Q2 Holdings Inc

Ellsworth

Growth

and

Income

Fund

Ltd.

Schedule

Investments

—

December

31,

2021

(Unaudited)

Principal

Amount

Market

Value

CONVERTIBLE

CORPORATE

BONDS

—

68.8%

Airlines

—

1.3%

1,505,000‌

JetBlue

Airways

Corp.,

0.500%,

04/01/26(a)

.............

1,410,513‌

1,000,000‌

Southwest

Airlines

Co.,

1.250%,

05/01/25

...............

1,336,750‌

2,747,263‌

Automotive

—

1.9%

3,000,000‌

Ford

Motor

Co.,

Zero

Coupon,

03/15/26(a)

.........

4,141,875‌

Business

Services

—

4.6%

1,045,000‌

Avalara

Inc.,

0.250%,

08/01/26(a)

.............

969,760‌

2,000,000‌

BigBear.ai

Holdings

Inc.,

6.000%,

12/15/26(a)

.............

1,910,000‌

1,500,000‌

BigCommerce

Holdings

Inc.,

0.250%,

10/01/26(a)

.............

1,339,650‌

Perficient

Inc.

850,000‌

1.250%,

08/01/25

...............

2,160,105‌

1,250,000‌

0.125%,

11/15/26(a)

.............

1,189,136‌

1,367,000‌

TechTarget

Inc.,

Zero

Coupon,

12/15/26(a)

.........

1,365,360‌

1,085,000‌

Upwork

Inc.,

0.250%,

08/15/26(a)

.............

999,282‌

9,933,293‌

Cable

and

Satellite

—

1.8%

DISH

Network

Corp.

1,750,000‌

Zero

Coupon,

12/15/25

...........

1,767,500‌

1,000,000‌

3.375%,

08/15/26

...............

949,053‌

1,415,000‌

fuboTV

Inc.,

3.250%,

02/15/26(a)

.............

1,152,341‌

3,868,894‌

Communications

Equipment

—

5.4%

1,870,000‌

InterDigital

Inc.,

2.000%,

06/01/24

...............

2,061,675‌

1,700,000‌

Kaleyra

Inc.,

6.125%,

06/01/26(a)

.............

1,748,960‌

2,000,000‌

Lumentum

Holdings

Inc.,

0.500%,

12/15/26

...............

2,497,500‌

2,500,000‌

Radius

Global

Infrastructure

Inc.,

2.500%,

09/15/26(a)

.............

2,504,466‌

2,300,000‌

Vocera

Communications

Inc.,

0.500%,

09/15/26(a)

.............

2,926,999‌

11,739,600‌

Computer

Software

and

Services

—

21.3%

2,500,000‌

Bandwidth

Inc.,

0.250%,

03/01/26

...............

2,657,500‌

Blackline

Inc.

700,000‌

0.125%,

08/01/24

...............

1,057,875‌

Principal

Amount

Market

Value

1,340,000‌

Zero

Coupon,

03/15/26(a)

.........

1,251,560‌

2,375,000‌

Cardlytics

Inc.,

1.000%,

09/15/25

...............

2,646,641‌

Coupa

Software

Inc.

870,000‌

0.125%,

06/15/25

...............

1,067,403‌

1,375,000‌

0.375%,

06/15/26

...............

1,306,250‌

3,000,000‌

CSG

Systems

International

Inc.,

4.250%,

03/15/36

...............

3,185,625‌

1,000,000‌

Dropbox

Inc.,

Zero

Coupon,

03/01/28(a)

.........

986,875‌

2,030,000‌

Everbridge

Inc.,

0.125%,

12/15/24

...............

1,980,519‌

3,000,000‌

Verticals

LLC,

1.000%,

02/15/25

...............

2,793,900‌

1,915,000‌

Limelight

Networks

Inc.,

3.500%,

08/01/25

...............

1,837,321‌

1,250,000‌

LivePerson

Inc.,

0.750%,

03/01/24

...............

1,455,500‌

1,500,000‌

Match

Group

Financeco

Inc.,

2.000%,

01/15/30(a)

.............

2,646,600‌

1,000,000‌

MercadoLibre

Inc.,

2.000%,

08/15/28

...............

3,106,300‌

1,750,000‌

PAR

Technology

Corp.,

2.875%,

04/15/26

...............

2,572,557‌

2,000,000‌

Progress

Software

Corp.,

1.000%,

04/15/26(a)

.............

