SOURCE: Ellsworth Convertible Growth & Income Fund, Inc.

April 12, 2005 14:57 ET

Ellsworth Convertible Growth and Income Fund, Inc. Announces Dividend, Earnings and Financial Update

MORRISTOWN, NJ -- (MARKET WIRE) -- April 12, 2005 -- Ellsworth Convertible Growth and Income Fund, Inc. (AMEX: ECF) today reported financial highlights and certain portfolio information for the six months ended March 31, 2005.

The Fund declared its seventy-fifth quarterly dividend today:

$0.07 per share             Payable Date                Record Date
from ordinary income        May 27, 2005                May 13, 2005

Earnings Report          Three Months Ended           Six Months Ended
                              March 31                    March 31
                         2005          2004          2005          2004

Net Income               $700,000      $571,000    $1,597,000    $1,521,000
    Per Share               $0.06         $0.05         $0.13         $0.12
Shares Outstanding     12,362,269    12,298,127    12,362,269    12,298,127
Total Net Assets     $108,478,000  $112,197,000  $108,478,000  $112,197,000
Net Asset Value
 Per Share                  $8.77         $9.12         $8.77         $9.12


Fund Statistics as                    Top Ten Holdings by underlying common
 of March 31, 2005                     stock as of March 31, 2005
                                                            % of Net Assets
Market price                   $7.63     The Walt Disney Company    2.5
Net asset value (NAV)          $8.77     Weatherford
Premium/(Discount)            (13.00)%    International Ltd.        2.4
Total Net Assets        $108,478,000     Chesapeake Energy Corp.    2.1
12-Month income                          The Chubb Corp.            2.0
 distribution                  $0.30     Comverse Technology, Inc.  2.0
Yield on market price           3.93%    International Rectifier
Ratio of expenses, annualized   1.19%     Corp.                     2.0
Ratio of net income,                     Valero Energy Corp.        2.0
 annualized                     2.93%    Devon Energy Corp.         1.9
Portfolio Turnover             31.84%    GlobalSantaFe Corp.        1.9
Shares outstanding        12,362,269     Lear Corp.                 1.9


Major Industry Exposure as of       Portfolio Ratings from Moody's
 March 31, 2005                      as of March 31, 2005
                                     (From S&P when Moody's is unavailable)
                      % of Net Assets
Energy                       17.4
Pharmaceuticals              11.5                     % of Portfolio
Financial and Insurance      11.2           Aa               2
Banking/Savings and Loan      9.5           A               10
Health Care                   6.6           Baa             28
Technology                    6.5           Ba              13
Telecommunications            6.2           B               20
Entertainment                 4.4         < B                1
Retail                        4.4           NR              26
Automotive                    3.6

Asset Allocation as of March 31, 2005

                      % of Net Assets
Convertible Bonds & Notes    55.4
Convertible Preferred Stock  20.8
Mandatory Convertibles       16.8
Common Stock                  4.3
Short-term Securities         2.0
Other Assets                  0.7
Data is unaudited and as of March 31, 2005. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Stockholders for the twelve months ended September 30, 2004.

Detailed portfolio information is available on our website (http://www.ellsworthfund.com). Visit us there or contact us by email at info@ellsworthfund.com or call us at (973) 631-1177.

Ellsworth is a diversified closed-end management investment company. Ellsworth's investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. It seeks to achieve this objective by investing primarily in convertible securities.

AMEX - ECF

Cusip 289074106

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