ELLSWORTH GROWTH & INCOME FUND LTD

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

For the quarter ended December 31, 2018, the net asset value (NAV) total return of the Ellsworth Growth and Income Fund Ltd. was (12.6)%, compared with total returns of (9.3)% and (7.2)% for the ICE Bank of America Merrill Lynch U.S. Convertibles Index and the Bloomberg Barclays Balanced U.S. Convertibles Index, respectively. The total return for the Fund’s publicly traded shares was (15.4)%. The Fund’s NAV per share was $9.55, while the price of the publicly traded shares closed at $8.59 on the NYSE American. See below for additional performance information.

Average Annual Returns through December 31, 2018 (a)(b) (Unaudited)


	Quarter			1 Year			3 Year		5 Year		10 Year		Since Inception (06/30/86)
Ellsworth Growth and Income Fund Ltd.
NAV Total Return (c)		(12.62	)%		(2.92	)%		6.14%		5.25%		10.82%		7.62%
Investment Total Return (d)		(15.40	)		(3.68	)		9.08		7.54		11.40		7.96
ICE Bank of America Merrill Lynch U.S. Convertibles Index		(9.31	)		0.15			7.93		5.95		12.21		N/A(e)
Bloomberg Barclays Balanced U.S. Convertibles Index		(7.16	)		(0.81	)		4.20		2.48		9.15		N/A(f)
Standard & Poor’s (S&P) 500 Index		(13.52	)		(4.38	)		9.26		8.49		13.12		9.80

(a)

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset value changes versus funds that don’t employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. Returns would have been lower had Gabelli Funds, LLC (the “Adviser”) not reimbursed certain expenses of the Fund. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The ICE Bank of America Merrill Lynch U.S. Convertibles Index is a market value weighted index of all dollar denominated convertible securities that are exchangeable into U.S. equities that have a market value of more than $50 million. The Bloomberg Barclays Balanced U.S. Convertibles Index is a market value weighted index that tracks the performance of publicly placed, dollar denominated convertible securities that are between 40% and 80% sensitive to movements in their underlying common stocks. The S&P 500 Index is an unmanaged indicator of stock market performance. Dividends and interest income are considered reinvested. You cannot invest directly in an index.

(b)

The Fund’s fiscal year ends on September 30.

(c)

Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date for the period beginning November 2015, and are net of expenses. Total returns and average annual returns were not adjusted for the 2004 rights offering. For the period from December 2008 through October 2015, the distributions were reinvested on the payable date using market prices. From inception through November 2008, distributions were reinvested on the payable date using NAV. Since inception return is based on an initial NAV of $9.30.

(d)

Total returns and average annual returns reflect changes in closing market values on the NYSE American and reinvestment of distributions. Total returns and average annual returns were not adjusted for the 2004 rights offering. Since inception return is based on an initial offering price of $10.00.

(e)

The ICE Bank of America Merrill Lynch U.S. Convertibles Index inception date is December 31, 1994.

(f)

The Bloomberg Barclays Balanced U.S. Convertibles Index inception date is January 1, 2003.


Principal			Market
Amount			Value
		CONVERTIBLE CORPORATE BONDS — 59.9%
		Aerospace — 2.4%
$	1,000,000	Aerojet Rocketdyne Holdings Inc., 2.250%, 12/15/23	$	1,472,002
	2,038,000	Kaman Corp., 3.250%, 05/01/24		2,180,703

				3,652,705


		Automotive — 0.7%
	1,000,000	Tesla Inc., 1.250%, 03/01/21		1,125,811


		Business Services — 1.6%
	1,000,000	Perficient Inc., 2.375%, 09/15/23(a)		891,179
	1,000,000	Q2 Holdings Inc., 0.750%, 02/15/23(a)		1,047,556
	400,000	RingCentral Inc., Zero Coupon, 03/15/23(a)		475,348

				2,414,083


		Cable and Satellite — 1.8%
	2,000,000	DISH Network Corp., 3.375%, 08/15/26		1,620,032
	1,525,000	Global Eagle Entertainment Inc., 2.750%, 02/15/35		1,131,419

				2,751,451


		Communications Equipment — 2.5%
	1,000,000	Harmonic Inc., 4.000%, 12/01/20		1,058,125
	2,000,000	InterDigital Inc., 1.500%, 03/01/20		2,106,150
	524,000	Vocera Communications Inc., 1.500%, 05/15/23(a)		700,595