2,084,068‌

1,330,000‌

PROS

Holdings

Inc.,

2.250%,

09/15/27

...............

1,478,029‌

1,735,000‌

Holdings

Inc.,

0.750%,

06/01/26

...............

1,953,563‌

Shift4

Payments

Inc.

1,500,000‌

Zero

Coupon,

12/15/25(a)

.........

1,589,100‌

435,000‌

0.500%,

08/01/27(a)

.............

384,148‌

2,000,000‌

Splunk

Inc.,

1.125%,

09/15/25

...............

2,207,600‌

1,045,000‌

Varonis

Systems

Inc.,

1.250%,

08/15/25

...............

1,798,027‌

1,170,000‌

Veritone

Inc.,

1.750%,

11/15/26(a)

.............

1,122,105‌

1,650,000‌

Workiva

Inc.,

1.125%,

08/15/26

...............

2,920,249‌

46,089,315‌

Consumer

Products

—

3.3%

1,050,000‌

Callaway

Golf

Co.,

2.750%,

05/01/26

...............

1,814,531‌

2,015,000‌

Cracker

Barrel

Old

Country

Store

Inc.,

0.625%,

06/15/26(a)

.............

1,940,697‌

750,000‌

Farfetch

Ltd.,

3.750%,

05/01/27

...............

1,703,475‌

Ellsworth

Growth

and

Income

Fund

Ltd.

Schedule

Investments

(Continued)

—

December

31,

2021

(Unaudited)

Principal

Amount

Market

Value

CONVERTIBLE

CORPORATE

BONDS

(Continued)

Consumer

Products

(Continued)

1,045,000‌

National

Vision

Holdings

Inc.,

2.500%,

05/15/25

...............

1,752,334‌

7,211,037‌

Consumer

Services

—

3.2%

NCL

Corp.

Ltd.

1,470,000‌

5.375%,

08/01/25

...............

2,094,750‌

682,000‌

1.125%,

02/15/27(a)

.............

641,967‌

Royal

Caribbean

Cruises

Ltd.

430,000‌

4.250%,

06/15/23

...............

549,325‌

685,000‌

2.875%,

11/15/23

...............

810,355‌

685,000‌

Shopify

Inc.,

0.125%,

11/01/25

...............

857,962‌

2,105,000‌

Stride

Inc.,

1.125%,

09/01/27

...............

2,058,421‌

7,012,780‌

Diversified

Industrial

—

1.6%

750,000‌

Chart

Industries

Inc.,

1.000%,

11/15/24(a)

.............

2,062,050‌

340,000‌

John

Bean

Technologies

Corp.,

0.250%,

05/15/26(a)

.............

375,360‌

1,027,000‌

Patrick

Industries

Inc.,

1.750%,

12/01/28(a)

.............

1,070,395‌

3,507,805‌

Energy

and

Utilities

—

1.3%

1,026,000‌

Array

Technologies

Inc.,

1.000%,

12/01/28(a)

.............

975,213‌

1,155,000‌

Bloom

Energy

Corp.,

2.500%,

08/15/25

...............

1,797,620‌

2,772,833‌

Financial

Services

—

4.6%

Block

Inc.

500,000‌

0.500%,

05/15/23

...............

1,049,225‌

1,000,000‌

0.250%,

11/01/27

...............

1,065,625‌

1,025,000‌

Digitalbridge

Operating

Co.

LLC,

5.750%,

07/15/25(a)(b)

...........

3,833,602‌

1,000,000‌

IIP

Operating

Partnership

LP,

3.750%,

02/21/24(a)

.............

4,023,800‌

9,972,252‌

Health

Care

—

7.1%

735,000‌

Coherus

Biosciences

Inc.,

1.500%,

04/15/26

...............

812,634‌

1,000,000‌

CONMED

Corp.,

2.625%,

02/01/24

...............

1,667,500‌

1,000,000‌

Cutera

Inc.,

2.250%,

03/15/26(a)

.............

1,441,900‌

2,100,000‌

Dexcom

Inc.,

0.250%,

11/15/25

...............

2,502,938‌

Principal

Amount

Market

Value

Exact

Sciences

Corp.

1,960,000‌

0.375%,

03/15/27

...............

2,004,100‌

500,000‌

0.375%,

03/01/28

...............

485,300‌

1,500,000‌

Insulet

Corp.,

0.375%,

09/01/26

...............

