securities:</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Consumer
      Discretionary</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>688,850</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>688,850</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Consumer
      Staples</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>969,600</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>969,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Financials</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>2,837,625</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2,837,625</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Health
      Care</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>4,510,795</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>4,510,795</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Industrials</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1,230,800</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,230,800</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Telecommunication
      Services</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>586,600</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>586,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Utilities</FONT></TD>
    <TD 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="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD 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="4%"><FONT face="Times New Roman" size=2>3,079,500</FONT></TD>
    <TD 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="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD 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="3%"><FONT face="Times New Roman" size=2>3,079,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Total Mandatory
      Convertible</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>13,903,770</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>13,903,770</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=13>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#FOF8FF><B><FONT face="Times New Roman" size=2>Total
      Investments</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>43,644,086</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>88,772,647</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>779,969</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>133,196,702</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" 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 March 31, 2015, the end
of the reporting period. The Fund recognized no transfers to or from Level 1 to
Level 2.</FONT></P>
<P align=justify><FONT face="Times New Roman" 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="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%"><FONT size=+0><FONT face="Times New Roman" size=2>Description</FONT></FONT></TD>
    <TD noWrap align=left width="90%"><FONT size=+0>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" colSpan=2><FONT face="Times New Roman" size=1>Investments
      in Securities</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#FOF8FF colSpan=2><FONT face="Times New Roman" size=2>Balance as of
      September 30, 2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>779,969</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>Proceeds from sales</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#FOF8FF colSpan=2><FONT face="Times New Roman" size=2>Gain/loss</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>Change in unrealized appreciation (depreciation)</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#FOF8FF colSpan=2><FONT face="Times New Roman" size=2>Net transfers
      in/out of Level 3</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><B><FONT face="Times New Roman" size=2>Balance as of March 31, 2015</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>779,969</FONT></TD></TR></TABLE><BR>
<P STYLE="text-align: left"><B><I><FONT face="Times New Roman" size=2>Page 16</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff><FONT face="Times New Roman" size=1>
      E L L S W O R T H&nbsp;&nbsp;&nbsp;G R O W T H &nbsp;&nbsp;A N
      D&nbsp;&nbsp; I N C O M E &nbsp;&nbsp;F U N D &nbsp;&nbsp;L T D
      .&nbsp;&nbsp; 2 0 1 5 &nbsp;&nbsp;S E M I - A N N U A L &nbsp;&nbsp;R E P
      O R T &nbsp;&nbsp;T O &nbsp;&nbsp;S H A R E H O L D E R S</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Notes to Financial
      Statements <I><FONT face="Times New Roman" size=3>(continued)</FONT></I></FONT></P></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>NOTE 1 - ORGANIZATION
AND SIGNIFICANT ACCOUNTING POLICIES (</FONT></B><B><I><FONT face="Times New Roman" size=2>continued</FONT></I></B><B><FONT face="Times New Roman" size=2>)</FONT></B></P>
<P align=justify><FONT face="Times New Roman" 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 March 31, 2015:</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="59%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%"><FONT face="Times New Roman" size=1>Impact to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%"><FONT face="Times New Roman" size=1>Valuation from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="9%"><FONT face="Times New Roman" size=1>Fair Value</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="9%"><FONT face="Times New Roman" size=1>Valuation</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="9%"><FONT face="Times New Roman" size=1>Unobservable</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="9%"><FONT face="Times New Roman" size=1>an Increase in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face="Times New Roman" size=1>March 31,
      2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face="Times New Roman" size=1>Methodologies</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face="Times New Roman" size=1>Input <FONT face="Times New Roman" size=1><SUP>(1)</SUP></FONT></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT face="Times New Roman" size=1>Input <FONT face="Times New Roman" size=1><SUP>(2)</SUP></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Amerivon Holdings LLC series A</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$779,969</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Market</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Liquidity</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Increase</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>cv.
      pfd. and common equity units</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Comparables/</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Discount</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Sum of the</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Parts</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Valuation/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Dividend</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="9%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Analysis</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=left width="9%" bgColor=#FOF8FF></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>(1) 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></P>

<P align=justify><FONT face="Times New Roman" size=2>(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></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(d) Federal Income Taxes
</FONT></B><FONT face="Times New Roman" size=2>- The Fund&#146;s policy is to
distribute substantially all of its taxable income within the prescribed time
and to otherwise comply with the provisions of the Internal Revenue Code
applicable to regulated investment companies. Therefore, no provision for
federal income or excise taxes is believed necessary.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Fund recognizes the tax
benefits of uncertain tax positions only where the position is
&#147;more-likely-than-not&#148; to be sustained assuming examination by taxing
authorities. Management of the Fund has analyzed the Fund&#146;s tax positions and
has concluded that no liability for unrecognized tax benefits should be recorded
related to uncertain tax positions taken on returns filed for open tax years
(2011-2013), or expected to be taken in the Fund&#146;s 2014 tax returns. The Fund is
not aware of any tax positions for which it is reasonably likely that the total
amounts of unrecognized tax benefits will significantly change in the next six
months. The major tax authority for the Fund is the Internal Revenue Service.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(e) Securities
Transactions and Related Investment Income </FONT></B><FONT face="Times New Roman" 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. For certain securities, known as &#147;contingent payment debt
instruments,&#148; Federal tax regulations require the Fund to record non-cash,
&#147;contingent&#148; interest income in addition to interest income actually received.
No contingent interest income was received in the six months ended March 31,
2015.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(f) Distributions to
Shareholders </FONT></B><FONT face="Times New Roman" size=2>- Distributions to
shareholders from net investment income are recorded by the Fund on the
ex-dividend date. Distributions from capital gains, if any, are recorded on the
ex-dividend date and paid annually.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The amount and character of
income and capital gains to be distributed are determined in accordance with
income tax regulations, which may differ from generally accepted accounting
principles. The tax character of distributions paid during the fiscal years
ended September 30, 2014 and 2013 were as follows:</FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT face="Times New Roman" size=2>2014</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="2%" colSpan=2><FONT face="Times New Roman" size=2>2013</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Ordinary income</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>3,182,349</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>3,480,976</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Net
      realized gain on investments</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face="Times New Roman" size=2>&#151;</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face="Times New Roman" size=2>&#151;</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>3,182,349</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>3,480,976</FONT></TD></TR></TABLE></DIV><BR>
<P STYLE="text-align: right"><B><I><FONT face="Times New Roman" size=2>Page 17</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff><FONT face="Times New Roman" size=1>
      E L L S W O R T H&nbsp;&nbsp;&nbsp;G R O W T H &nbsp;&nbsp;A N
      D&nbsp;&nbsp; I N C O M E &nbsp;&nbsp;F U N D &nbsp;&nbsp;L T D
      .&nbsp;&nbsp; 2 0 1 5 &nbsp;&nbsp;S E M I - A N N U A L &nbsp;&nbsp;R E P
      O R T &nbsp;&nbsp;T O &nbsp;&nbsp;S H A R E H O L D E R S</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Notes to Financial
      Statements <I><FONT face="Times New Roman" size=3>(continued)</FONT></I></FONT></P></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>NOTE 1 - ORGANIZATION
AND SIGNIFICANT ACCOUNTING POLICIES (</FONT></B><B><I><FONT face="Times New Roman" size=2>continued</FONT></I></B><B><FONT face="Times New Roman" size=2>)</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>At March 31, 2015, the
components of distributable earnings and federal tax cost were as
follows:</FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Unrealized appreciation</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>22,403,901</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Unrealized depreciation</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>(4,977,555</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Net
      unrealized appreciation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap align=right width="4%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>17,426,346</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Cost
      for federal income tax purposes</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%"><FONT face="Times New Roman" size=2>115,770,356</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>The differences between
book-basis and tax-basis unrealized appreciation/(depreciation) is attributable
to differing methods of recognizing interest and ordinary income on bonds and
notes for tax purposes.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(g) Use of Estimates
</FONT></B><FONT face="Times New Roman" size=2>- The preparation of financial
statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements, and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from those
estimates.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(h) Regulated Investment
Company Modernization Act </FONT></B><FONT face="Times New Roman" size=2>- On
December 22, 2010, the Regulated Investment Company Modernization Act of 2010
(the Modernization Act) was signed into law. The Modernization Act modernizes
several of the federal income and excise tax provisions related to regulated
investment companies (&#147;RICs&#148;). </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>New capital losses may now
be carried forward indefinitely, and retain the character of the original loss.
