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Bancroft Convertible Fund
Portfolio of Investments
February 28, 2005
| Security Description | Cusip or Sedol # |
Shares or Par Value |
Market Value | Coupon Rate | Maturity Date |
| Albertsons Inc mandatory cv units | 013104203 | 40000 | 966400 | ||
| Amerada Hess Corp mandatory cv pfd ACES | 023551401 | 20000 | 1756400 | ||
| Baxter International Inc equity units | 071813406 | 31500 | 1783530 | ||
| Chesapeake Energy cumulative cv pfd | 165167875 | 550 | 774125 | ||
| Chesapeake Energy cumulative cv pfd 144A | 165167883 | 1000 | 1407500 | ||
| The Chubb Corp equity units | 171232309 | 15000 | 441900 | ||
| The Chubb Corp equity units | 171232507 | 54000 | 1608660 | ||
| Commerce Capital Trust II cv Trust pfd | 20057R308 | 17500 | 1061103.75 | ||
| Constellation Brands Inc dep shs repr series A mandatory cv pfd | 21036P306 | 50000 | 2081500 | ||
| DTE Energy Co equity security units | 233331206 | 50000 | 1265000 | ||
| Emmis Communications Corp series A cumulative cv pfd | 291525202 | 22500 | 1037812.5 | ||
| Fannie Mae non-cumulative cv pfd | 313586810 | 20 | 2042500 | ||
| Freeport-McMoRan Copper and Gold Inc cv perpetual pfd | 35671D790 | 500 | 512276.5 | ||
| Freeport-McMoRan Copper and Gold Inc cv perpetual pfd 144A | 35671D816 | 1500 | 1536829.5 | ||
| General Motors Corp series C cv sr deb | 370442717 | 50000 | 1224500 | ||
| The Goldman Sachs Group Inc mandatory exchangeable notes | 38143U481 | 36395 | 885745.12 | ||
| Huntsman Corp mandatory cv pfd | 447011206 | 20000 | 1168340 | ||
| Lehman Brothers Holdings Inc PIES] | 524908563 | 40000 | 1120000 | ||
| Natl Australia Bnk exch capital units | 632525309 | 40000 | 1532000 | ||
| New York Community Bancorp Inc BONUSES units | 64944P307 | 30000 | 1576500 | ||
| Omnicare Capital Trust I PIERS | 68214L201 | 29000 | 1508000 | ||
| Platinum Underwriters Holdings Ltd eq sec units | G7127P118 | 40000 | 1186000 | ||
| Reinsurance Group of America PIERS | 759351307 | 20000 | 1206875 | ||
| Schering-Plough Corp mand cv pfd | 806605606 | 30000 | 1552200 | ||
| Sovereign Capital Trust IV PIERS | 846048205 | 35000 | 1710625 | ||
| Travelers Property Casualty Corp cv jr sub nts | 89420G307 | 100000 | 2305000 | ||
| Valero Energy Corp mandatory cv pfd | 91913Y407 | 30000 | 2118060 | ||
| Washington Mutual Cap Trust PIERS 144A | 93933U308 | 35000 | 1937950 | ||
| The Williams Cos Inc jr sub cv deb 144A | 969457852 | 20000 | 1837400 | ||
| XL Capital Ltd equity security units | G98255402 | 45000 | 1097460 | ||
| Swiss Re euro cv sub deb 144A | 4791272 | 1000000 | 974700 | 3.250 | 11/21/2021 |
| Advanced Micro Devices Inc cv sr deb | 007903AE7 | 1000000 | 1036250 | 4.750 | 02/01/2022 |
| Agilent Technologies Inc cv sub deb | 00846UAB7 | 1250000 | 1254687.5 | 3.000 | 12/01/2021 |
| Alza/Johnson & Johnson cv sub deb | 02261WAB5 | 2000000 | 1805000 | 0.000 | 07/28/2020 |
| American Axle & Manufacturing Holdings Inc cv sr notes 144A | 024061AA1 | 1000000 | 846300 | 2.000 | 02/15/2024 |
| Amgen Inc LYONS | 031162AE0 | 2000000 | 1478330 | 0.000 | 03/01/2032 |
| Bear Stearns Cos Inc medium term notes | 073928ZH9 | 2078000 | 1836278.73 | 0.250 | 05/12/2010 |
| CMS Energy Corp cv sr notes | 125896AW0 | 1500000 | 1610700 | 2.875 | 12/01/2024 |
| Casual Male Retail Group Inc cv sr sub notes 144A | 148711AA2 | 1250000 | 1131250 | 5.000 | 01/01/2024 |
| Charming Shoppes Inc sr cv notes 144A | 161133AB9 | 1000000 | 1057500 | 4.750 | 06/01/2012 |
| Church & Dwight Co Inc cv sr deb 144A | 171340AB8 | 1375000 | 1847725 | 5.250 | 08/15/2033 |
| Citadel Broadcasting Corp cv sub notes 144A | 17285TAA4 | 1250000 | 1079875 | 1.875 | 02/15/2011 |
| Community Health Systems cv sub notes | 203668AA6 | 1500000 | 1581750 | 4.250 | 10/15/2008 |
