Ellsworth Growth and Income Fund Ltd.
Schedule of Investments June 30, 2019 (Unaudited)
Principal Amount |
Market Value |
|||||||
CONVERTIBLE CORPORATE BONDS 61.9% |
| |||||||
Aerospace 2.3% |
| |||||||
$ 1,000,000 | Aerojet Rocketdyne Holdings Inc., | |||||||
2.250%, 12/15/23 |
$ | 1,780,988 | ||||||
2,038,000 | Kaman Corp., | |||||||
3.250%, 05/01/24 |
2,399,776 | |||||||
|
|
|||||||
4,180,764 | ||||||||
|
|
|||||||
Automotive 1.1% |
| |||||||
1,000,000 | NIO Inc., | |||||||
4.500%, 02/01/24(a) |
492,500 | |||||||
1,560,000 | Tesla Inc., | |||||||
2.000%, 05/15/24 |
1,536,048 | |||||||
|
|
|||||||
2,028,548 | ||||||||
|
|
|||||||
Business Services 1.3% |
| |||||||
1,500,000 | Perficient Inc., | |||||||
2.375%, 09/15/23(a) |
1,664,108 | |||||||
400,000 | RingCentral Inc., | |||||||
Zero Coupon, 03/15/23 |
601,589 | |||||||
|
|
|||||||
2,265,697 | ||||||||
|
|
|||||||
Cable and Satellite 2.1% |
| |||||||
2,000,000 | DISH Network Corp., | |||||||
3.375%, 08/15/26 |
1,949,368 | |||||||
1,525,000 | Global Eagle Entertainment Inc., | |||||||
2.750%, 02/15/35 |
739,065 | |||||||
1,000,000 | Liberty Latin America Ltd., | |||||||
2.000%, 07/15/24(a) |
1,011,794 | |||||||
|
|
|||||||
3,700,227 | ||||||||
|
|
|||||||
Communications Equipment 2.7% |
| |||||||
1,000,000 | Harmonic Inc., | |||||||
4.000%, 12/01/20 |
1,170,000 | |||||||
2,370,000 | InterDigital Inc., | |||||||
2.000%, 06/01/24(a) |
2,416,606 | |||||||
1,000,000 | Vocera Communications Inc., | |||||||
1.500%, 05/15/23 |
1,197,678 | |||||||
|
|
|||||||
4,784,284 | ||||||||
|
|
|||||||
Computer Software and Services 15.8% |
| |||||||
1,735,000 | Boingo Wireless Inc., | |||||||
1.000%, 10/01/23(a) |
1,489,489 | |||||||
1,870,000 | Coupa Software Inc., | |||||||
0.125%, 06/15/25(a) |
2,005,728 | |||||||
2,500,000 | CSG Systems International Inc., | |||||||
4.250%, 03/15/36 |
2,778,355 | |||||||
1,500,000 | Evolent Health Inc., | |||||||
1.500%, 10/15/25(a) |
983,909 | |||||||
697,000 | GDS Holdings Ltd., | |||||||
2.000%, 06/01/25 |
688,943 | |||||||
2,500,000 | IAC Financeco 3 Inc., | |||||||
2.000%, 01/15/30(a) |
2,578,655 |
Principal Amount |
Market Value |
|||||||
$ 1,250,000 | LivePerson Inc., | |||||||
0.750%, 03/01/24(a) |
$ | 1,286,471 | ||||||
2,135,000 | Lumentum Holdings Inc., | |||||||
0.250%, 03/15/24 |
2,517,564 | |||||||
1,500,000 | MercadoLibre Inc., | |||||||
2.000%, 08/15/28(a) |
2,314,397 | |||||||
1,795,000 | New Relic Inc., | |||||||
0.500%, 05/01/23 |
1,924,058 | |||||||
1,032,000 | Nice Systems Inc., | |||||||
1.250%, 01/15/24 |
1,760,205 | |||||||
500,000 | Okta Inc., | |||||||
0.250%, 02/15/23 |
1,296,806 | |||||||
375,000 | Pluralsight Inc., | |||||||
0.375%, 03/01/24(a) |
401,863 | |||||||
1,700,000 | PROS Holdings Inc., | |||||||
2.000%, 06/01/47 |
2,343,962 | |||||||