Under pre-enactment law, capital losses could be carried forward for eight
years, and carried forward as short-term capital losses, irrespective of the
character of the original loss. As a transition rule, the Act requires that
post-enactment net capital losses be used before pre-enactment net capital
losses.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>(i) Market Risk
</FONT></B><FONT face="Times New Roman" size=2>- It is the Fund&#146;s policy to
invest at least 65% of its assets in convertible securities. Although
convertible securities do derive part of their value from that of the securities
into which they are convertible, they are not considered derivative financial
instruments. However, the Fund&#146;s mandatory convertible securities include
features which render them more sensitive to price changes of their underlying
securities. Thus, they expose the Fund to greater downside risk than traditional
convertible securities but generally less than that of the underlying common
stock. The market value of those securities was $13,903,770 at March 31, 2015,
representing approximately 10.4% of net assets.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>NOTE 2 - MANAGEMENT FEE
AND OTHER TRANSACTIONS WITH AFFILIATES</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The Fund has entered into
an investment advisory agreement with Dinsmore Capital Management Co. (&#147;Dinsmore
Capital&#148;). Pursuant to the investment advisory agreement, Dinsmore Capital
provides the Fund with investment advice, office space and facilities. Under the
terms of the investment advisory agreement, the Fund pays Dinsmore Capital on
the last day of each month an advisory fee for such month computed at an annual
rate of 0.75% of the first $100,000,000 and 0.50% of the excess over
$100,000,000 of the Fund&#146;s net asset value in such month.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Fund, pursuant to an
administrative services agreement with Dinsmore Capital, has agreed to pay
Dinsmore Capital for certain accounting and other administrative services
provided to the Fund. Under the administrative services agreement, the Fund pays
Dinsmore Capital on the last day of each month a fee for such month computed at
an annual rate of 0.05% of the Fund&#146;s net asset value in such month.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Certain officers and
trustees of the Fund are officers and directors of Dinsmore Capital.</FONT></P>
<P STYLE="text-align: left"><B><I><FONT face="Times New Roman" size=2>Page 18</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff><FONT face="Times New Roman" size=1>
      E L L S W O R T H&nbsp;&nbsp;&nbsp;G R O W T H &nbsp;&nbsp;A N
      D&nbsp;&nbsp; I N C O M E &nbsp;&nbsp;F U N D &nbsp;&nbsp;L T D
      .&nbsp;&nbsp; 2 0 1 5 &nbsp;&nbsp;S E M I - A N N U A L &nbsp;&nbsp;R E P
      O R T &nbsp;&nbsp;T O &nbsp;&nbsp;S H A R E H O L D E R S</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Notes to Financial
      Statements <I><FONT face="Times New Roman" size=3>(continued)</FONT></I></FONT></P></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>NOTE 3 - PORTFOLIO
ACTIVITY</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>At March 31, 2015, there
were 13,055,158 shares of beneficial interest outstanding, with a par value of
$0.01 per share. During the six months ended March 31, 2015, 191,825 shares were
issued in connection with reinvestment of dividends from net investment income,
resulting in an increase in paid-in capital of $1,632,409.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>During the six months ended
March 31, 2015 the Fund purchased 277,359 capital shares in the open market at a
cost of $2,394,173. The weighted average discount of these purchases comparing
the average purchase price to net asset value at the close of the NYSE MKT
Exchange was 15.43%. During the twelve months ended September 30, 2014 the Fund
purchased 405,236 capital shares in the open market at a cost of $3,343,583. The
weighted average discount of these purchases comparing the average purchase
price to net asset value at the close of the NYSE MKT Exchange was 16.65%.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Purchases and sales of
investments, exclusive of corporate short-term notes, aggregated $24,015,494 and
$28,033,282, respectively, for the six months ended March 31, 2015. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>NOTE 4 - NEW ACCOUNTING
PRONOUNCEMENT</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>On June 12, 2014, the
Financial Accounting Standards Board issued Accounting Standards Update (ASU)
No. 2014-11, &#147;Transfers and Servicing (Topic 860): Repurchase-to-Maturity
Transactions, Repurchase Financings, and Disclosures.&#148; 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>
<P align=justify><B><FONT face="Times New Roman" size=2>NOTE 5 - OTHER
MATTERS</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>GT Advanced Technologies
Inc. (GT) announced on October 6, 2014 that the company had filed for bankruptcy
court protection under Chapter 11 of the Bankruptcy Code in the United States
Bankruptcy Court for the District of New Hampshire. GT expects the court will
authorize the company to continue to conduct business as usual while it devotes
renewed efforts to resolve its current issues and develops a reorganization
plan. GT and Apple have reached a settlement agreement under which GT will wind
down its sapphire materials production in the company&#146;s Mesa, AZ and Salem, MA
locations. The company indicated that it will exit from the market as a producer
of sapphire materials and will refocus its business as an equipment supplier,
manufacturing and developing sapphire growth systems and processes. In addition
to these sapphire businesses, GT also has photo voltaic and poly silicon solar
segments. The effect on the Fund&#146;s net asset value on October 6, 2014 was $0.055
per share.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>On November 17, 2014 the
Board of Trustees of the Fund adopted a new minimum distribution policy.