				3,864,870


		Computer Software and Services — 15.6%
	1,195,000	Apptio Inc., 0.875%, 04/01/23(a)		1,351,308
	1,235,000	Boingo Wireless Inc., 1.000%, 10/01/23(a)		1,048,700
	1,000,000	Coupa Software Inc., 0.375%, 01/15/23(a)		1,515,625
	2,500,000	CSG Systems International Inc., 4.250%, 03/15/36		2,490,590
	235,000	DocuSign Inc., 0.500%, 09/15/23(a)		215,877
	1,000,000	Evolent Health Inc., 1.500%, 10/15/25(a)		923,991
	697,000	GDS Holdings Ltd., 2.000%, 06/01/25(a)		504,279
	2,002,000	IAC FinanceCo. Inc., 0.875%, 10/01/22(a)		2,664,208


Principal			Market
Amount			Value
$	2,135,000	Lumentum Holdings Inc., 0.250%, 03/15/24	$	2,152,624
	1,500,000	MercadoLibre Inc., 2.000%, 08/15/28(a)		1,353,750
	1,795,000	New Relic Inc., 0.500%, 05/01/23(a)		1,801,561
	1,032,000	Nice Systems Inc., 1.250%, 01/15/24		1,415,130
	1,599,000	Nutanix Inc., Zero Coupon, 01/15/23(a)		1,754,989
	812,000	Okta Inc., 0.250%, 02/15/23(a)		1,187,116
	1,700,000	PROS Holdings Inc., 2.000%, 06/01/47		1,585,921
	995,000	Pure Storage Inc., 0.125%, 04/15/23(a)		929,131
	1,174,000	Splunk Inc., 1.125%, 09/15/25(a)		1,159,582

				24,054,382


		Consumer Services — 4.2%
	1,500,000	Extra Space Storage LP, 3.125%, 10/01/35(a)		1,625,955
	1,600,000	Quotient Technology Inc., 1.750%, 12/01/22		1,516,960
	1,500,000	Square Inc., 0.500%, 05/15/23(a)		1,564,652
	1,695,000	Team Inc., 5.000%, 08/01/23		1,693,400

				6,400,967


		Diversified Industrial — 2.6%
	750,000	Chart Industries Inc., 1.000%, 11/15/24(a)		934,387
	500,000	KBR Inc., 2.500%, 11/01/23(a)		447,023
	2,000,000	Knowles Corp., 3.250%, 11/01/21		2,065,934
	500,000	TimkenSteel Corp., 6.000%, 06/01/21		518,014

				3,965,358


		Energy and Utilities — 3.6%
	1,900,000	Cheniere Energy Inc., 4.250%, 03/15/45		1,331,140
	1,500,000	Chesapeake Energy Corp., 5.500%, 09/15/26		1,211,043
	258,000	Goodrich Petroleum Escrow Bond, Zero Coupon, 12/31/21†(a)(b)(c)(d)		0
	667,000	Newpark Resources Inc., 4.000%, 12/01/21(a)		691,844


Principal			Market
Amount			Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Energy and Utilities (Continued)
$	2,850,000	SunPower Corp., 4.000%, 01/15/23	$	2,299,882

				5,533,909


		Entertainment — 0.6%
	1,000,000	Gannett Co. Inc., 4.750%, 04/15/24(a)		976,029


		Financial Services — 1.1%
	1,000,000	Encore Capital Group Inc., 3.000%, 07/01/20		907,315
	641,000	LendingTree Inc., 0.625%, 06/01/22		797,590

				1,704,905


		Health Care — 11.4%
	875,000	ANI Pharmaceuticals Inc., 3.000%, 12/01/19		879,803
	550,000	Array BioPharma Inc., 2.625%, 12/01/24(a)		665,821
	1,300,000	BioMarin Pharmaceutical Inc., 0.599%, 08/01/24		1,295,969
	575,000	DexCom Inc., 0.750%, 12/01/23(a)		582,219
	1,350,000	Exact Sciences Corp., 1.000%, 01/15/25		1,485,810
	250,000	Horizon Pharma Investment Ltd., 2.500%, 03/15/22		249,837
	1,080,000	Insulet Corp., 1.375%, 11/15/24(a)		1,149,676
	1,083,000	Intercept Pharmaceuticals Inc., 3.250%, 07/01/23		1,003,265
	500,000	Invacare Corp., 4.500%, 06/01/22		337,176
	1,171,000	Neurocrine Biosciences Inc., 2.250%, 05/15/24		1,400,788
	1,000,000	NuVasive Inc., 2.250%, 03/15/21		1,054,955
	1,500,000	Pacira Pharmaceuticals Inc., 2.375%, 04/01/22		1,491,563
	2,000,000	Paratek Pharmaceuticals Inc., 4.750%, 05/01/24(a)		1,527,854
	400,000	Retrophin Inc., 2.500%, 09/15/25		359,410
	1,000,000	Supernus Pharmaceuticals Inc., 0.625%, 04/01/23(a)		945,000
	1,500,000	Teladoc Health Inc., 3.000%, 12/15/22		2,064,375
	1,000,000	Theravance Biopharma Inc., 3.250%, 11/01/23		1,031,250

