Ellsworth Growth and Income Fund Ltd.

Schedule of Investments — December 31, 2019 (Unaudited)

Principal Amount			Market Value
		CONVERTIBLE CORPORATE BONDS — 57.6%
		Aerospace — 2.3%
	$1,000,000	Aerojet Rocketdyne Holdings Inc.,
		2.250%, 12/15/23	$	1,818,770
	2,038,000	Kaman Corp.,
		3.250%, 05/01/24		2,449,676
				4,268,446
		Automotive — 0.4%
	500,000	Tesla Inc.,
		2.000%, 05/15/24		757,161
		Business Services — 1.5%
	1,500,000	Perficient Inc.,
		2.375%, 09/15/23		2,046,141
	400,000	RingCentral Inc.,
		Zero Coupon, 03/15/23		840,920
				2,887,061
		Cable and Satellite — 2.0%
	2,000,000	DISH Network Corp.,
		3.375%, 08/15/26		1,928,800
	1,525,000	Global Eagle Entertainment Inc.,
		2.750%, 02/15/35		743,941
	1,000,000	Liberty Latin America Ltd.,
		2.000%, 07/15/24(a)		1,073,750
				3,746,491
		Communications Equipment — 4.4%
	1,000,000	Harmonic Inc.,
		2.000%, 09/01/24		1,141,900
	2,870,000	InterDigital Inc.,
		2.000%, 06/01/24(a)		2,868,135
	2,500,000	Lumentum Holdings Inc., Ser. QIB,
		0.500%, 12/15/26		2,718,750
	1,500,000	Vocera Communications Inc.,
		1.500%, 05/15/23		1,487,331
				8,216,116
		Computer Software and Services — 17.9%
	1,000,000	Blackline Inc.,
		0.125%, 08/01/24(a)		1,000,625
	985,000	Boingo Wireless Inc.,
		1.000%, 10/01/23		875,142
	1,870,000	Coupa Software Inc.,
		0.125%, 06/15/25(a)		2,215,693
	2,500,000	CSG Systems International Inc.,
		4.250%, 03/15/36		2,865,625
	1,015,000	CyberArk Software Ltd.,
		Zero Coupon, 11/15/24		1,053,234
	1,530,000	Everbridge Inc.,
		0.125%, 12/15/24		1,519,671
	1,500,000	Evolent Health Inc.,
		1.500%, 10/15/25		1,061,294

Principal Amount			Market Value
	$   697,000	GDS Holdings Ltd.,
		2.000%, 06/01/25	$	845,888
	2,500,000	IAC Financeco 3 Inc.,
		2.000%, 01/15/30(a)		2,926,500
	1,250,000	LivePerson Inc.,
		0.750%, 03/01/24(a)		1,503,681
	1,500,000	MercadoLibre Inc.,
		2.000%, 08/15/28		2,243,194
	1,032,000	Nice Systems Inc.,
		1.250%, 01/15/24		1,971,765
	1,500,000	Okta Inc.,
		0.125%, 09/01/25(a)		1,458,175
	1,625,000	Pluralsight Inc.,
		0.375%, 03/01/24(a)		1,414,438
	2,040,000	Proofpoint Inc.,
		0.250%, 08/15/24(a)		2,106,099
	1,700,000	PROS Holdings Inc.,
		1.000%, 05/15/24(a)		1,955,273
	1,735,000	Q2 Holdings Inc.,
		0.750%, 06/01/26(a)		2,002,692
	1,225,000	SailPoint Technologies Holding Inc.,
		0.125%, 09/15/24(a)		1,323,907
	1,500,000	Splunk Inc.,
		1.125%, 09/15/25		1,853,438
	1,500,000	Workiva Inc.,
		1.125%, 08/15/26(a)		1,348,875
				33,545,209
		Consumer Services — 2.8%
	1,500,000	Extra Space Storage LP,
		3.125%, 10/01/35(a)		1,764,375
	1,500,000	Square Inc.,
		0.500%, 05/15/23		1,679,967
	1,695,000	Team Inc.,
		5.000%, 08/01/23		1,778,781
				5,223,123
		Diversified Industrial — 2.6%
	750,000	Chart Industries Inc.,
		1.000%, 11/15/24(a)		989,323
	1,000,000	KBR Inc.,
		2.500%, 11/01/23(a)		1,328,750
	2,000,000	Knowles Corp.,
		3.250%, 11/01/21		2,604,266
				4,922,339
		Energy and Utilities — 2.0%
	1,900,000	Cheniere Energy Inc.,
		4.250%, 03/15/45		1,505,850
	2,850,000	SunPower Corp.,
		4.000%, 01/15/23		2,341,845
				3,847,695

1

Ellsworth Growth and Income Fund Ltd.