Pursuant to the new minimum distribution policy, the Fund anticipates making a
cumulative annual distribution at a rate equal to at least 5% of the Fund&#146;s
trailing 12-month average month-end market price. This amount may be adjusted
from time to time depending on current market conditions and the projected
performance of the Fund. The distribution policy will be subject to regular
review by the Board of Trustees. There can be no assurance that the amount of
the quarterly distributions will be maintained at levels implemented under the
policy or that the new distribution policy will not be discontinued or
substantially modified in the future. Implementation of the new minimum
distribution policy is subject to completion of any regulatory
requirements.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Distributions may consist
of net investment income, net realized capital gains (although capital gains
distributions, if any, will only be made once per year) and/or a return of
capital for federal income tax purposes. The Form 1099-DIV that your broker or
agent will make available to you by the IRS mailing deadline in 2016 will
specify the taxability of our distributions, and will tell you how to report
these distributions for federal income tax purposes. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>NOTE 6 - SUBSEQUENT
EVENTS</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>In preparing the financial
statements as of March 31, 2015, management considered the impact of subsequent
events for potential recognition or disclosure in these financial
statements.</FONT></P>
<P STYLE="text-align: right"><B><I><FONT face="Times New Roman" size=2>Page 19</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff><FONT face="Times New Roman" size=1>E L L
      S W O R T H&nbsp;&nbsp;&nbsp;G R O W T H &nbsp;&nbsp;A N D&nbsp;&nbsp; I N
      C O M E &nbsp;&nbsp;F U N D &nbsp;&nbsp;L T D .&nbsp;&nbsp; 2 0 1 5
      &nbsp;&nbsp;S E M I - A N N U A L &nbsp;&nbsp;R E P O R T &nbsp;&nbsp;T O
      &nbsp;&nbsp;S H A R E H O L D E R S</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Board Approval of
      Advisory Contract</FONT></P></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="100%">
      <P align=justify><I><FONT face="Times New Roman" size=2>The independent trustees of the
      Fund renewed the advisory contract with Dinsmore Capital Management Co. in
      November 2014. The following are the material factors and conclusions that
      formed the basis for that
approval.<BR>&nbsp;</FONT></I></P></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>The nature and extent of
the advisory services provided by Dinsmore Capital - </FONT></B><FONT face="Times New Roman" size=2>The Board of Trustees (the &#147;Board&#148;) of the Fund as
a whole and the independent trustees separately as a group reviewed the services
provided by Dinsmore Capital under the Advisory Agreement. The Board noted that
under the Advisory Agreement, Dinsmore Capital supervised all aspects of the
Fund&#146;s operations including the investment and reinvestment of cash, securities
or other properties comprising the Fund&#146;s assets. In this regard, the Board
noted that under the Advisory Agreement Dinsmore Capital is responsible to,
among other things, (a) supervise all aspects of the operations of the Fund; (b)
obtain and evaluate pertinent information about significant developments and
economic, statistical and financial data, domestic, foreign or otherwise,
whether affecting the economy generally or any industry or the Fund or any
issuer of securities held or to be purchased by the Fund; (c) determine which
issuers and securities will be represented in the Fund&#146;s investment portfolio
and regularly report thereon to the Board; (d) place orders for the purchase and
sale of securities for the Fund; (e) take all appropriate actions regarding
mergers, consolidations, elections, conversions, exchanges, etc. with respect to
portfolio securities; and (f) take, on behalf of the Fund, such other action as
Dinsmore Capital deems to be necessary or appropriate in connection with the
above. Based on such review, both the Board as a whole and the independent
trustees separately as a group concluded that the range of services provided by
Dinsmore Capital under the Advisory Agreement was appropriate and that Dinsmore
Capital currently has been providing services in accordance with the terms of
the Advisory Agreement.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>The quality of services
provided by Dinsmore Capital - </FONT></B><FONT face="Times New Roman" size=2>In
reviewing the qualifications of Dinsmore Capital to provide investment advisory
services, both the Board as a whole and the independent trustees separately as a
group reviewed the credentials and experience of Dinsmore Capital&#146;s investment
personnel who will continue to provide investment advisory services to the Fund,
and considered Dinsmore Capital&#146;s (i) portfolio and product review process,
particularly its adherence to the Fund&#146;s investment mandate, (ii) compliance
function and its culture of compliance, (iii) use of technology, including the
use, from time to time, of direct satellite links to issuer interviews and
conferences, (iv) investment research operations (which involves meetings with
issuers and analysts, attendance at investment seminars and visits to issuers,
and the review of (a) financial newspapers, industry literature, publications
and periodicals, (b) research materials prepared by others, (c) issuer annual
reports and prospectuses, and (d) issuer press releases) and trading operations
(which involves computerized execution of orders), and (v) focus on providing
high quality services while keeping the Fund&#146;s fees and expenses as low as
possible. The Board as a whole and the independent trustees separately as a
group also took into consideration the presentations made by Dinsmore Capital at
prior Board meetings pertaining to its management of the Fund. Based on the
review of these and other factors, both the Board as a whole and the independent
trustees separately as a group determined and concluded that the quality of
services provided by Dinsmore Capital has been exemplary, that Dinsmore Capital
currently is providing services to the Fund in accordance with the terms of the
Advisory Agreement, and that the independent trustees were confident that such
services would continue in a similar fashion in 2015.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>The performance of the
Fund relative to comparable funds - </FONT></B><FONT face="Times New Roman" size=2>Both the Board as a whole and the independent trustees separately as a
group reviewed the performance of the Fund (at net asset value) during the past
one-, three-, five- and ten-year periods ended August 31, 2014 against the
performance of other closed-end and open-end funds investing in convertible
securities and believed by management to be in the Fund&#146;s peer group. The
Chairman pointed out that some funds against which the Fund compared itself were
of such a large size that they were required to make some investments in
non-convertible securities (because of the limited size of the convertible
securities market), which meant, in turn, that the comparison of such funds to
the Fund was not perfect, particularly insofar as the Fund&#146;s performance was
compared with any fund which had invested heavily in equity securities since
March 2009. (However, the group noted the continuing increase in Fund assets
invested in common stocks in the Fund&#146;s portfolio during the past year which has
tended to make investment performance by peers to be less comparable than in
prior years.) Both the Board as a whole and the independent trustees separately
as a group noted that the Fund&#146;s performance was superior to that of the Advent
Claymore Convertibles Securities Fund, one of the two funds which Dinsmore
Capital believed were most similar to the Fund, for all such time periods. The
Board as a whole and the independent trustees separately as a group also noted
that the Fund&#146;s performance was superior to that of the Gabelli Convertible
&amp; Income Fund, the other fund which Dinsmore Capital believed was most
similar to the Fund, for the one-, five-, and ten-year time periods, but that
the Fund underperformed relative to such fund for the three-year time period.
The Fund&#146;s performance trailed the mean of 76 open-end convertible funds tracked
by Lipper, Inc. for all time periods other than the five-year time period.
However, in evaluating the Fund&#146;s performance against that of other funds, the
Board as a whole and the independent trustees separately as a group took into
account the fact that many of these competitors engage in leverage, which has
increased their returns, but has done so with increased risk of loss. Because of
this increased risk of loss, the Fund has traditionally not engaged in leverage.