				17,524,771


Principal			Market
Amount			Value
		Semiconductors — 7.9%
$	500,000	Advanced Micro Devices Inc., 2.125%, 09/01/26	$	1,216,875
	1,500,000	Cypress Semiconductor Corp., 4.500%, 01/15/22		1,775,427
	2,250,000	Inphi Corp., 1.125%, 12/01/20		2,371,858
	1,000,000	Microchip Technology Inc., 1.625%, 02/15/27		979,918
	1,500,000	NXP Semiconductors NV, 1.000%, 12/01/19		1,504,509
	2,159,000	Rambus Inc., 1.375%, 02/01/23		1,883,162
	1,180,000	Silicon Laboratories Inc., 1.375%, 03/01/22		1,249,448
	1,000,000	Teradyne Inc., 1.250%, 12/15/23		1,188,125

				12,169,322


		Telecommunications — 2.8%
	2,000,000	Infinera Corp., 2.125%, 09/01/24		1,457,600
	2,000,000	Twilio Inc., 0.250%, 06/01/23(a)		2,860,062

				4,317,662


		Transportation — 1.1%
	1,700,000	Atlas Air Worldwide Holdings Inc., 2.250%, 06/01/22		1,646,972


		TOTAL CONVERTIBLE CORPORATE BONDS		92,103,197


Shares

		CONVERTIBLE PREFERRED STOCKS — 2.9%
		Agriculture — 0.5%
	7,500	Bunge Ltd., 4.875%		727,500


		Business Services — 0.3%
	711,039	Amerivon Holdings LLC, 4.000% (b)		436,009
	272,728	Amerivon Holdings LLC, common equity units (b)		16,364

				452,373


		Financial Services — 1.3%
	1,000	Bank of America Corp., 7.250%		1,252,500
	583	Wells Fargo & Co., 7.500%		735,729

				1,988,229


		Food and Beverage — 0.8%
	8,000	Post Holdings Inc., 2.500%		1,316,548

		TOTAL CONVERTIBLE PREFERRED STOCKS		4,484,650


			Market
Shares			Value
		MANDATORY CONVERTIBLE SECURITIES (e) — 14.2%
		Building and Construction — 1.1%
	18,778	Stanley Black & Decker Inc., 5.375%, 05/15/20	$	1,706,732


		Computer Software and Services — 0.6%
	10,000	MTS Systems Corp., 8.750%, 07/01/19		943,366


		Diversified Industrial — 2.2%
	31,316	International Flavors & Fragrances Inc., 6.000%, 09/15/21		1,587,721
	35,100	Rexnord Corp., 5.750%, 11/15/19		1,775,709

				3,363,430


		Energy and Utilities — 3.6%
	7,800	CenterPoint Energy Inc., 7.000%, 09/01/21		392,886
	20,000	Dominion Energy, Inc., 6.750%, 08/15/19		957,400
	18,600	DTE Energy Co., 6.500%, 10/01/19		960,876
	21,666	Hess Corp., 8.000%, 02/01/19		1,075,717
		Sempra Energy,
	5,383	6.000%, 01/15/21		511,977
	5,000	6.750%, 07/15/21		482,200
	25,890	South Jersey Industries Inc., 7.250%, 04/15/21		1,207,251

				5,588,307


		Financial Services — 4.4%
	10,000	2017 Mandatory Exchangeable Trust, 5.188%, 12/01/20		1,142,000
	20,000	Alibaba - Mandatory Exchange Trust, 5.750%, 06/01/19 (a)		3,089,100
	14,938	Assurant Inc., 6.500%, 03/15/21		1,466,314
	24,000	New York Community Capital Trust V, 6.000%, 11/01/51		1,064,400