1,991,818‌

Invacare

Corp.

500,000‌

4.500%,

06/01/22

...............

456,563‌

1,015,000‌

4.250%,

03/15/26(a)

.............

704,207‌

2,390,000‌

PetIQ

Inc.,

4.000%,

06/01/26

...............

2,801,753‌

500,000‌

Travere

Therapeutics

Inc.,

2.500%,

09/15/25

...............

552,200‌

15,420,913‌

Materials

—

0.2%

345,000‌

Danimer

Scientific

Inc.,

3.250%,

12/15/26(a)

.............

365,044‌

Real

Estate

Investment

Trusts

—

0.9%

375,000‌

Braemar

Hotels

Resorts

Inc.,

4.500%,

06/01/26(a)

.............

420,500‌

340,000‌

Pebblebrook

Hotel

Trust,

1.750%,

12/15/26

...............

376,091‌

1,180,000‌

Summit

Hotel

Properties

Inc.,

1.500%,

02/15/26

...............

1,236,640‌

2,033,231‌

Security

Software

—

5.4%

1,395,000‌

Inc.,

2.250%,

05/01/25

...............

1,481,927‌

1,500,000‌

CyberArk

Software

Ltd.,

Zero

Coupon,

11/15/24

...........

1,897,500‌

515,000‌

Nice

Ltd.,

Zero

Coupon,

09/15/25

...........

627,978‌

532,000‌

Nice

Systems

Inc.,

1.250%,

01/15/24

...............

1,939,473‌

2,190,000‌

Verint

Systems

Inc.,

0.250%,

04/15/26(a)

.............

2,341,986‌

1,515,000‌

Zscaler

Inc.,

0.125%,

07/01/25

...............

3,318,624‌

11,607,488‌

Semiconductors

—

0.2%

426,000‌

Camtek

Ltd.,

Zero

Coupon,

12/01/26(a)

.........

452,625‌

Specialty

Chemicals

—

0.5%

1,354,000‌

Amyris

Inc.,

1.500%,

11/15/26(a)

.............

1,140,745‌

Telecommunications

—

2.5%

2,060,000‌

8x8

Inc.,

0.500%,

02/01/24

...............

2,058,805‌

Ellsworth

Growth

and

Income

Fund

Ltd.

Schedule

Investments

(Continued)

—

December

31,

2021

(Unaudited)

Principal

Amount

Market

Value

CONVERTIBLE

CORPORATE

BONDS

(Continued)

Telecommunications

(Continued)

1,250,000‌

Infinera

Corp.,

2.500%,

03/01/27

...............

1,837,500‌

1,345,000‌

PagerDuty

Inc.,

1.250%,

07/01/25

...............

1,550,670‌

5,446,975‌

Transportation

—

1.7%

1,700,000‌

Atlas

Air

Worldwide

Holdings

Inc.,

1.875%,

06/01/24

...............

2,771,000‌

1,016,000‌

CryoPort

Inc.,

0.750%,

12/01/26(a)

.............

938,766‌

3,709,766‌

TOTAL

CONVERTIBLE

CORPORATE

BONDS

....................

149,173,734‌

CONVERTIBLE

PREFERRED

STOCKS

—

0.7%

Agriculture

—

0.5%

9,000‌

Bunge

Ltd.,

4.875%,

12/31/99

...............

1,140,659‌

Business

Services

—

0.2%

809,253‌

Amerivon

Holdings

LLC,

4.000%(c)

....................

436,035‌

272,728‌

Amerivon

Holdings

LLC,

common

equity

units

(c)

..........................

16,364‌

452,399‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

...................

1,593,058‌

MANDATORY

CONVERTIBLE

SECURITIES(d)

—

11.8%

Automotive:

Parts

and

Accessories

—

1.4%

17,100‌

Aptiv

plc,

Ser.

5.500%,

06/15/23

...............

3,147,939‌

Diversified

Industrial

—

1.3%

15,000‌

Colfax

Corp.,

5.750%,

01/15/22

...............

2,776,950‌

Energy

and

Utilities

—

2.6%

NextEra

Energy

Inc.

24,025‌

4.872%,

09/01/22

...............

1,635,862‌

27,900‌

5.279%,

03/01/23

...............

1,605,366‌

27,465‌

6.219%,

09/01/23

...............