The Board as a whole and the independent trustees separately as a group also
noted that the portfolio manager&#146;s investment approach is to make equity
investments utilizing convertible securities to provide a total return similar
to that of equity securities, but with lower volatility and higher income. The
Board as a whole and the independent trustees separately as a group found the
Fund&#146;s performance to be mixed but approximated median performance of other
comparable funds and, therefore, concluded that Fund performance was
satisfactory.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Page 20</FONT></I></B></P>
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  <TR>
    <TD width="100%" bgColor=#ffffff><FONT face="Times New Roman" size=1>E L L
      S W O R T H&nbsp;&nbsp;&nbsp;G R O W T H &nbsp;&nbsp;A N D&nbsp;&nbsp; I N
      C O M E &nbsp;&nbsp;F U N D &nbsp;&nbsp;L T D .&nbsp;&nbsp; 2 0 1 5
      &nbsp;&nbsp;S E M I - A N N U A L &nbsp;&nbsp;R E P O R T &nbsp;&nbsp;T O
      &nbsp;&nbsp;S H A R E H O L D E R S</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Board Approval of
      Advisory Contract <I><FONT face="Times New Roman" size=3>(continued)</FONT></I></FONT></P></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>The performance of the
Fund relative to indices - </FONT></B><FONT face="Times New Roman" size=2>Both
the Board as a whole and the independent trustees separately as a group also
reviewed the performance of the Fund (at net asset value) during the past one-,
three-, five-, and ten-year periods ended August 31, 2014 against the
performance of the Bank of America Merrill Lynch All Convertibles Index
(&#147;VXA0&#148;), the Bank of America Merrill Lynch Investment Grade Convertibles Index
(&#147;VXA1&#148;), the Bank of America Merrill Lynch Speculative Grade Convertible Index,
the Barclays Capital Convertible Index, the Barclays Balanced Profile Index, and
the S&amp;P 500&#174; Index. The Board as a whole and the independent trustees
separately as a group noted that the Fund&#146;s performance (on a GIPS format basis
because the indices do not pay fees) was inferior to that of the VXA0 for the
one-, three-, and five-year time periods, but the Fund outperformed such index
for the ten-year time period. The Fund outperformed the VXA1 for the five- and
ten-year time periods but underperformed such index for the one- and three-year
time periods. The Fund underperformed the Speculative Grade Convertible Index
for the one- and three-year time periods, but the Fund outperformed the Barclays
Balanced Profile index for all available time periods. However, the Fund
underperformed the Barcap US Convertible Index for all available time periods.
In addition, the Fund&#146;s performance was below that of the S&amp;P 500&#174; Index for
all time periods owing to the extraordinary equity returns of the past five
years. However, the Fund&#146;s ten-year standard deviation was substantially less
than that of the S&amp;P 500&#174; Index. Based on this review and taking into
account all of the other factors that the Board as a whole and the independent
trustees separately as a group considered in determining whether to renew the
Advisory Agreement, the Board as a whole and the independent trustees separately
as a group concluded that performance relative to the indices was mixed but
generally satisfactory.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Meetings with the Fund&#146;s
portfolio manager and investment personnel - </FONT></B><FONT face="Times New Roman" size=2>Both the Board as a whole and the independent
trustees separately as a group noted that they meet regularly with the Fund&#146;s
portfolio manager and investment personnel, and believe that such individuals
are extremely competent and able to carry out their responsibilities under the
Advisory Agreement.</FONT></P>
<P align=right><B><I><FONT face="Times New Roman" size=2>Page 21</FONT></I></B></P>
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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff><FONT face="Times New Roman" size=1>E L L
      S W O R T H&nbsp;&nbsp;&nbsp;G R O W T H &nbsp;&nbsp;A N D&nbsp;&nbsp; I N
      C O M E &nbsp;&nbsp;F U N D &nbsp;&nbsp;L T D .&nbsp;&nbsp; 2 0 1 5
      &nbsp;&nbsp;S E M I - A N N U A L &nbsp;&nbsp;R E P O R T &nbsp;&nbsp;T O
      &nbsp;&nbsp;S H A R E H O L D E R S</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Board Approval of
      Advisory Contract <I><FONT face="Times New Roman" size=3>(continued)</FONT></I></FONT></P></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>Overall performance of
Dinsmore Capital - </FONT></B><FONT face="Times New Roman" size=2>After
considering the overall performance of Dinsmore Capital in providing investment
advisory and administrative services to the Fund, both the Board as a whole and
the independent trustees separately as a group concluded that such performance
was satisfactory.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Fees relative to those
of clients of Dinsmore Capital with comparable investment strategies -
</FONT></B><FONT face="Times New Roman" size=2>Both the Board as a whole and the
independent trustees separately as a group noted that the Fund and Bancroft Fund
Ltd. (the &#147;Funds&#148;) are the only clients of Dinsmore Capital, and that the
advisory fee rates for the Funds are the same. Both the Board as a whole and the
independent trustees separately as a group concluded that, because the fee rates
are the same for both Funds, the current advisory fee rate of the Fund was fair
as compared to the rate for Bancroft Fund Ltd.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Fees relative to those
of comparable funds with other advisers - </FONT></B><FONT face="Times New Roman" size=2>After reviewing the advisory fee rate and expense
ratio for the Fund against the advisory fee rates and expense ratios for funds
advised by other advisers in the Fund&#146;s comparison group, both the Board as a
whole and the independent trustees separately as a group determined that the
Fund&#146;s expense ratio was significantly lower than that of the other funds in the
comparison group, and below that of most closed-end funds. Accordingly, the
Board concluded that the current advisory fee rate and other Fund fees and costs
were fair and reasonable.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Expense limitations and
fee waivers - </FONT></B><FONT face="Times New Roman" size=2>Both the Board as a
whole and the independent trustees separately as a group noted that, although
there are no contractual expense limitations or fee waivers in effect for the
Fund, Dinsmore Capital is very diligent in its efforts to keep expenses of the
Fund as low as possible. The independent trustees also noted that the cost of
compliance with regulatory initiatives was increasing. Both the Board as a whole
and the independent trustees separately as a group concluded that the current
level of expenses for the Fund was fair and reasonable.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Breakpoints and
economies of scale - </FONT></B><FONT face="Times New Roman" size=2>Both the
Board and the independent trustees reviewed the structure of the Fund&#146;s advisory
fee under the Advisory Agreement, and noted that the fee includes one breakpoint
for Fund assets of at least $100 million. Both the Board as a whole and the
independent trustees separately as a group noted that the Fund&#146;s assets were
above the $100 million breakpoint. Both the Board and the independent trustees
concluded that the Fund&#146;s fee levels under the Advisory Agreement, therefore,
reflect economies of scale and that it was not necessary to implement any
further changes to the structure of the advisory fee for the Fund.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Profitability of
Dinsmore Capital </FONT></B><FONT face="Times New Roman" size=2>- Both the Board
and the independent trustees reviewed information concerning the profitability
and financial condition of Dinsmore Capital. In particular, the Board reviewed
Dinsmore Capital&#146;s financial statements including its statement of income and
retained earnings, statement of cash flows, and audited balance sheet. The Board
also reviewed Dinsmore Capital&#146;s costs in providing services to the Funds. The
Board noted that currently Dinsmore Capital&#146;s sole source of revenue was fees
from the Funds for providing advisory and administrative services to the Funds.
