UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-04656

 

 

Ellsworth Growth and Income Fund Ltd.

 

 

(Exact name of registrant as specified in charter)

 

65 Madison Avenue, Morristown, New Jersey 07960-7308

 

 

(Address of principal executive offices) (Zip code)

 

James A. Dinsmore

Ellsworth Growth and Income Fund Ltd.

65 Madison Avenue

Morristown, New Jersey 07960-7308

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 973-631-1177

 

Date of fiscal year end: September 30, 2016

 

Date of reporting period: December 31, 2015

 

 

 

 

ITEM 1. SCHEDULE OF INVESTMENTS.

 

Ellsworth Growth and Income Fund Ltd.

Schedule of Investments — December 31, 2015 (unaudited)

 

   Principal   Market 
   Amount   Value 
Convertible Bonds and Notes - 47.7%          
           
Air Freight & Logistics - 1.5%          
Atlas Air Worldwide Holdings, Inc., 2.25%, Due 6/1/22  $1,000,000   $832,500 
Echo Global Logistics, Inc., 2.50%, Due 5/1/20   1,125,000    990,000 
         1,822,500 
Automobiles - 0.2%          
Tesla Motors, Inc., 1.25%, Due 3/1/21   200,000    184,250 
           
Biotechnology - 4.1%          
Array BioPharma Inc., 3.00%, Due 6/1/20   250,000    232,656 
Exelixis, Inc., 4.25%, Due 8/15/19   250,000    294,375 
Gilead Sciences, Inc., 1.625%, Due 5/1/16   300,000    1,341,002 
Incyte Corp., 1.25%, Due 11/15/20   500,000    1,091,250 
OPKO Health Inc., 3.00%, Due 2/1/33   200,000    319,125 
Regeneron Pharmaceuticals, Inc., 1.875%, Due 10/1/16   250,000    1,615,469 
         4,893,877 
Communications Equipment - 4.0%          
CalAmp Corp., 1.625%, Due 5/15/20 (a)   1,550,000    1,535,469 
Harmonic Inc., 4.00%, Due 12/1/20 (a)   1,000,000    955,000 
InterDigital, Inc., 1.50%, Due 3/1/20 (a)   1,500,000    1,442,812 
Oclaro, Inc., 6.00%, Due 2/15/20   400,000    774,000 
         4,707,281 
Construction & Engineering - 0.8%          
Dycom Industries, Inc., 0.75%, Due 9/15/21 (a)   1,000,000    987,500 
           
Consumer Finance - 0.7%          
Encore Capital Group, Inc., 3.00%, Due 7/1/20   1,000,000    857,500 
           
Diversified Consumer Services - 1.0%          
Carriage Services, Inc., 2.75%, Due 3/15/21   1,000,000    1,183,125 
           
Diversified Telecommunication Services - 0.9%          
Alaska Communications Systems Group, Inc., 6.25%, Due 5/1/18   1,000,000    1,008,750 
           
Electrical Equipment - 0.6%          
SolarCity Corp., 2.75%, Due 11/1/18   750,000    726,562 
           
Health Care Equipment & Supplies - 0.8%          
Quidel Corp., 3.25%, Due 12/15/20   500,000    487,188 
Trinity Biotech Investment Ltd., 4.00%, Due 4/1/45   500,000    450,938 
         938,126 
Health Care Providers & Services - 1.7%          
Aceto Corp., 2.00%, Due 11/1/20 (a)   500,000    509,062 
Molina Healthcare Inc., 1.125%, Due 1/15/20   1,000,000    1,560,000 
         2,069,062 
Household Durables - 1.5%          
Jarden Corp., 1.875%, Due 9/15/18   500,000    911,562 
Jarden Corp., 1.125%, Due 3/15/34   750,000    923,906 
         1,835,468 
Internet & Catalog Retail - 1.8%          
The Priceline Group Inc., 1.00%, Due 3/15/18   1,500,000    2,140,312 

 

 

 

 

Ellsworth Growth and Income Fund Ltd.