1,590,498‌

16,290‌

Spire

Inc.,

Ser.

7.500%,

03/01/24

...............

804,726‌

5,636,452‌

Equipment

and

Supplies

—

0.8%

1,000‌

Danaher

Corp.,

Ser.

5.000%,

04/15/23

...............

1,738,170‌

Market

Value

Financial

Services

—

1.4%

1,730‌

2020

Cash

Mandatory

Exchangeable

Trust,

5.250%,

06/01/23

...............

1,808,213‌

24,000‌

New

York

Community

Capital

Trust

6.000%,

11/01/51

...............

1,269,600‌

3,077,813‌

Health

Care

—

2.4%

25,445‌

Avantor

Inc.,

Ser.

6.250%,

05/15/22

...............

3,287,749‌

40,900‌

Elanco

Animal

Health

Inc.,

5.000%,

02/01/23

...............

1,826,594‌

5,114,343‌

Semiconductors

—

1.9%

1,945‌

Broadcom

Inc.,

Ser.

8.000%,

09/30/22

...............

4,036,634‌

TOTAL

MANDATORY

CONVERTIBLE

SECURITIES

................

25,528,301‌

COMMON

STOCKS

—

17.9%

Business

Services

—

1.1%

13,000‌

PayPal

Holdings

Inc.†

..............

2,451,540‌

Communications

Equipment

—

0.2%

40,000‌

Kaleyra

Inc.†

....................

401,600‌

Computer

Software

and

Services

—

2.2%

14,300‌

Microsoft

Corp.

..................

4,809,376‌

Consumer

Products

—

0.6%

24,000‌

Unilever

plc,

ADR

.................

1,290,960‌

Entertainment

—

0.9%

12,500‌

The

Walt

Disney

Co.†

..............

1,936,125‌

Food

and

Beverage

—

0.5%

30,000‌

Conagra

Brands

Inc.

...............

1,024,500‌

Health

Care

—

3.6%

12,960‌

Eli

Lilly

Co.

....................

3,579,811‌

22,651‌

Merck

Co.

Inc.

..................

1,735,973‌

40,000‌

Pfizer

Inc.

......................

2,362,000‌

7,677,784‌

Real

Estate

Investment

Trusts

—

6.1%

10,000‌

American

Tower

Corp.

..............

2,925,000‌

16,100‌

Crown

Castle

International

Corp.(e)

.....

3,360,714‌

5,000‌

Equinix

Inc.

.....................

4,229,200‌

7,000‌

SBA

Communications

Corp.

..........

2,723,140‌

13,238,054‌

Telecommunications

—

2.7%

60,000‌

AT&T

Inc.

.......................

1,476,000‌

16,119‌

T-Mobile

Inc.†

.................

1,869,481‌

Ellsworth

Growth

and

Income

Fund

Ltd.

Schedule

Investments

(Continued)

—

December

31,

2021

(Unaudited)

(a)

Securities

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers.

(b)

December

31,

2021,

the

Fund

held

investment

restricted

and

illiquid

security

amounting

$3,833,602

1.77%

total

investments,

which

was

valued

under

methods

approved

the

Board

Trustees

follows:

(c)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(d)

Mandatory

convertible

securities

are

required

converted

the

dates

listed;

they

generally

may

converted

prior

these

dates

the

option

the

holder.

(e)

Securities,

portion

thereof,

with

value

$2,504,880

were

deposited

with

Pershing

LLC.

†

Non-income

producing

security.

††

Represents

annualized

yields

dates

purchase.

Market

Value

COMMON

STOCKS

(Continued)

Telecommunications

(Continued)

50,000‌

Verizon

Communications

Inc.

.........

2,598,000‌

5,943,481‌

TOTAL

COMMON

STOCKS

.........

38,773,420‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

—

0.8%

1,645,000‌

U.S.

Treasury

Bills,

0.037%

0.105%††,

03/17/22

06/09/22

......................

1,644,619‌

TOTAL

INVESTMENTS

—

100.0%

....

(Cost

$157,682,016)

.............

216,713,132‌

Acquisition

Principal

Amount

Issuer

Acquisition

Dates

Acquisition

Cost

12/31/21

Carrying

Value

Per

Bond

$1,025,000

Digitalbridge

Operating

Co.

LLC,

5.750%,

07/15/25

07/17/20

11/11/20

$1,216,136

$3,740.1000

ADR

American

Depositary

Receipt