Schedule of Investments (Continued) — December 31, 2019 (Unaudited)

Principal Amount			Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Financial Services — 2.4%
	$1,000,000	Encore Capital Group Inc.,
		3.250%, 03/15/22	$	1,038,644
	1,040,000	GOL Equity Finance SA,
		3.750%, 07/15/24(a)		1,207,699
	1,000,000	IIP Operating Partnership LP,
		3.750%, 02/21/24(a)		1,277,500
	641,000	LendingTree Inc.,
		0.625%, 06/01/22		1,004,379
				4,528,222
		Food and Beverage — 0.6%
	1,055,000	The Chefs’ Warehouse Inc.,
		1.875%, 12/01/24		1,166,099
		Health Care — 11.3%
	365,000	Aerie Pharmaceuticals Inc.,
		1.500%, 10/01/24(a)		438,071
	1,000,000	CONMED Corp.,
		2.625%, 02/01/24(a)		1,385,049
	575,000	DexCom Inc.,
		0.750%, 12/01/23(a)		853,126
	1,960,000	Exact Sciences Corp.,
		0.375%, 03/15/27		2,225,825
	750,000	Inovio Pharmaceuticals Inc.,
		6.500%, 03/01/24(a)		628,101
	1,500,000	Insulet Corp.,
		0.375%, 09/01/26		1,562,983
	1,250,000	Intercept Pharmaceuticals Inc.,
		2.000%, 05/15/26		1,666,385
	500,000	Invacare Corp.,
		4.500%, 06/01/22		470,873
	360,000	Invitae Corp.,
		2.000%, 09/01/24(a)		327,498
	1,171,000	Neurocrine Biosciences Inc.,
		2.250%, 05/15/24		1,798,992
	1,000,000	NuVasive Inc.,
		2.250%, 03/15/21		1,334,812
	1,500,000	Pacira BioSciences Inc.,
		2.375%, 04/01/22		1,563,019
	350,000	Repligen Corp.,
		0.375%, 07/15/24		379,244
	400,000	Retrophin Inc.,
		2.500%, 09/15/25		311,080
	1,254,000	Supernus Pharmaceuticals Inc.,
		0.625%, 04/01/23		1,141,354
	1,500,000	Tabula Rasa HealthCare Inc.,
		1.750%, 02/15/26(a)		1,506,563
	1,500,000	Teladoc Health Inc.,
		1.375%, 05/15/25		2,608,997

Principal Amount			Market Value
	$1,000,000	Theravance Biopharma Inc.,
		3.250%, 11/01/23	$	1,038,196
				21,240,168
		Semiconductors — 3.4%
	1,000,000	Cypress Semiconductor Corp.,
		4.500%, 01/15/22		1,746,085
	750,000	Inphi Corp.,
		1.125%, 12/01/20		1,396,421
	1,000,000	Rambus Inc.,
		1.375%, 02/01/23		1,018,100
	1,000,000	Teradyne Inc.,
		1.250%, 12/15/23		2,195,633
				6,356,239
		Telecommunications — 3.2%
	1,060,000	8x8 Inc.,
		0.500%, 02/01/24(a)		1,060,633
	2,500,000	Infinera Corp.,
		2.125%, 09/01/24		2,651,548
	1,450,000	Twilio Inc.,
		0.250%, 06/01/23		2,216,954
				5,929,135
		Transportation — 0.8%
	1,700,000	Atlas Air Worldwide Holdings Inc.,
		1.875%, 06/01/24		1,441,770
		TOTAL CONVERTIBLE CORPORATE BONDS		108,075,274
Shares
		CONVERTIBLE PREFERRED STOCKS — 2.5%
		Agriculture — 0.4%
	7,500	Bunge Ltd., 4.875%		788,700
		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 — 0.8%
	1,000	Bank of America Corp., 7.250%, Ser. L		1,449,000
		Real Estate — 1.0%
	15,000	QTS Realty Trust Inc., 6.500%, Ser. B		1,937,550
		TOTAL CONVERTIBLE PREFERRED STOCKS		4,627,623
		MANDATORY CONVERTIBLE SECURITIES (c) — 16.1%
		Diversified Industrial — 2.5%
	15,000	Colfax Corp.,
		5.750%, 01/15/22		2,366,400
	31,316	International Flavors & Fragrances Inc.,
		6.000%, 09/15/21		1,503,481

2

Ellsworth Growth and Income Fund Ltd.