The Board as a whole and the independent trustees separately as a group noted
that Dinsmore Capital&#146;s operations were at approximately break even during its
most recent five fiscal years, despite the severe market downturn. Some
independent trustees expressed concern about whether Dinsmore Capital would be
able to maintain its high level of services to the Funds unless it was able to
increase assets under management in future years. As a result, the independent
trustees reiterated their prior advice that Dinsmore Capital increase its
efforts to grow its assets under management. Based on the review of the
profitability of Dinsmore Capital and its financial condition, both the Board as
a whole and the independent trustees separately as a group concluded that the
profit being earned by Dinsmore Capital under the Advisory Agreement was fair
and reasonable and not excessive.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Page 22</FONT></I></B></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff><FONT face="Times New Roman" size=1>E L L
      S W O R T H&nbsp;&nbsp;&nbsp;G R O W T H &nbsp;&nbsp;A N D&nbsp;&nbsp; I N
      C O M E &nbsp;&nbsp;F U N D &nbsp;&nbsp;L T D .&nbsp;&nbsp; 2 0 1 5
      &nbsp;&nbsp;S E M I - A N N U A L &nbsp;&nbsp;R E P O R T &nbsp;&nbsp;T O
      &nbsp;&nbsp;S H A R E H O L D E R S</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Board Approval of
      Advisory Contract <I><FONT face="Times New Roman" size=3>(continued)</FONT></I></FONT></P></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Dinsmore Capital&#146;s
financial soundness in light of the Fund&#146;s needs </FONT></B><FONT face="Times New Roman" size=2>- Both the Board as a whole and the independent
trustees separately as a group considered whether Dinsmore Capital is
financially sound and has the resources necessary to perform its obligations
under the Advisory Agreement, and concluded that after reviewing the materials
submitted by the Adviser, Dinsmore Capital had the financial ability to continue
to provide the required level of services to the Fund under the Advisory
Agreement.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Benefits of soft dollars
to Dinsmore Capital </FONT></B><FONT face="Times New Roman" size=2>- Both the
Board and the independent trustees discussed the fact that there are no
third-party soft dollar arrangements in effect with respect to the Fund. Both
the Board and the independent trustees recognized that Dinsmore Capital does
receive proprietary research from brokers with whom it executes portfolio
transactions on behalf of the Fund. This research is used by Dinsmore Capital in
making investment decisions for the Fund and for Bancroft Fund Ltd. Both the
Board and the independent trustees also considered representations made by
Dinsmore Capital that portfolio transactions received best execution. Because
such research ultimately benefits the Fund, the Board and the independent
trustees concluded that it was appropriate to receive proprietary
research.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Historical relationship
between the Fund and Dinsmore Capital </FONT></B><FONT face="Times New Roman" size=2>- In determining whether to continue the Advisory Agreement for the Fund,
both the Board and the independent trustees also considered the prior
relationship among Dinsmore Capital and the Fund, as well as the independent
trustees&#146; knowledge of Dinsmore Capital&#146;s operations, and concluded that it was
beneficial to maintain the current relationship, in part, because of such
knowledge. Both the Board as a whole and the independent trustees separately as
a group also reviewed the general nature of the non-investment advisory services
currently performed by Dinsmore Capital, such as administrative services, and
the fees received by Dinsmore Capital for performing such services. In addition
to reviewing such services, both the Board and the independent trustees also
considered the organizational structure employed by Dinsmore Capital to provide
those services. Based on the review of these and other factors, both the Board
and the independent trustees concluded that Dinsmore Capital was qualified to
provide non-investment advisory services to the Fund, including administrative
services, and that Dinsmore Capital currently is providing satisfactory
non-investment advisory services to the Fund.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Other factors and
current trends </FONT></B><FONT face="Times New Roman" size=2>- Both the Board
as a whole and the independent trustees separately as a group considered the
culture of compliance and high ethical standards at Dinsmore Capital, and the
efforts historically and currently undertaken by Dinsmore Capital to engage in
best practices. Both the Board and the independent trustees noted Dinsmore
Capital&#146;s historical adherence to compliance procedures, as well as the Fund&#146;s
investment objectives, policies and restrictions. Both the Board as a whole and
the independent trustees separately as a group concluded that this commitment to
adhere to the highest ethical standards was an important factor in their
determination that they should approve the continuance of the Advisory Agreement
for the Fund.</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" align=left width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>&nbsp;<BR>After considering all of
      the above factors and based on informed business judgment, the Board
      determined that the Advisory Agreement is in the best interests of the
      Fund and its shareholders and that the compensation to Dinsmore Capital
      under the Advisory Agreement is fair and reasonable. As a result, the
      Board concluded to renew the Advisory Agreement for an additional
      year.</FONT></P></TD></TR></TABLE><BR>
<P align=right><B><I><FONT face="Times New Roman" size=2>Page 23</FONT></I></B></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%" bgColor=#ffffff><FONT face="Times New Roman" size=1>E L L
      S W O R T H&nbsp;&nbsp;&nbsp;G R O W T H &nbsp;&nbsp;A N D&nbsp;&nbsp; I N
      C O M E &nbsp;&nbsp;F U N D &nbsp;&nbsp;L T D .&nbsp;&nbsp; 2 0 1 5
      &nbsp;&nbsp;S E M I - A N N U A L &nbsp;&nbsp;R E P O R T &nbsp;&nbsp;T O
      &nbsp;&nbsp;S H A R E H O L D E R S</FONT></TD></TR>
  <TR style="LINE-HEIGHT: 12pt">
    <TD width="100%" bgColor=#e6e6e6>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=6>Miscellaneous
      Notes</FONT></P></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Results of the 2015
Annual Shareholders Meeting</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The Annual Meeting of
Shareholders of the Fund was held on February 9, 2015. The results of the
shareholder vote were:</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>All persons nominated
      were elected.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Terms expiring in 2018</FONT></TD>
    <TD noWrap align=left width="77%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face="Times New Roman" size=2>Shares voted for</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="Times New Roman" size=2>Shares withheld</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="78%" bgColor=#FOF8FF colSpan=2><FONT face="Times New Roman" size=2>Kinchen C. Bizzell</FONT></TD>
    <TD noWrap style="text-align: center" width="10%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>10,888,899</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="10%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>1,088,961</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="78%" colSpan=2><FONT face="Times New Roman" size=2>Jane
      D. O&#146;Keeffe</FONT></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face="Times New Roman" size=2>10,846,934</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face="Times New Roman" size=2>1,130,926</FONT></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The Audit Committee&#146;s
      appointment of Tait, Weller &amp; Baker LLP as independent registered
      public accountants was ratified, as 11,285,350 shares voted for, 540,933
      shares voted against and 151,577 shares abstained.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%"><FONT face="Times New Roman" size=2>The shareholder proposal that would request
      that the Board of Trustees begin the process of amending the Declaration
      of Trust did not pass, as 1,920,738 shares voted for, 4,435,195 shares
      voted against, 213,236 shares abstained and 5,408,691 shares were broker
      non-votes.<BR>
&nbsp;</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>Notice of Privacy
Policy<BR>
<BR></FONT></B><FONT face="Times New Roman" size=2>The Fund has adopted a
privacy policy in order to protect the confidentiality of nonpublic personal
information that we have about our shareholders. We receive personal
information, such as the name, address and account balances of our shareholders,
when transactions occur in Fund shares registered in their name.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>We may disclose this
information to companies that perform services for the Fund, such as the Fund&#146;s
transfer agent or proxy solicitors. These companies may only use this
information in connection with the services they provide to the Fund, and not
for any other purpose. We will not otherwise disclose any nonpublic personal
information about our shareholders or former shareholders to anyone else, except
as required by law.</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>Access to nonpublic information
      about our shareholders is restricted to our employees and service
      providers who need that information in order to provide services to them.