				6,761,814


		Health Care — 1.4%
	36,573	Becton Dickinson and Co., 6.125%, 05/01/20		2,109,165


			Market
Shares			Value

		Real Estate — 0.9%
	15,000	QTS Realty Trust Inc., 6.500%,	$	1,414,200


		TOTAL MANDATORY CONVERTIBLE SECURITIES		21,887,014


		COMMON STOCKS — 21.4%
		Business Services — 1.6%
	5,000	Alliance Data Systems Corp.		750,400
	20,000	PayPal Holdings Inc.†		1,681,800

				2,432,200


		Computer Software and Services — 1.8%
	14,300	Microsoft Corp.		1,452,451
	15,925	Proofpoint Inc.†		1,334,674

				2,787,125


		Consumer Products — 0.9%
	24,000	Unilever NV		1,291,200


		Energy and Utilities — 0.6%
	8,000	Chevron Corp.		870,320
	91	Goodrich Petroleum Corp.†		1,229

				871,549


		Entertainment — 0.5%
	7,500	The Walt Disney Co.		822,375


		Financial Services — 1.3%
	9,546	Citigroup Inc.		496,965
	50,000	Huntington Bancshares Inc.		596,000
	36,434	Synchrony Financial		854,742

				1,947,707


		Food and Beverage — 1.0%
	30,000	B&G Foods Inc.		867,300
	30,000	Conagra Brands Inc.		640,800

				1,508,100


		Health Care — 3.4%
	15,000	Eli Lilly & Co.		1,735,800
	22,651	Merck & Co. Inc.		1,730,763
	40,000	Pfizer Inc.		1,746,000

				5,212,563


		Real Estate — 7.3%
	15,000	American Tower Corp., REIT		2,372,850
	16,100	Crown Castle International Corp., REIT		1,748,943
	7,000	Equinix Inc., REIT		2,467,920
	58,700	Invesco Mortgage Capital Inc., REIT		849,976
	15,000	SBA Communications Corp., REIT†		2,428,350
	20,000	Welltower Inc., REIT		1,388,200

				11,256,239


			Market
Shares			Value
		COMMON STOCKS (Continued)
		Semiconductors — 0.9%
	30,000	Intel Corp.	$	1,407,900


		Telecommunications — 2.1%
	30,000	AT&T Inc.		856,200
	16,119	T-Mobile US Inc.†		1,025,330
	25,000	Verizon Communications Inc.		1,405,500

				3,287,030


		TOTAL COMMON STOCKS		32,823,988


		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	781	Goodrich Petroleum Corp., expire 10/12/26†(b)		0


Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 1.6%
$	2,486,000	U.S. Treasury Bills,
		2.281% to 2.377%††,
		01/31/19 to 03/28/19		2,479,112


		TOTAL INVESTMENTS — 100.0% (Cost $141,788,214)	$	153,777,961

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, the market value of Rule 144A securities amounted to $36,584,417 or 23.79% of total investments.

(b)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(c)	At December 31, 2018, the Fund held investments in restricted and illiquid securities amounting to $0 or 0.00% of the Fund’s total investments, which were valued under methods approved by the Board of Trustees as follows:


Acquisition Principal Amount	Issuer	Acquisition Date	Acquisition Cost	12/31/18 Carrying Value Per Bond
$258,000	Goodrich Petroleum Escrow Bond, Zero Coupon, 12/31/21	12/14/16	$0		$0

(d)	Security in default.

(e)	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.

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

REIT	Real Estate Investment Trust

As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its schedule of investments. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its schedule of investments.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of December 31, 2018 is as follows:

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not

apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Investments in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. During the period ended December 31, 2018, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was approximately 0.03%.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held as of December 31, 2018, refer to the Schedule of Investments.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Tax Information. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

Thomas H. Dinsmore, CFA, joined Gabelli Funds, LLC in 2015. He currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Funds Complex. Previously Mr. Dinsmore was Chairman and CEO of Dinsmore Capital Management; CEO and Portfolio Manager of Bancroft Fund Ltd; and CEO, Portfolio Manager, and co-founder of Ellsworth Growth and Income Fund Ltd. He received a BS in Economics from the Wharton School of Business and an MA degree in Economics from Fairleigh Dickinson University.

