Ellsworth Change in Accounting Principle

May 31, 2005 – Ellsworth Convertible Growth and Income Fund, Inc. (AMEX: ECF) today reported that the Company, in consultation with the Company’s independent public accountants, is changing its accounting practice with respect to the amortization of premiums and discounts of convertible bonds purchased by the Company. This change may require the Company to restate its book income for prior periods.

This change will have no effect on the Company’s historical or current net asset value. It also will not change the amounts or characterization of the Company’s historic dividends and distributions for tax purposes.

The process of applying this accounting practice to the Company’s financial statements will delay the mailing of the Company’s Semi-Annual Report for 15 days.

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

For further information please contact:
Gary I. Levine Ph. (973) 631-1177 Fax (973) 631-9893