Schedule of Investments (continued) — December 31, 2015

 

   Principal   Market 
   Amount   Value 
Convertible Bonds and Notes - continued          
           
Internet Software & Services - 2.4%          
Blucora, Inc., 4.25%, Due 4/1/19  $1,000,000   $833,750 
Monster Worldwide, Inc., 3.50%, Due 10/15/19   500,000    637,500 
Web.com Group, Inc., 1.00%, Due 8/15/18   1,500,000    1,408,125 
         2,879,375 
IT Services - 0.9%          
CSG Systems International, Inc., 3.00%, Due 3/1/17   650,000    1,035,938 
           
Leisure Products - 0.5%          
JAKKS Pacific, Inc., 4.875%, Due 6/1/20 (a)   617,000    600,032 
           
Media - 0.8%          
Global Eagle Entertainment Inc., 2.75%, Due 2/15/35   1,125,000    951,328 
           
Oil, Gas & Consumable Fuels - 0.9%          
Cheniere Energy, Inc., 4.25%, Due 3/15/45   1,500,000    783,750 
Clean Energy Fuels Corp., 5.25%, Due 10/1/18   500,000    253,125 
Goodrich Petroleum Corp., 5.00%, Due 10/1/32   258,000    70,466 
         1,107,341 
Personal Products - 0.6%          
Teligent, Inc., 3.75%, Due 12/15/19   750,000    729,375 
           
Pharmaceuticals - 3.2%          
ANI Pharmaceuticals, Inc., 3.00%, Due 12/1/19   750,000    733,594 
Horizon Pharma Investment Ltd., 2.50%, Due 3/15/22          
 cv. into Horizon Pharma plc ordinary shares (a)   1,000,000    1,000,625 
Jazz Investments I Ltd., 1.875%, Due 8/15/21          
 guaranteed by Jazz Pharmaceuticals plc and          
 cv. into Jazz Pharmaceuticals plc ordinary shares   710,000    746,388 
The Medicines Co., 2.50%, Due 1/15/22 (a)   1,000,000    1,272,500 
         3,753,107 
Real Estate Investment Trusts - 2.2%          
Colony Capital, Inc., 5.00%, Due 4/15/23   1,000,000    970,000 
Extra Space Storage LP, 3.125%, Due 10/1/35 (a)   1,000,000    1,094,375 
Spirit Realty Capital, Inc., 3.75%, Due 5/15/21   500,000    474,065 
         2,538,440 
Real Estate Management & Development - 0.9%          
Forest City Enterprises, Inc., 3.625%, Due 8/15/20   1,000,000    1,063,750 
           
Semiconductor Equipment - 4.8%          
Inphi Corp., 1.125%, Due 12/1/20 (a)   750,000    717,188 
Micron Technology, Inc., 3.00%, Due 11/15/43   1,500,000    1,254,375 
NXP Semiconductors N.V., 1.00%, Due 12/1/19   1,500,000    1,650,938 
Spansion LLC, 2.00%, Due 9/1/20   200,000    373,875 
SunEdison, Inc., 2.75%, Due 1/1/21   500,000    252,812 
SunEdison, Inc., 0.25%, Due 1/15/20 (a)   750,000    292,500 
SunPower Corp., 4.00%, Due 1/15/23 (a)   1,000,000    1,203,750 
         5,745,438 

 

 

 

 

Ellsworth Growth and Income Fund Ltd.

Schedule of Investments (continued) — December 31, 2015

 

   Principal   Market 
   Amount   Value 
Convertible Bonds and Notes - continued          
           
Software - 8.8%          
Bottomline Technologies, Inc., 1.50%, Due 12/1/17  $1,250,000   $1,412,500 
EnerNOC, Inc., 2.25%, Due 8/15/19   850,000    497,781 
FireEye, Inc., 1.625%, Due 6/1/35 (a)   1,500,000    1,210,312 
Mentor Graphics Corp., 4.00%, Due 4/1/31   1,250,000    1,308,594 
MercadoLibre, Inc., 2.25%, Due 7/1/19   500,000    559,688 
Proofpoint, Inc., 0.75%, Due 6/15/20 (a)   1,250,000    1,313,281 
PROS Holdings, Inc., 2.00%, Due 12/1/19   500,000    490,625 
Synchronoss Technologies, Inc., 0.75%, Due 8/15/19   1,250,000    1,262,500 
Take-Two Interactive Software, Inc., 1.75%, Due 12/1/16   400,000    732,500 
TeleCommunication Systems, Inc., 7.75%, Due 6/30/18   500,000    510,000 
Verint Systems Inc., 1.50%, Due 6/1/21   1,250,000    1,178,125 
         10,475,906 
Technology, Hardware & Storage - 1.3%          
SanDisk Corp., 1.50%, Due 8/15/17   1,000,000    1,573,125 
           
Trading Companies & Distributors - 0.8%          
Kaman Corp., 3.25%, Due 11/15/17   750,000    964,688 
           