Q2 Holdings Inc., | ||||||||
1,000,000 | 0.750%, 02/15/23 |
1,430,996 | ||||||
735,000 | 0.750%, 06/01/26(a) |
794,197 | ||||||
1,500,000 | Splunk Inc., | |||||||
1.125%, 09/15/25(a) |
1,684,365 | |||||||
|
|
|||||||
28,279,963 | ||||||||
|
|
|||||||
Consumer Services 4.6% |
| |||||||
1,000,000 | Chegg Inc., | |||||||
0.125%, 03/15/25(a) |
1,008,611 | |||||||
1,500,000 | Extra Space Storage LP, | |||||||
3.125%, 10/01/35(a) |
1,783,099 | |||||||
2,000,000 | Quotient Technology Inc., | |||||||
1.750%, 12/01/22 |
1,935,780 | |||||||
1,500,000 | Square Inc., | |||||||
0.500%, 05/15/23 |
1,797,520 | |||||||
1,695,000 | Team Inc., | |||||||
5.000%, 08/01/23 |
1,731,612 | |||||||
|
|
|||||||
8,256,622 | ||||||||
|
|
|||||||
Diversified Industrial 2.9% |
| |||||||
750,000 | Chart Industries Inc., | |||||||
1.000%, 11/15/24(a) |
1,070,238 | |||||||
1,000,000 | KBR Inc., | |||||||
2.500%, 11/01/23(a) |
1,164,201 | |||||||
2,000,000 | Knowles Corp., | |||||||
3.250%, 11/01/21 |
2,410,933 | |||||||
500,000 | TimkenSteel Corp., | |||||||
6.000%, 06/01/21 |
518,842 | |||||||
|
|
|||||||
5,164,214 | ||||||||
|
|
|||||||
Electronics 0.3% |
| |||||||
560,000 | Applied Optoelectronics Inc., | |||||||
5.000%, 03/15/24(a) |
502,063 | |||||||
|
|
|||||||
Energy and Utilities 2.7% |
| |||||||
1,900,000 | Cheniere Energy Inc., | |||||||
4.250%, 03/15/45 |
1,497,390 |
1
Ellsworth Growth and Income Fund Ltd.
Schedule of Investments (Continued) June 30, 2019 (Unaudited)
Principal Amount |
Market Value |
|||||||
CONVERTIBLE CORPORATE BONDS (Continued) |
| |||||||
Energy and Utilities (Continued) |
| |||||||
$ 667,000 | Newpark Resources Inc., | |||||||
4.000%, 12/01/21 |
$ | 742,939 | ||||||
2,850,000 | SunPower Corp., | |||||||
4.000%, 01/15/23 |
2,540,367 | |||||||
|
|
|||||||
4,780,696 | ||||||||
|
|
|||||||
Entertainment 0.8% |
| |||||||
375,000 | Bilibili Inc., | |||||||
1.375%, 04/01/26(a) |
357,302 | |||||||
1,000,000 | Gannett Co. Inc., | |||||||
4.750%, 04/15/24 |
1,013,383 | |||||||
|
|
|||||||
1,370,685 | ||||||||
|
|
|||||||
Financial Services 3.8% |
| |||||||
1,000,000 | Encore Capital Group Inc., | |||||||
3.250%, 03/15/22 |
1,013,000 | |||||||
750,000 | GOL Equity Finance SA, | |||||||
3.750%, 07/15/24(a) |
804,374 | |||||||
2,000,000 | IIP Operating Partnership LP, | |||||||
3.750%, 02/21/24(a) |
3,610,000 | |||||||
641,000 | LendingTree Inc., | |||||||
0.625%, 06/01/22 |
1,338,478 | |||||||
|
|
|||||||
6,765,852 | ||||||||
|
|
|||||||
Health Care 12.1% |
| |||||||
1,300,000 | BioMarin Pharmaceutical Inc., | |||||||
0.599%, 08/01/24 |
1,352,813 | |||||||
1,000,000 | CONMED Corp., | |||||||
2.625%, 02/01/24(a) |
1,154,586 | |||||||
575,000 | DexCom Inc., | |||||||
0.750%, 12/01/23(a) |
675,856 | |||||||
1,460,000 | Exact Sciences Corp., | |||||||