Schedule of Investments (Continued) — December 31, 2019 (Unaudited)

Shares			Market Value
		MANDATORY CONVERTIBLE SECURITIES (c) (Continued)
		Diversified Industrial (Continued)
	7,250	Stanley Black & Decker Inc.,
		5.250%, 11/15/22	$	789,960
				4,659,841
		Energy and Utilities — 7.2%
	27,695	American Electric Power Co. Inc.,
		6.125%, 03/15/22		1,499,130
	3,645	Aqua America Inc.,
		6.000%, 04/30/22		227,266
	37,800	CenterPoint Energy Inc., Ser. B
		7.000%, 09/01/21		1,842,372
	16,330	Dominion Energy Inc., Ser. A
		7.250%, 06/01/22		1,747,147
	17,000	DTE Energy Co.,
		6.250%, 11/01/22		871,420
	49,025	NextEra Energy Inc.,
		4.872%, 09/01/22		2,514,002
		Sempra Energy,
	5,383	Ser. A, 6.000%, 01/15/21		646,068
	5,000	Ser. B, 6.750%, 07/15/21		595,350
	35,890	South Jersey Industries Inc.,
		7.250%, 04/15/21		1,863,050
	29,100	The Southern Co.,
		6.750%, 08/01/22		1,568,490
				13,374,295
		Equipment and Supplies — 0.6%
	1,000	Danaher Corp., Ser. A
		4.750%, 04/15/22		1,179,040
		Financial Services — 2.5%
	10,000	2017 Mandatory Exchangeable Trust,
		5.188%, 12/01/20		1,552,500
	14,938	Assurant Inc., Ser. D
		6.500%, 03/15/21		1,921,326
	24,000	New York Community Capital Trust V,
		6.000%, 11/01/51		1,216,800
				4,690,626
		Health Care — 2.1%
	25,445	Avantor Inc., Ser. A
		6.250%, 05/15/22		1,603,035
	36,573	Becton, Dickinson and Co., Ser. A
		6.125%, 05/01/20		2,394,069
				3,997,104

Shares			Market Value
		Semiconductors — 1.2%
	1,945	Broadcom Inc., Ser.A
		8.000%, 09/30/22	$	2,291,152
		TOTAL MANDATORY CONVERTIBLE SECURITIES		30,192,058
		COMMON STOCKS — 20.8%
		Business Services — 0.9%
	15,000	PayPal Holdings Inc.†		1,622,550
		Computer Software and Services — 3.7%
	22,194	Alibaba Group Holding Ltd., ADR†		4,707,347
	14,300	Microsoft Corp.		2,255,110
				6,962,457
		Consumer Products — 0.7%
	24,000	Unilever NV		1,379,040
		Energy and Utilities — 0.5%
	8,000	Chevron Corp.		964,080
	132	Goodrich Petroleum Corp.†		1,325
				965,405
		Entertainment — 1.0%
	12,500	The Walt Disney Co.		1,807,875
		Financial Services — 1.1%
	9,546	Citigroup Inc.		762,630
	36,434	Synchrony Financial		1,311,988
				2,074,618
		Food and Beverage — 0.6%
	30,000	Conagra Brands Inc.		1,027,200
		Health Care — 2.8%
	12,960	Eli Lilly & Co.		1,703,333
	22,651	Merck & Co. Inc.		2,060,108
	40,000	Pfizer Inc.		1,567,200
				5,330,641
		Real Estate Investment Trusts — 6.4%
	10,000	American Tower Corp.		2,298,200
	16,100	Crown Castle International Corp.		2,288,615
	7,000	Equinix Inc.		4,085,900
	58,700	Invesco Mortgage Capital Inc.		977,355
	10,000	SBA Communications Corp.		2,409,900
				12,059,970
		Semiconductors — 1.0%
	30,000	Intel Corp.		1,795,500
		Telecommunications — 2.1%
	30,000	AT&T Inc.		1,172,400
	16,119	T-Mobile US Inc.†		1,264,052

3

Ellsworth Growth and Income Fund Ltd.

Schedule of Investments (Continued) — December 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS (Continued)
		Telecommunications (Continued)
	25,000	Verizon Communications Inc.	$	1,535,000
				3,971,452
		TOTAL COMMON STOCKS		38,996,708
		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	1,131	Goodrich Petroleum Corp., expire 10/12/26†(b)		0

Principal Amount			Market Value
		U.S. GOVERNMENT OBLIGATIONS — 3.0%
	$5,615,000	U.S. Treasury Bills, 1.487% to 1.646%††, 01/09/20 to 03/26/20		$    5,599,373
		TOTAL INVESTMENTS — 100.0% (Cost $151,788,103)		$187,491,036

(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.

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

(c) 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