SOURCE: Ellsworth Convertible Growth & Income Fund, Inc.

July 19, 2005 16:02 ET

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

MORRISTOWN, NJ -- (MARKET WIRE) -- July 19, 2005 -- Ellsworth Convertible Growth and Income Fund, Inc. (AMEX: ECF) today reported financial highlights and certain portfolio information for the nine months ended June 30, 2005.

The Fund declared its seventy-sixth quarterly dividend today:

                         $0.07 per share    Payable Date     Record Date
                     from ordinary income  August 30, 2005  August 16, 2005

Earnings Report          Three Months Ended            Nine Months Ended
                               June 30                      June 30

                           2005         2004           2005         2004

Net Income             $1,178,000    $1,294,000    $2,775,000    $2,815,000
    Per Share               $0.10         $0.11         $0.22         $0.23
Shares Outstanding     12,362,269    12,298,127    12,362,269    12,298,127
Total Net Assets     $108,694,000  $109,077,000  $108,694,000  $109,077,000

Net Asset Value
 Per Share                  $8.79         $8.87         $8.79         $8.87


Fund Statistics as                    Top Ten Holdings by underlying common
 of June 30, 2005                           stock as of June 30, 2005
                                                            % of Net Assets
Market value                $7.74        Chesapeake Energy Corp.    3.5
Net asset value (NAV)       $8.79        Nuveen Investments, Inc.   2.4
Premium/(Discount)         (11.95)%      The Walt Disney Company    2.4
Total Net Assets     $108,694,000        Weatherford                2.4
12-Month income                           International Ltd.
 distribution              $0.295        The St. Paul Travelers     2.1
Yield on market value        3.81%        Companies, Inc.
Ratio of expenses            1.17%*      International              2.0
Ratio of net income          3.41%*       Rectifier Corp.
Portfolio Turnover          59.28%       Lear Corp.                 1.9
Shares outstanding     12,362,269        MetLife, Inc.              1.9
* Annualized                             Oil States                 1.9
                                          International, Inc.
                                         Schering-Plough Corp.      1.9

Major Industry Exposure as of       Portfolio Ratings from Moody's
 June 30, 2005                       as of June 30, 2005
                                     (From S&P when Moody's is unavailable)
                      % of Net Assets
Energy                       15.1
Pharmaceuticals              12.3                     % of Portfolio
Financial and Insurance      11.9           Aa               8
Technology                    9.3           A                8
Banking/Savings and Loan      8.1           Baa             27
Health Care                   6.6           Ba              13
Telecommunications            6.2           B               24
Retail                        3.8         < B                1
Chemicals                     3.5           NR              19
Entertainment                 3.2

Asset Allocation as of June 30, 2005

                      % of Net Assets
Convertible Bonds & Notes    47.6
Convertible Preferred Stock  23.3
Mandatory Convertibles       17.8
Common Stock                  4.4
Short-term Securities        10.5
Other Assets                 (3.6)
Data is unaudited and as of June 30, 2005. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Stockholders for the six months ended March 31, 2005.

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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