0.375%, 03/15/27 |
1,848,873 | |||||||
750,000 | Inovio Pharmaceuticals Inc., | |||||||
6.500%, 03/01/24(a) |
630,297 | |||||||
1,580,000 | Insulet Corp., | |||||||
1.375%, 11/15/24 |
2,250,563 | |||||||
1,083,000 | Intercept Pharmaceuticals Inc., | |||||||
3.250%, 07/01/23 |
971,035 | |||||||
500,000 | Invacare Corp., | |||||||
4.500%, 06/01/22 |
376,327 | |||||||
1,171,000 | Neurocrine Biosciences Inc., | |||||||
2.250%, 05/15/24 |
1,542,203 | |||||||
1,000,000 | NuVasive Inc., | |||||||
2.250%, 03/15/21 |
1,138,125 | |||||||
1,500,000 | Pacira BioSciences Inc., | |||||||
2.375%, 04/01/22 |
1,539,542 | |||||||
2,000,000 | Paratek Pharmaceuticals Inc., | |||||||
4.750%, 05/01/24 |
1,365,000 | |||||||
400,000 | Retrophin Inc., | |||||||
2.500%, 09/15/25 |
360,356 |
Principal Amount |
Market Value |
|||||||
$ 1,500,000 | Supernus Pharmaceuticals Inc., | |||||||
0.625%, 04/01/23 |
$ | 1,471,276 | ||||||
1,500,000 | Tabula Rasa HealthCare Inc., | |||||||
1.750%, 02/15/26(a) |
1,505,445 | |||||||
1,500,000 | Teladoc Health Inc., | |||||||
3.000%, 12/15/22 |
2,550,391 | |||||||
1,000,000 | Theravance Biopharma Inc., | |||||||
3.250%, 11/01/23 |
859,748 | |||||||
|
|
|||||||
21,592,436 | ||||||||
|
|
|||||||
Semiconductors 5.5% |
| |||||||
500,000 | Advanced Micro Devices Inc., | |||||||
2.125%, 09/01/26 |
1,939,063 | |||||||
1,500,000 | Cypress Semiconductor Corp., | |||||||
4.500%, 01/15/22 |
2,521,345 | |||||||
1,250,000 | Inphi Corp., | |||||||
1.125%, 12/01/20 |
1,681,786 | |||||||
2,159,000 | Rambus Inc., | |||||||
1.375%, 02/01/23 |
2,128,368 | |||||||
1,000,000 | Teradyne Inc., | |||||||
1.250%, 12/15/23 |
1,624,818 | |||||||
|
|
|||||||
9,895,380 | ||||||||
|
|
|||||||
Telecommunications 3.0% |
| |||||||
560,000 | 8x8 Inc., | |||||||
0.500%, 02/01/24(a) |
638,745 | |||||||
2,500,000 | Infinera Corp., | |||||||
2.125%, 09/01/24 |
1,710,937 | |||||||
1,450,000 | Twilio Inc., | |||||||
0.250%, 06/01/23 |
2,911,967 | |||||||
|
|
|||||||
5,261,649 | ||||||||
|
|
|||||||
Transportation 0.9% |
| |||||||
1,700,000 | Atlas Air Worldwide Holdings Inc., | |||||||
2.250%, 06/01/22 |
1,687,786 | |||||||
|
|
|||||||
TOTAL CONVERTIBLE CORPORATE BONDS |
110,516,866 | |||||||
|
|
|||||||
Shares |
||||||||
CONVERTIBLE PREFERRED STOCKS 1.4% |
| |||||||
Agriculture 0.4% |
| |||||||
7,500 | Bunge Ltd., 4.875% (b) | 751,329 | ||||||
|
|
|||||||
Business Services 0.2% |
| |||||||
711,039 | Amerivon Holdings LLC, 4.000% (c) | 436,009 | ||||||
272,728 | Amerivon Holdings LLC, common equity units (c) |
16,364 | ||||||
|
|
|||||||
452,373 | ||||||||
|
|
|||||||
Financial Services 0.8% |
| |||||||
1,000 | Bank of America Corp., 7.250%, Ser. L (b) |
1,372,000 | ||||||
|
|
|||||||
TOTAL CONVERTIBLE PREFERRED STOCKS |
2,575,702 | |||||||
|
|
2
Ellsworth Growth and Income Fund Ltd.