Total Convertible Bonds and Notes        56,772,156 
           
     Shares       
Convertible Preferred Stocks - 7.7%          
           
Capital Markets - 0.3%          
Cowen Group, Inc., 5.625%   500    375,125 
           
Commercial Banks - 1.9%          
Huntington Bancshares, Inc., 8.50%   1,250    1,700,000 
Wells Fargo & Co., 7.50%   500    579,188 
         2,279,188 
Diversified Financial Services - 0.9%          
Bank of America Corp., 7.25%   1,000    1,093,270 
           
Food Products - 0.8%          
Bunge Ltd., 4.875%   10,000    930,400 
           
Machinery - 1.0%          
Stanley Black & Decker, Inc., 6.25%   10,000    1,167,900 
           
Oil, Gas & Consumable Fuels - 0.2%          
Chesapeake Energy Corp., 5.75%   1,050    199,500 
           
Real Estate Investment Trusts - 1.0%          
Welltower Inc., 6.50%   20,000    1,218,200 
           
Specialty Retail - 0.6%          
Amerivon Holdings LLC, 4.00%, (a,b,c)   694,670    733,636 
Amerivon Holdings LLC, common equity units, (a,b,c)   272,728    16,364 
         750,000 
Thrift & Mortgage Finance - 1.0%          
New York Community Capital Trust V, 6.00%   24,000    1,200,000 
           
Total Convertible Preferred Stocks        9,213,582 
           

 

 

 

 

 

Ellsworth Growth and Income Fund Ltd.

Schedule of Investments (continued) — December 31, 2015

 

       Market 
   Shares   Value 
         
Mandatory Convertible Securities - 15.1% (d)          
           
Automobiles - 0.5%          
Fiat Chrysler Automobiles N.V., 7.875%, Due 12/15/16   5,000   $582,188 
           
Biotechnology - 1.3%          
AmSurg Corp., 5.25%, Due 7/1/17   10,500    1,513,312 
           
Commercial Services & Supplies - 0.8%          
Stericycle, Inc., 5.25%, Due 9/15/18   10,000    915,600 
           
Diversified Telecommunication - 0.8%          
Frontier Communications Corp, 11.125%, Due 6/29/18   10,000    915,800 
           
Electric Utilities - 1.3%          
NextEra Energy, Inc., 6.371%, Due 9/1/18   30,000    1,584,900 
           
Food Products - 1.0%          
Tyson Foods, Inc., 4.75%, Due 7/15/17   20,000    1,213,600 
           
Health Care Providers & Services - 1.8%          
Anthem, Inc., 5.25%, Due 5/1/18   30,000    1,381,500 
Kindred Healthcare, Inc., 7.50%, Due 11/19/17   1,250    831,562 
         2,213,062 
Insurance - 0.9%          
Maiden Holdings, Ltd., 7.25%, Due 9/15/16   20,000    1,057,500 
           
Multi-Utilities - 0.9%          
Dominion Resources, Inc., 6.375%, Due 7/1/17   20,000    961,600 
           
Oil, Gas & Consumable Fuels - 0.4%          
Anadarko Petroleum Corp, 7.50%, Due 6/7/18   15,000      
 cv. into Western Gas Equity Partners LP        509,250 
           
Pharmaceuticals - 3.5%          
Allergan plc, 5.50%, Due 3/1/18   2,300    2,369,414 
Teva Pharmaceutical Industries, 7.00%, Due 12/15/18   1,883    1,915,686 
         4,285,100 
Real Estate Investment Trusts - 1.3%          
Weyerhaeuser Co., 6.375%, Due 7/1/16   30,000    1,508,400 
           
Wireless Telecommunication Services - 0.6%          
T-Mobile US, Inc., 5.50%, Due 12/15/17   10,000    677,100 
           
Total Mandatory Convertible Securities (d)        17,937,412 
           
Common Stocks - 29.5%          
           
Automobiles - 1.2%          
Ford Motor Co.   100,000    1,409,000 
           
Capital Markets - 1.0%          
BlackRock Capital Investment Corp.   131,034    1,231,720 

 

 

 

 

Ellsworth Growth and Income Fund Ltd.