Jane D. O’Keeffe joined Gabelli Funds, LLC in 2015. She currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Funds Complex. Previously Ms. O’Keeffe was President and Director of Dinsmore Capital Management where she was also a Portfolio Manager of Bancroft Fund Ltd. and Ellsworth Growth and Income Fund Ltd. Prior to joining Dinsmore Capital Management, Ms. O’Keeffe held positions of increasing responsibilities at IDS Progressive Fund, Soros Fund Management Company, Simms Capital Management, and Fiduciary Trust International. She earned a BA from the University of New Hampshire and attended the Lubin Graduate School of Business at Pace University.

James A. Dinsmore, CFA, joined Gabelli Funds, LLC in 2015. He currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Funds Complex. Mr. Dinsmore received a BA in Economics from Cornell University and an MBA degree from Rutgers University.

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Specialized Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Convertible Securities Funds.”

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

ELLSWORTH GROWTH AND INCOME FUND LTD.

One Corporate Center

Rye, NY 10580-1422

t	800-GABELLI (800-422-3554)

f	914-921-5118

e	info@gabelli.com

GABELLI.COM

TRUSTEES

Mario J. Gabelli, CFA

Chairman and

Chief Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group Inc.

Kinchen C. Bizzell

Former Managing Director,

CAVU Securities

Elizabeth C. Bogan

Senior Lecturer, Economics

Princeton University

James P. Conn

Former Managing Director &

Chief Investment Officer,

Financial Security Assurance

Holdings Ltd.

James A. Dinsmore, CFA

Portfolio Manager,

Gabelli Funds, LLC

Frank J. Fahrenkopf, Jr.

Former President &

Chief Executive Officer,

American Gaming Association

Daniel D. Harding

Managing General Partner,

Global Equity Income Fund

Michael J. Melarkey

Of Counsel,

McDonald Carano Wilson LLP

Kuni Nakamura

President,

Advanced Polymer, Inc.

Nicolas W. Platt

Former Managing Director,

FTI Consulting Inc.

Anthonie C. van Ekris

Chairman,

BALMAC International Inc.

OFFICERS

James A. Dinsmore, CFA

President

John C. Ball

Treasurer

Agnes Mullady

Vice President

Andrea R. Mango

Secretary & Vice President

Richard J. Walz

Chief Compliance Officer

Laurissa M. Martire

Vice President & Ombudsman

Bethany A. Uhlein

Vice President & Ombudsman

INVESTMENT ADVISER

Gabelli Funds, LLC

CUSTODIAN

State Street Bank and Trust

Company

COUNSEL

Skadden, Arps, Slate, Meagher &

Flom LLP

TRANSFER AGENT AND

REGISTRAR

American Stock Transfer and

Trust Company

ECF Q4/2018

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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.

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.


(Registrant) Ellsworth Growth and Income Fund Ltd.

By (Signature and Title)* /s/ James A. Dinsmore
James A. Dinsmore, Principal Executive Officer

Date 2/26/2019


By (Signature and Title)* /s/ James A. Dinsmore
James A. Dinsmore, Principal Executive Officer

Date 2/26/2019

By (Signature and Title)* /s/ John C. Ball
John C. Ball, Principal Financial Officer and Treasurer

Date 2/26/2019


	Valuation Inputs						Total Market Value at 12/31/18
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 12/31/18
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds:
Energy and Utilities		—		$ 5,533,909		$ 0		$ 5,533,909
Other Industries (a)		—		86,569,288		—		86,569,288
Total Convertible Corporate Bonds		—		92,103,197		0		92,103,197
Convertible Preferred Stocks:
Business Services		—		—		452,373		452,373
Food and Beverage		—		1,316,548		—		1,316,548
Other Industries (a)		$ 2,715,729		—		—		2,715,729
Total Convertible Preferred Stocks		2,715,729		1,316,548		452,373		4,484,650
Mandatory Convertible Securities:
Computer Software and Services		—		943,366		—		943,366
Energy and Utilities		4,381,056		1,207,251		—		5,588,307
Financial Services		2,530,714		4,231,100		—		6,761,814
Other Industries (a)		8,593,527		—		—		8,593,527
Total Mandatory Convertible Securities		15,505,297		6,381,717		—		21,887,014
Common Stocks (a)		32,823,988		—		—		32,823,988
Warrants (a)		—		—		0		0
U.S. Government Obligations		—		2,479,112		—		2,479,112
TOTAL INVESTMENTS IN SECURITIES		$51,045,014		$102,280,574		$452,373		$153,777,961