Dividend, Earnings and Financial Update
Davis-Dinsmore Management Company
Morristown, NJ, February 14, 2005 -- Bancroft Convertible Fund, Inc. (AMEX - BCV)
today reported financial highlights and certain portfolio information for the three
months ended January 31, 2005.
The Fund declared its one hundred thirty-seventh quarterly dividend today:
|
Dividend |
|
Payable date |
|
Record date |
|
$0.17 per share
from ordinary income
|
|
March 30, 2005 |
|
March 16, 2005 |
|
Three Months Ended
January 31 |
| Earnings Report |
2005 |
2004 |
| Net Income |
$1,063,000 |
$1,080,000 |
| Per Share |
$0.19 |
$0.19 |
| Shares Outstanding |
5,588,453 |
5,557,138 |
| Total Net Assets |
$116,098,000 |
$119,559,000 |
| Net Asset Value Per Share |
$20.77 |
$21.51 |
Annual Shareholders Meeting Results The following actions were taken at the Annual Shareholders meeting on February 14th: (1) four directors were elected, (2) the selection of PricewaterhouseCoopers LLP as independent auditors was ratified, and (3) shareholders adjourned voting on each of the proposals to amend the current fundamental investment restrictions until March 7, 2005.
| Fund Statistics as of January 31, 2005 |
|
Top Ten Holdings by underlying common stock as of January 31, 2005 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$18.49 |
|
|
|
Net Assets |
| Net asset value (NAV) |
|
$20.77 |
|
The Walt Disney Company |
2.4 |
| Premium/(Discount) |
|
(10.98)% |
|
The St. Paul Travelers Companies, Inc. |
|
2.0 |
| Total Net Assets |
|
$116,098,000 |
|
Constellation Brands, Inc. |
|
1.8 |
| 12-Month income distribution |
$0.70 |
|
Fannie Mae |
1.8 |
| Yield on market value |
|
3.78% |
|
Leucadia National Corp. |
1.8 |
| Ratio of expenses, annualized |
|
1.09% |
|
The TJX Companies, Inc. |
|
1.8 |
| Ratio of net income, annualized |
|
3.66% |
|
Comverse Technology, Inc. |
|
1.7 |
| Portfolio turnover |
|
17.50% |
|
International Rectifier Corp. |
|
1.7 |
| Shares outstanding |
|
5,588,453 |
|
Kerr-McGee Corp. |
|
1.7 |
|
|
|
|
|
Teva Pharmaceutical Industries Ltd. |
|
1.7 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of January 31, 2005 |
|
|
Net Assets |
|
as of January 31, 2005 |
|
| Energy |
|
12.0 |
|
(From S&P when Moody's
is unavailable) |
% of
Portfolio |
| Financial & Insurance |
|
11.1 |
|
Aa |
|
8 |
| Pharmaceuticals |
|
|
10.0 |
|
A |
|
9 |
| Banking/Savings & Loan |
|
|
9.0 |
|
Baa |
|
27 |
| Technology |
|
|
7.9 |
|
Ba |
|
15 |
| Telecommunications |
|
6.0 |
|
B |
|
22 |
| Entertainment |
|
|
5.7 |
|
<B |
|
1 |
| Health Care |
|
|
5.6 |
|
NR |
|
18 |
| Retail |
|
4.4 |
|
|
|
|
| Automotive |
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of January 31, 2005 |
|
|
Net Assets |
|
|
|
|
| Convertible Bonds & Notes |
|
|
52.9 |
|
|
|
|
| Convertible Preferred Stock |
|
|
20.6 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
16.9 |
|
|
|
|
| Short-term Instruments |
|
|
4.2 |
|
|
|
|
| Other Assets |
|
|
5.4 |
|
|
|
|
|
|
|
| Data is unaudited and as of January 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 October 31, 2004.
Detailed portfolio information is available on our website (http://www.bancroftfund.com). Visit us there or contact us by e-mail at info@bancroftfund.com or call us at (973) 631-1177.
Bancroft is a diversified closed-end management investment company. Bancroft'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.
|
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