Schedule of Investments (continued) — December 31, 2015

 

       Market 
   Shares   Value 
         
Common Stocks - continued          
           
Commercial Banks - 1.0%          
Wells Fargo & Co.   22,200   $1,206,792 
           
Diversified Financial Services - 1.3%          
Citigroup Inc.   29,546    1,529,006 
           
Diversified Telecommunication - 2.6%          
AT&T Inc.   50,000    1,720,500 
Verizon Communications Inc.   30,000    1,386,600 
         3,107,100 
Energy Equipment & Services - 0.5%          
Chevron Corp.   7,000    629,720 
           
Food Products - 3.1%          
B&G Foods, Inc.   35,000    1,225,700 
ConAgra Foods, Inc.   35,000    1,475,600 
Unilever N.V. (ADR)   24,000    1,039,680 
         3,740,980 
Household Products - 1.4%          
Church & Dwight Co., Inc.   20,000    1,697,600 
           
Industrial Conglomerates - 1.3%          
General Electric Co.   34,356    1,070,189 
Synchrony Financial   16,434    499,758 
         1,569,947 
Internet Software & Services - 2.0%          
Equinix, Inc.   7,703    2,329,387 
           
Media - 0.7%          
Walt Disney Co.   7,500    788,100 
           
Oil, Gas & Consumable Fuels - 1.1%          
ConocoPhillips   13,000    606,970 
Kinder Morgan, Inc.   45,000    671,400 
         1,278,370 
Pharmaceuticals - 4.7%          
AbbVie Inc.   15,000    888,600 
Eli Lilly & Co.   15,000    1,263,900 
Merck & Co., Inc.   22,651    1,196,426 
Pfizer Inc.   40,000    1,291,200 
Roche Holdings Ltd. (ADR)   27,500    947,925 
         5,588,051 
Real Estate Investment Trusts - 3.0%          
American Tower Corp.   15,000    1,454,250 
Crown Castle International Corp.   16,100    1,391,845 
Invesco Mortgage Capital Inc.   58,700    727,293 
         3,573,388 
Semiconductor Equipment - 1.2%          
Intel Corp.   40,000    1,378,000 
           
Software - 0.7%          
Microsoft Corp.   14,300    793,364 

 

 

 

 

 

 

Ellsworth Growth and Income Fund Ltd.

Schedule of Investments (continued) — December 31, 2015

 

       Market 
   Shares   Value 
         
Common Stocks - continued          
           
Wireless Telecommunication Services - 2.7%          
SBA Communications Corp. (e)   15,000   $1,576,050 
Vodafone Group PLC (ADR)   50,909    1,642,324 
         3,218,374 
           
Total Common Stocks        35,068,899 
           
Convertible Bonds and Notes - 47.7%        56,772,156 
Convertible Preferred Stocks - 7.7%        9,213,582 
Mandatory Convertible Securities - 15.1%        17,937,412 
Common Stocks - 29.5%        35,068,899 
Total Investments - 100.0%        118,992,049 
           
Other Assets and Liabilites (Net)        1,742,207 
           
Net Assets          
 (13,133,953 common shares outstanding)       $120,734,256 
Net Asset Value Per Share          
 ($120,734,256 ÷ 13,133,953 shares outstanding)       $9.19 

 

 

 

(a) Security exempt from registration under Rule 144A or Regulation D 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, 2015, the market value of these unregistered securities amounted to $14,884,406 or 12.5% of total investments.

 

(b) 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 $750,000 at December 31, 2015, which represented 0.63% of total investments.

 

(c) At December 31, 2015, the Fund held investments in restricted and illiquid securities amounting to $750,000 or 0.63% of total investments, which were valued under methods approved by the Board of Trustees as follows:

 

           12/31/2015 
           Carrying 
       Acquisition   Value 
Issuer and Acquisition Date  Shares   Cost   Per Share 
             
Amerivon Holdings LLC, series A cv. pfd. - April 1, 2010  $694,670   $1,500,000   $1.056 
Amerivon Holdings LLC, common equity units - April 1, 2010   272,728    0    0.060 

 

(d) Mandatory Convertible Securities are required to be converted on the dates disclosed; they generally

may be converted prior to these dates at the option of the holder.

 

(e) Non-income producing security

 

(ADR) American Depositary Receipt

 

 

 

 

Ellsworth Growth and Income Fund Ltd. - Selected Notes to Financial Statements - unaudited

 

Ellsworth Growth and Income Fund Ltd. (the “Fund”), is registered under the Investment Company Act of 1940, as amended, (the “Act”) as a diversified, closed-end management investment company.

 

Note 1 - Security Valuation - Investments in securities traded on a national securities exchange are valued at market 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.

 

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 of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

 

Level 1 - Quoted unadjusted prices for identical instruments in active markets.

 

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.