      We maintain physical, electronic and procedural safeguards that comply
      with federal standards to guard nonpublic personal
      information.<BR>&nbsp;</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="100%">
      <P align=justify><B><FONT face="Times New Roman" size=2><BR>For More
      Information About Portfolio Holdings<BR><BR>
</FONT></B><FONT face="Times New Roman" size=2>In addition to the annual and semi-annual
      reports that the Fund delivers to shareholders and makes available through
      its public website, the Fund files a complete schedule of portfolio
      holdings with the Securities and Exchange Commission (SEC) for the Fund&#146;s
      first and third fiscal quarters on Form N-Q. The Fund does not deliver the
      schedule of portfolio holdings for the first and third fiscal quarters to
      shareholders, however, the schedules are available without charge, upon
      request, by calling (800) 914-1177 or at the Fund&#146;s public website,
      www.ellsworthfund.com. You may obtain the Form N-Q filings by accessing
      the SEC&#146;s website at www.sec.gov. You may also review and copy them at the
      SEC&#146;s Public Reference Room in Washington, DC. Information on the
      operation of the SEC&#146;s Public Reference Room may be obtained by calling
      the SEC at (800) SEC-0330.<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="100%">
      <P align=justify><B><FONT face="Times New Roman" size=2><BR>Proxy Voting
      Policies and Procedures / Proxy Voting Record<BR><BR>
</FONT></B><FONT face="Times New Roman" size=2>The Fund&#146;s policies and procedures with
      respect to the voting of proxies relating to the Fund&#146;s portfolio
      securities is available without charge, upon request, by calling (800)
      914-1177, or at the Fund&#146;s website at www.ellsworthfund.com. This
      information is also available on the SEC&#146;s website at www.sec.gov. In
      addition, information on how the Fund voted such proxies relating to
      portfolio securities during the most recent twelve-month period ended June
      30, is available without charge at the above
    sources.<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="100%">
      <P align=justify><FONT face="Times New Roman" size=2><BR>The Fund is a
      member of the Closed-End Fund Association (CEFA), a non-profit national
      trade association (www.cefa.com). Thomas H. Dinsmore, Chairman and Chief
      Executive Officer of the Fund, is on its executive
      board.<BR>&nbsp;</FONT></P></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>Pursuant to Section 23 of
the Investment Company Act of 1940, notice is hereby given that the Fund may in
the future purchase beneficial shares of the Fund from time to time, at such
times, and in such amounts, as may be deemed advantageous to the Fund. Nothing
herein shall be considered a commitment to purchase such shares.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>Page 24</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="49%" rowSpan=39>
      <P><STRONG><EM><FONT face="Times New Roman" size=2><STRONG><EM>Board of
      Trustees</EM></STRONG></FONT></EM></STRONG><BR><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Kinchen C.
      Bizzell, cfa</FONT><BR><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Elizabeth C. Bogan, P</FONT><FONT face="Times New Roman" size=2>h.</FONT><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>D.</FONT><BR><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Thomas H. Dinsmore, cfa</FONT><BR><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Daniel D.
      Harding, cfa</FONT><BR><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Jane D. O&#146;Keeffe</FONT><BR><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Nicolas W.
      Platt</FONT></P>
      <P><FONT face="Times New Roman" size=2><B><I>Officers</I></B></FONT><BR><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Thomas H.
      Dinsmore, cfa</FONT><BR><FONT face="Times New Roman" size=2><I>Chairman of
      the Board</I></FONT><BR><FONT face="Times New Roman" size=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Executive
      Officer</I></FONT></P>
      <P><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>James A. Dinsmore, cfa</FONT><BR><EM><FONT face="Times New Roman" size=2>President</FONT></EM></P>
      <P><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Jane D. O&#146;Keeffe</FONT><BR><FONT face="Times New Roman" size=2><I>Executive Vice President</I></FONT></P>
      <P><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Gary I. Levine</FONT><BR><FONT face="Times New Roman" size=2><I>Executive Vice President, Chief Financial
      Officer</I></FONT><BR><FONT face="Times New Roman" size=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
      Secretary</I></FONT></P>
      <P><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>H.