Schedule of Investments (Continued) June 30, 2019 (Unaudited)
Shares |
Market Value |
|||||||
MANDATORY CONVERTIBLE SECURITIES (d) 14.7% |
| |||||||
Building and Construction 1.1% |
| |||||||
18,778 | Stanley Black & Decker Inc., | |||||||
5.375%, 05/15/20 |
$ | 1,899,019 | ||||||
|
|
|||||||
Diversified Industrial 3.2% |
| |||||||
15,000 | Colfax Corp., | |||||||
5.750%, 01/15/22 |
1,904,400 | |||||||
31,316 | International Flavors & Fragrances Inc., | |||||||
6.000%, 09/15/21 |
1,685,427 | |||||||
35,100 | Rexnord Corp., Ser. A | |||||||
5.750%, 11/15/19 |
2,153,385 | |||||||
|
|
|||||||
5,743,212 | ||||||||
|
|
|||||||
Energy and Utilities 5.0% |
| |||||||
27,695 | American Electric Power Co. Inc., | |||||||
6.125%, 03/15/22 |
1,481,959 | |||||||
3,645 | Aqua America Inc., | |||||||
6.000%, 04/30/22 |
207,692 | |||||||
37,800 | CenterPoint Energy Inc., Ser. B | |||||||
7.000%, 09/01/21 |
1,904,553 | |||||||
16,330 | Dominion Energy Inc., Ser. A | |||||||
7.250%, 06/01/22 |
1,691,135 | |||||||
18,600 | DTE Energy Co., | |||||||
6.500%, 10/01/19 |
1,045,320 | |||||||
Sempra Energy, | ||||||||
5,383 | Ser. A, 6.000%, 01/15/21 |
600,151 | ||||||
5,000 | Ser. B, 6.750%, 07/15/21 |
555,100 | ||||||
25,890 | South Jersey Industries Inc., | |||||||
7.250%, 04/15/21 |
1,378,643 | |||||||
|
|
|||||||
8,864,553 | ||||||||
|
|
|||||||
Equipment and Supplies 0.6% |
| |||||||
1,000 | Danaher Corp., Ser. A | |||||||
4.750%, 04/15/22 |
1,104,650 | |||||||
|
|
|||||||
Financial Services 2.4% |
| |||||||
10,000 | 2017 Mandatory Exchangeable Trust, | |||||||
5.188%, 12/01/20 |
1,585,520 | |||||||
14,938 | Assurant Inc., Ser. D | |||||||
6.500%, 03/15/21 |
1,664,989 | |||||||
24,000 | New York Community Capital Trust V, | |||||||
6.000%, 11/01/51 |
1,148,400 | |||||||
|
|
|||||||
4,398,909 | ||||||||
|
|
|||||||
Health Care 1.5% |
| |||||||
5,445 | Avantor Inc., Ser. A | |||||||
6.250%, 05/15/22 |
360,078 |
Shares |
Market Value |
|||||||
36,573 | Becton Dickinson and Co., Ser. A | |||||||
6.125%, 05/01/20 |
$ | 2,264,234 | ||||||
|
|
|||||||
2,624,312 | ||||||||
|
|
|||||||
Real Estate 0.9% |
| |||||||
15,000 | QTS Realty Trust Inc., Ser. B | |||||||
6.500%, (b) |
1,661,700 | |||||||
|
|
|||||||
TOTAL MANDATORY CONVERTIBLE SECURITIES |
26,296,355 | |||||||
|
|
|||||||
COMMON STOCKS 21.6% |
| |||||||
Business Services 1.4% |
| |||||||
5,000 | Alliance Data Systems Corp. | 700,650 | ||||||
15,000 | PayPal Holdings Inc. | 1,716,900 | ||||||
|
|
|||||||
2,417,550 | ||||||||
|
|
|||||||
Computer Software and Services 4.2% |
| |||||||
22,194 | Alibaba Group Holding Ltd., ADR | 3,760,773 | ||||||
14,300 | Microsoft Corp. | 1,915,628 | ||||||
15,925 | Proofpoint Inc. | 1,914,981 | ||||||