 

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’s own assumptions that market participants would use to price an asset or liability based on the best available information.

 

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.

 

The following is a summary of the inputs used to value the investments of the Fund as of December 31, 2015:

 

   Level 1   Level 2   Level 3   Total 
                 
Investments in Securities:                    
Common Stock:                    
Consumer Discretionary  $2,197,100   $   $   $2,197,100 
Consumer Staples   5,438,580            5,438,580 
Energy   1,908,090            1,908,090 
Financials   7,540,906            7,540,906 
Health Care   5,588,051            5,588,051 
Industrials   1,569,947            1,569,947 
Information Technology   4,500,751            4,500,751 
Telecommunication Services   6,325,474            6,325,474 
Total Common Stock   35,068,899            35,068,899 
                     
Convertible Bonds and Notes:                    
Consumer Discretionary       6,894,515        6,894,515 
Consumer Staples       729,375        729,375 
Energy       1,107,341        1,107,341 
Financials       4,459,690        4,459,690 
Health Care       11,654,172        11,654,172 
Industrials       4,501,250        4,501,250 
Information Technology       26,417,063        26,417,063 
Telecommunication Services       1,008,750        1,008,750 
Total Convertible Bonds and Notes       56,772,156        56,772,156 
                     
Convertible Preferred Stock:                    
Consumer Discretionary           750,000    750,000 
Consumer Staples       930,400        930,400 
Energy       199,500        199,500 
Financials       6,165,783        6,165,783 
Industrials       1,167,900        1,167,900 
Total Convertible Preferred Stock       8,463,583    750,000    9,213,583 
                     
Mandatory Convertible Securities:                    
Consumer Discretionary       582,188        582,188 
Consumer Staples       1,213,600        1,213,600 
Energy       509,250        509,250 
Financials       2,565,900        2,565,900 
Health Care       8,011,473        8,011,473 
Industrials       915,600        915,600 
Telecommunication Services       1,592,900        1,592,900 
Utilities       2,546,500        2,546,500 
Total Mandatory Convertible Securities       17,937,411        17,937,411 
Total Investments  $35,068,899   $83,173,150   $750,000   $118,992,049 

 

 

 

 

Refer to the Fund’s Schedule 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 December 31, 2015, the end of the reporting period. The Fund recognized no transfers to or from levels 1 and 2.

 

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

 

Description  Investments
in Securities
 
Beginning balance as of September 30, 2015  $750,000 
Proceeds from sales    
Gain/loss    
Change in unrealized appreciation (depreciation)    
Net transfers in/out of Level 3    
Balance as of December 31, 2015  $750,000 

 

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 December 31, 2015:

 

   Fair Value
December 31, 2015
   Valuation
Methodologies
  Unobservable
Input (1)
  Impact to
Valuation from

an Increase in
Input (2)
Amerivon Holdings LLC series A
cv. pfd. and common equity units
  $750,000   Market
Comparables/
Sum of the
Parts
Valuation/
Dividend
Analysis
  Liquidity
Discount
  Increase

 

(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.

 

 

 

(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.

 

Note 2 - Securities Transactions and Related Investment Income - 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.

 

Note 3 - Federal Income Tax Cost - At December 31, 2015, unrealized appreciation (depreciation) of investment securities on a tax cost basis and federal tax cost were as follows:

 

Unrealized appreciation  $14,524,689 
Unrealized depreciation   (8,778,310)
Net unrealized appreciation   5,746,379 
      
Cost for federal income tax purposes  $113,245,670 

 

ITEM 2. CONTROLS AND PROCEDURES.

 

Conclusions of principal officers concerning controls and procedures.

 

(a) The Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c)) are effective as of February 29, 2016 based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 17 CFR 240.15d-15(b)).

 

(b) There have been no changes in the Fund’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 Fund’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

 

ITEM 3. EXHIBITS.

 

Certifications of the principal executive officer and the principal financial officer of the Fund, as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are filed herewith.

 

SIGNATURES

 

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.

 

Ellsworth Growth and Income Fund Ltd.

 

By: /s/James A. Dinsmore

  James A. Dinsmore

  President and Chief Executive Officer

  (Principal Executive Officer)

 

Date: February 29, 2016

 

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.

 

By: /s/James A. Dinsmore

  James A. Dinsmore

  President and Chief Executive Officer

  (Principal Executive Officer)

 

Date: February 29, 2016

 

By: /s/Agnes Mullady

  Agnes Mullady

  Treasurer

  (Principal Financial Officer)

 

Date: February 29, 2016