| Comverse Technology Inc ZYPS | 205862AM7 | 1500000 | 2074425 | 0.000 | 05/15/2023 |
| Devon Energy Corp cv sr deb | 25179MAD5 | 4000000 | 2342600 | 0.000 | 06/27/2020 |
| Dicks Sporting Goods Inc sr cv notes 144A | 253393AA0 | 1000000 | 743200 | 1.606 | 02/18/2024 |
| The Walt Disney Company cv sr notes | 254687AU0 | 3000000 | 3280710 | 2.125 | 04/15/2023 |
| Globespan Inc cv sub notes | 379571AB8 | 1191000 | 1167180 | 5.250 | 05/15/2006 |
| Graftech International LTD cv sr deb 144A | 384313AA0 | 1000000 | 882500 | 1.625 | 01/15/2024 |
| Graftech International LTD cv sr deb | 384313AB8 | 500000 | 441250 | 1.625 | 01/15/2024 |
| Impax Laboratories Inc cv sr sub deb 144A | 45256BAA9 | 1500000 | 1366770 | 1.250 | 04/01/2024 |
| International Rectifier Corp cv sub notes | 460254AE5 | 2250000 | 2241562.5 | 4.250 | 07/15/2007 |
| IOS Capital LLC/IKON cv sub nts 144A | 462230AA1 | 1750000 | 1782812.5 | 5.000 | 05/01/2007 |
| Isolagen Inc cv sub notes 144A | 46488NAA1 | 1250000 | 1369531.25 | 3.500 | 11/01/2024 |
| Ivax cv sr sub nts | 465823AG7 | 500000 | 498750 | 4.500 | 05/15/2008 |
| Ivax cv sr notes | 465823AL6 | 1250000 | 1179062.5 | 1.500 | 03/01/2024 |
| Kerr-McGee cv sub deb | 492386AP2 | 1000000 | 1272155 | 5.250 | 02/15/2010 |
| Lear Corp cv sr nts 144A | 521865AF2 | 2500000 | 1190625 | 0.000 | 02/20/2022 |
| Lear Corp cv sr nts | 521865AG0 | 2000000 | 952500 | 0.000 | 02/20/2022 |
| Lehman Brothers Holdings Inc YEELDS | 524908JM3 | 2000000 | 1392600 | 6.000 | 05/25/2005 |
| Lehman Brothers Holdings Inc cv notes | 524908MP2 | 1000000 | 982500 | 1.000 | 11/19/2011 |
| Leucadia National Corp cv sr sub notes 144A | 527288AW4 | 2000000 | 1987500 | 3.750 | 04/15/2014 |
| LifePoint Hospitals Inc cv sub nts | 53219LAE9 | 1000000 | 1025000 | 4.500 | 06/01/2009 |
| Lucent Technologies Inc series A cv sr deb | 549463AG2 | 1000000 | 1158310 | 2.750 | 06/15/2023 |
| Lucent Technologies Inc series B cv sr deb | 549463AH0 | 500000 | 611235 | 2.750 | 06/15/2025 |
| Mentor Corp cv sub notes 144A | 587188AB9 | 875000 | 1123828.13 | 2.750 | 01/01/2024 |
| Mentor Corp cv sub notes | 587188AC7 | 250000 | 321093.75 | 2.750 | 01/01/2024 |
| Nortel Networks Corp cv sr notes | 656568AB8 | 1250000 | 1190625 | 4.250 | 09/01/2008 |
| OMI Corp cv sr notes 144A | 670874AE6 | 750000 | 766875 | 2.875 | 12/01/2024 |
| Ocwen Financial Corp contingent cv sr unsecured notes 144A | 675746AC5 | 1500000 | 1417500 | 3.250 | 08/01/2024 |
| Open Solutions Inc sr sub cv notes 144A | 68371PAA0 | 1000000 | 539320 | 1.467 | 02/02/2035 |
| Pegasus Solutions Inc cv sr notes 144A | 705906AA3 | 875000 | 814263.63 | 3.875 | 08/16/2023 |
| Pegasus Solutions Inc cv sr notes | 705906AB1 | 625000 | 581616.88 | 3.875 | 08/16/2023 |
| Ryerson Tull Inc cv sr notes 144A | 78375PAC1 | 1000000 | 970625 | 3.500 | 11/01/2024 |
| Sybase Inc cv sub notes 144A | 871130AA8 | 1000000 | 1009570 | 1.750 | 02/22/2025 |
| The TJX Companies Inc LYONs | 872540AL3 | 2400000 | 2034168 | 0.000 | 02/13/2021 |
| Tekelec Inc cv sub notes 144A | 879101AD5 | 750000 | 825000 | 2.250 | 06/15/2008 |
| Teva Pharmaceutical Finance II LLC series A cv sr deb | 88164RAA5 | 1000000 | 992500 | 0.500 | 02/01/2024 |
| Teva Pharmaceutical Finance II LLC series B cv sr deb | 88164RAB3 | 1000000 | 1003700 | 0.250 | 02/01/2024 |
| UTStarcom Inc cv notes | 918076AB6 | 1000000 | 891875 | 0.875 | 03/01/2008 |
| Weatherford International Ltd cv sr deb | 947074AB6 | 4000000 | 2615320 | 0.000 | 06/30/2020 |
| Treasury Note | CASH | 11000 | 10982.81 | 1.625 | 04/30/2005 |
| American Express commercial paper nt | CASH | 3100000 | 3100000 | 2.430 | 03/01/2005 |
| American Express commercial paper nt | CASH | 10000000 | 10000000 | 2.400 | 03/01/2005 |