      Tucker Lake, Jr.</FONT><BR><FONT face="Times New Roman" size=2><I>Vice
      President</I></FONT></P>
      <P><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Germaine M. Ortiz</FONT><BR><EM><FONT face="Times New Roman" size=2>Vice President</FONT></EM></P>
      <P><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Mercedes A. Pierre</FONT><BR><FONT face="Times New Roman" size=2><I>Vice President and Chief Compliance Officer</I></FONT></P>
      <P><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Judith M. Dougherty</FONT><BR><FONT face="Times New Roman" size=2><I>Assistant Vice President and Assistant Secretary</I></FONT></P>
      <P><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Joann Venezia</FONT><BR><FONT face="Times New Roman" size=2><I>Assistant Vice President</I></FONT></P></TD>
    <TD vAlign=top noWrap align=left width="50%" rowSpan=39>
      <P><FONT face="Times New Roman" size=2><B><I>Internet</I></B></FONT><BR><FONT face="Times New Roman" size=2>www.ellsworthfund.com</FONT><BR><FONT face="Times New Roman" size=2>email: info@ellsworthfund.com</FONT></P>
      <P><FONT face="Times New Roman" size=2><B><I>Shareholder Services and
      Transfer Agent</I></B></FONT><BR><FONT face="Times New Roman" size=2>American Stock Transfer &amp; Trust Company, LLC</FONT><BR><FONT face="Times New Roman" size=2>6201 15th Avenue</FONT><BR><FONT face="Times New Roman" size=2>Brooklyn, NY 11219</FONT><BR><FONT face="Times New Roman" size=2>(888) 888-0314</FONT><BR><FONT face="Times New Roman" size=2>www.amstock.com</FONT></P>
      <P><FONT face="Times New Roman" size=2><B><I>Investment
      Adviser</I></B></FONT><BR><FONT face="Times New Roman" size=2>Dinsmore
      Capital Management Co.</FONT><BR><FONT face="Times New Roman" size=2>65
      Madison Avenue, Suite 550</FONT><BR><FONT face="Times New Roman" size=2>Morristown, NJ 07960</FONT><BR><FONT face="Times New Roman" size=2>(973) 631-1177<BR>&nbsp;</FONT></P>
      <P><FONT face="Times New Roman" size=2><B><I>Custodian of
      Securities</I></B></FONT><BR><FONT face="Times New Roman" size=2>Brown
      Brothers Harriman &amp; Co.</FONT></P>
      <P><FONT face="Times New Roman" size=2><B><I>Beneficial Share
      Listing</I></B></FONT><BR><FONT face="Times New Roman" size=2>NYSE MKT
      Symbol: ECF</FONT></P>
      <P><FONT face="Times New Roman" size=2>NASDAQ Symbol for the Net Asset
      Value:</FONT><BR><FONT face="Times New Roman" size=2>XXECFXX</FONT></P>
      <P><FONT face="Times New Roman" size=2><B><I>Legal
      Counsel</I></B></FONT><BR><FONT face="Times New Roman" size=2>Ballard
      Spahr LLP</FONT></P>
      <P><FONT face="Times New Roman" size=2><B><I>Independent Registered Public
      Accounting Firm</I></B></FONT><BR><FONT face="Times New Roman" size=2>Tait, Weller &amp; Baker
LLP</FONT><BR>&nbsp;</P></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>ELLSWORTH GROWTH AND INCOME
FUND LTD.<BR>65 MADISON AVENUE, SUITE 550<BR>MORRISTOWN, NEW JERSEY
07960<BR>www.ellsworthfund.com</FONT></P>
<P align=center><IMG src="ellsworth_ncsrs4x7x1.jpg" border=0></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=justify><FONT face="Times New Roman" size=2>ITEM 2. CODE OF ETHICS.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Not applicable to this
semi-annual report. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>ITEM 3. AUDIT COMMITTEE
FINANCIAL EXPERT. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Not applicable to this
semi-annual report. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>ITEM 4. PRINCIPAL
ACCOUNTANT FEES AND SERVICES. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Not applicable to this
semi-annual report. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>ITEM 5. AUDIT COMMITTEE OF
LISTED REGISTRANTS. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Not applicable to this
semi-annual report. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>ITEM 6. INVESTMENTS.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Schedule of Investments
in securities of unaffiliated issuers as of March 31, 2015 is included as part
of the report to shareholders, filed under Item 1 of this Form N-CSR.
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>ITEM 7. DISCLOSURE OF PROXY
VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Not applicable to this
semi-annual report. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>ITEM 8. PORTFOLIO MANAGERS
OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(a) Not applicable to this
semi-annual report. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(b) There has been no
change as of the date of filing in any of the portfolio managers identified in
Ellsworth Growth and Income Fund Ltd.&#146;s (the &#147;Fund&#148;) most recent annual report
on Form N-CSR. </FONT></P>
<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>ITEM 9. PURCHASES OF EQUITY
SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED
PURCHASERS. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>During the period covered
by this report, the following purchases were made by or on behalf of the Fund as
defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)),
of shares or other units of any class of the Fund&#146;s equity securities registered
by the Fund pursuant to Section 12 of the Exchange Act (15 U.S.C.
78</FONT><I><FONT face="Times New Roman" size=2>l</FONT></I><FONT face="Times New Roman" size=2>): </FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>REGISTRANT PURCHASES OF
EQUITY SECURITIES </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><FONT face="Times New Roman" size=2>Period</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face="Times New Roman" size=2>(a)<BR>Total number
      of<BR>shares<BR>purchased</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face="Times New Roman" size=2>(b)<BR>Average
      price<BR>paid<BR>per share</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face="Times New Roman" size=2>(c)<BR>Total number
      of<BR>shares<BR>purchased as<BR>part of publicly<BR>announced<BR>plans or
      programs*</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face="Times New Roman" size=2>(d)<BR>Maximum number<BR>of shares
      that<BR>may yet<BR>be purchased<BR>under the<BR>plans or
    programs*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>December 1 through</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>December 31, 2014</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>38,687</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$8.56</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>38,687</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>881,161</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>January 1 through</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>January 31, 2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>102,909</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>$8.54</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>102,909</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>778,252</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>February 1 through</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>February 28, 2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>70,375</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$8.68</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>70,375</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>707,877</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face="Times New Roman" size=2>March 1 through</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="84%"><FONT face="Times New Roman" size=2>March 31, 2015</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="3%"><FONT face="Times New Roman" size=2>65,388</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face="Times New Roman" size=2>$8.76</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="3%"><FONT face="Times New Roman" size=2>65,388</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="3%"><FONT face="Times New Roman" size=2>642,489</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>Total</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>277,359</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>$8.63</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF><FONT face="Times New Roman" size=2>277,359</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#FOF8FF></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#FOF8FF></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>*On November 19, 2014, the
Board of Trustees approved a 3% share repurchase plan (the &#147;Repurchase Plan&#148;).
On December 18, 2014 the Repurchase Plan was increased to 7%. Under the
Repurchase Plan, the Fund may purchase, in the open market, up to 7% of its
outstanding shares (up to 919,848 shares, based on shares of beneficial interest
outstanding as of November 19, 2014).</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>ITEM 10. SUBMISSION OF
MATTERS TO A VOTE OF SECURITY HOLDERS. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>There have been no material
changes to the procedures by which shareholders may recommend nominees to the
Fund&#146;s board of trustees since those procedures were last disclosed in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as
required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)) or Item 10 of
this Form N-CSR. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>ITEM 11. CONTROLS AND
PROCEDURES. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Conclusions of principal
officers concerning controls and procedures </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(a) As of May 29, 2015, an
evaluation was performed under the supervision and with the participation of the
officers of the Fund, including the Principal Executive Officer (&#147;PEO&#148;) and
Principal Financial Officer (&#147;PFO&#148;), to assess the effectiveness of the Fund&#146;s
disclosure controls and procedures, as defined in Rule 30a-3(c) (17 CFR 270.30a-3(c)) under the Investment Company Act of 1940, as amended (the &#147;Act&#148;). Based
on that evaluation, as required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)), the Fund&#146;s officers, including the PEO and PFO,
concluded that, as of May 29, 2015, the Fund&#146;s disclosure controls and
procedures were reasonably designed so as to ensure: (1) that information
required to be disclosed by the Fund on Form N-CSR is recorded, processed,
summarized and reported within the time periods specified by the rules and forms
of the Securities and Exchange Commission and (2) that material information
relating to the Fund is made known to the PEO and PFO as appropriate to allow
timely decisions regarding required disclosure. </FONT></P>

<P align=justify><FONT face="Times New Roman" 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
second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the Fund&#146;s internal
control over financial reporting. </FONT></P>


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

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>ITEM 12. EXHIBITS.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(a)(1) The code of ethics
disclosure required by Item 2 is not applicable to this semi-annual report.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(a)(2) Certifications of
the principal executive officer and the principal financial officer pursuant to
Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are attached hereto.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(a)(3) There were no
written solicitations to purchase securities under Rule 23c-1 under the Act (17
CFR 270.23c-1) sent or given during the period covered by the report by or on
behalf of the Fund to ten or more persons. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>(b) Certifications of the
principal executive officer and the principal financial officer, as required by
Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule
15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and
Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C.