|
|
|||||||
7,591,382 | ||||||||
|
|
|||||||
Consumer Products 0.8% |
| |||||||
24,000 | Unilever NV | 1,457,280 | ||||||
|
|
|||||||
Energy and Utilities 0.6% |
| |||||||
8,000 | Chevron Corp. | 995,520 | ||||||
132 | Goodrich Petroleum Corp. | 1,715 | ||||||
|
|
|||||||
997,235 | ||||||||
|
|
|||||||
Entertainment 0.6% |
| |||||||
7,500 | The Walt Disney Co. | 1,047,300 | ||||||
|
|
|||||||
Financial Services 1.5% |
| |||||||
9,546 | Citigroup Inc. | 668,506 | ||||||
50,000 | Huntington Bancshares Inc. | 691,000 | ||||||
36,434 | Synchrony Financial | 1,263,167 | ||||||
|
|
|||||||
2,622,673 | ||||||||
|
|
|||||||
Food and Beverage 0.8% |
| |||||||
30,000 | B&G Foods Inc. | 624,000 | ||||||
30,000 | Conagra Brands Inc. | 795,600 | ||||||
|
|
|||||||
1,419,600 | ||||||||
|
|
|||||||
Health Care 2.8% |
| |||||||
12,960 | Eli Lilly & Co. | 1,435,838 | ||||||
22,651 | Merck & Co. Inc. | 1,899,286 | ||||||
40,000 | Pfizer Inc. | 1,732,800 | ||||||
|
|
|||||||
5,067,924 | ||||||||
|
|
|||||||
Real Estate Investment Trusts 6.1% |
| |||||||
10,000 | American Tower Corp. | 2,044,500 | ||||||
16,100 | Crown Castle International Corp. | 2,098,635 | ||||||
7,000 | Equinix Inc. | 3,530,030 | ||||||
58,700 | Invesco Mortgage Capital Inc. | 946,244 |
3
Ellsworth Growth and Income Fund Ltd.
Schedule of Investments (Continued) June 30, 2019 (Unaudited)
Shares |
Market Value |
|||||||
COMMON STOCKS (Continued) |
| |||||||
Real Estate Investment Trusts (Continued) |
| |||||||
10,000 | SBA Communications Corp. | $ | 2,248,400 | |||||
|
|
|||||||
10,867,809 | ||||||||
|
|
|||||||
Semiconductors 0.8% |
| |||||||
30,000 | Intel Corp. | 1,436,100 | ||||||
|
|
|||||||
Telecommunications 2.0% |
| |||||||
30,000 | AT&T Inc. | 1,005,300 | ||||||
16,119 | T-Mobile US Inc. | 1,195,063 | ||||||
25,000 | Verizon Communications Inc. | 1,428,250 | ||||||
|
|
|||||||
3,628,613 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS | 38,553,466 | |||||||
|
|
|||||||
WARRANTS 0.0% |
| |||||||
Energy and Utilities 0.0% |
| |||||||
1,131 | Goodrich Petroleum Corp., expire 10/12/26(c) |
0 | ||||||
|
|
Principal Amount |
Market Value |
|||||||
U.S. GOVERNMENT OBLIGATIONS 0.4% |
| |||||||
$645,000 | U.S. Treasury Bills, |
$ | 642,127 | |||||
|
|
|||||||
TOTAL INVESTMENTS 100.0% |
$ | 178,584,516 | ||||||
|
|
(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 June 30, 2019, the market value of Rule 144A securities amounted to $34,028,899 or 19.05% of total investments. |
(b) | Security is perpetual and has no stated maturity date. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | 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. |
ADR | American Depositary Receipt |
4