SOURCE: Ellsworth Convertible Growth and Income Fund, Inc.

May 27, 2005 16:05 ET

Ellsworth Convertible Growth and Income Fund Reports Change in Independent Accountant -- Revised

MORRISTOWN, NJ -- (MARKET WIRE) -- May 27, 2005 -- Ellsworth Convertible Growth and Income Fund, Inc. (AMEX: ECF) (the "Company") announced today that on March 17, 2005, PricewaterhouseCoopers LLP resigned as independent registered public accountants for the Company to focus on larger clients. The Company's audit committee has appointed Tait, Weller & Baker as independent accountants for the Company for the 2005 fiscal year, which appointment was ratified by the Company's independent directors.

The reports of PricewaterhouseCoopers LLP on the Company's financial statements for each of the fiscal years ended September 30, 2004 and September 30, 2003 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the Company's fiscal years ended September 30, 2003 and September 30, 2004, and during the period October 1, 2004 through March 17, 2005, there have been no disagreements with PricewaterhouseCoopers LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to the satisfaction of PricewaterhouseCoopers LLP, would have caused them to make reference thereto in their reports on the financial statements for such years.

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

AMEX - ECF

Cusip# 289074106

Contact Information

  • For further information please contact:
    Gary I. Levine
    Chief Financial Officer
    Ph. (973) 631-1177
    Fax (973) 631-9893
    http://www.ellsworthfund.com