1350) are attached hereto. </FONT></P>


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

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><FONT face="Times New Roman" size=2>SIGNATURES </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" 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=justify><FONT face="Times New Roman" size=2>Ellsworth Growth and Income
Fund Ltd. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Thomas H. Dinsmore<BR>Thomas H. Dinsmore<BR>Chairman of the Board
and<BR>Chief Executive Officer<BR>(Principal Executive Officer) </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Date: May 29, 2015
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" 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>
<P align=justify><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Thomas H. Dinsmore<BR>Thomas H. Dinsmore<BR>Chairman of the Board
and<BR>Chief Executive Officer<BR>(Principal Executive Officer) </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Date: May 29, 2015
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Gary I. Levine<BR>Gary I. Levine<BR>Chief Financial Officer<BR>(Principal
Financial Officer) </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Date: May 29, 2015
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

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

<BODY bgcolor=#ffffff>
<BR>
<P align=right><FONT face="Times New Roman" size=2>Exhibit 99.CERT</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>CERTIFICATION OF
PRINCIPAL EXECUTIVE OFFICER</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>I, Thomas H. Dinsmore,
certify that:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>1. I have reviewed this
report on Form N-CSR of Ellsworth Fund Ltd.; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>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>
<P align=justify><FONT face="Times New Roman" size=2>3. Based on my knowledge,
the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results
of operations, changes in net assets, and cash flows (if the financial
statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>4. The registrant&#146;s other
certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the
registrant and have: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" 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 style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" 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 style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" 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 style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Disclosed in this
      report any change in the registrant&#146;s internal control over financial
      reporting that occurred during the second fiscal quarter of the period
      covered by this report that has materially affected, or is reasonably
      likely to materially affect, the registrant&#146;s internal control over
      financial reporting; and</FONT></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2>5. The registrant&#146;s other
certifying officer and I have disclosed to the registrant&#146;s auditors and the
audit committee of the registrant&#146;s board of directors (or persons performing
the equivalent functions): </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" 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 style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" 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=justify><FONT face="Times New Roman" size=2><BR>Date: May 29,
2015</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><BR>/s/ Thomas H.
Dinsmore<BR></FONT><FONT face="Times New Roman" 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=justify><B><FONT face="Times New Roman" size=2>CERTIFICATION OF
PRINCIPAL FINANCIAL OFFICER</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>I, Gary I. Levine, certify
that:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>1. I have reviewed this
report on Form N-CSR of Ellsworth Fund Ltd.; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>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>
<P align=justify><FONT face="Times New Roman" size=2>3. Based on my knowledge,
the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results
of operations, changes in net assets, and cash flows (if the financial
statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>4. The registrant&#146;s other
certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the
registrant and have: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" 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 style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" 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 style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" 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 style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Disclosed in this
      report any change in the registrant&#146;s internal control over financial
      reporting that occurred during the second fiscal quarter of the period
      covered by this report that has materially affected, or is reasonably
      likely to materially affect, the registrant&#146;s internal control over
      financial reporting; and</FONT></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2>5. The registrant&#146;s other
certifying officer and I have disclosed to the registrant&#146;s auditors and the
audit committee of the registrant&#146;s board of directors (or persons performing
the equivalent functions): </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" 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 style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" 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=justify><FONT face="Times New Roman" size=2>&nbsp;<BR>Date: May 29,
2015</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;<BR>/s/ Gary I.
Levine<BR>Chief Financial Officer<BR>(Principal Financial Officer)</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>exhibit99_906-cert.htm
<DESCRIPTION>CERTIFICATIONS OF THE PRINCIPAL EXECUTIVE AND THE PRINCIPAL FINANCIAL OFFICER
<TEXT>

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<BODY bgcolor="#ffffff">

<BR>
<P STYLE="text-align: right"><FONT face="Times New Roman" size=2>Exhibit 99.906CERT </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Certification of Principal
Executive Officer </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In connection with the
Certified Shareholder Report of Ellsworth Growth and Income Fund Ltd. (the
&#147;Registrant&#148;) on Form N-CSR for the period ended March 31, 2015 as filed with
the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I,
Thomas H. Dinsmore, Chief Executive Officer of the Registrant, certify, pursuant
to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of
2002, that, to my knowledge: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1) The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2) The information contained
in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant. </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="3%"><FONT face="Times New Roman" size=2>Date: May 29,
      2015</FONT></TD>
    <TD noWrap align=left width="87%" ></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="87%" ></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>/s/ Thomas H.
      Dinsmore</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="87%" ></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Chairman of the
      Board and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="87%" ></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Chief Executive
      Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="87%" ></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>(Principal
      Executive Officer)</FONT></TD></TR></TABLE><BR>


      <P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>A signed original of this
written statement required by Section 906, or other document authenticating,
acknowledging, or otherwise adopting the signature that appears in typed form
within the electronic version of this written statement required by Section 906,
has been provided to the Registrant and will be retained by the Registrant and
furnished to the Securities and Exchange Commission or its staff upon request.
</FONT></P>
<HR align=center width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=left><B><FONT face="Times New Roman" size=2>Certification of Principal
Financial Officer </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In connection with the
Certified Shareholder Report of Ellsworth Growth and Income Fund Ltd. (the
&#147;Registrant&#148;) on Form N-CSR for the period ended March 31, 2015 as filed with
the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I,
Gary I. Levine, Chief Financial Officer of the Registrant, certify, pursuant to
18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of
2002, that, to my knowledge: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1) The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2) The information contained
in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant. </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="3%"><FONT face="Times New Roman" size=2>Date: May 29,
      2015</FONT></TD>
    <TD noWrap align=left width="86%" ></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="86%" ></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>/s/ Gary I.
      Levine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%" ></TD>
    <TD noWrap align=left width="86%" ></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Chief Financial
      Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%" ></TD>
    <TD noWrap align=left width="86%" ></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>(Principal
      Financial Officer)</FONT></TD></TR></TABLE><BR>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>A signed original of this
written statement required by Section 906, or other document authenticating,
acknowledging, or otherwise adopting the signature that appears in typed form
within the electronic version of this written statement required by Section 906,
has been provided to the Registrant and will be retained by the Registrant and
furnished to the Securities and Exchange Commission or its staff upon request.
</FONT></P>
<HR align=center width="100%" noShade>

</BODY>

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</TEXT>
</DOCUMENT>
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<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>ellsworth_ncsrs1x4x1.jpg
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
