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NAV
& Stock Price | Top Ten
Holdings Bancroft Convertible Fund, Inc.
Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
February 10, 2003
Cusip 059695106 |
For Information:
Gary Levine
(973) 631-1177 |
Bancroft Convertible Fund, Inc. (AMEX - BCV)
today reported financial highlights and certain portfolio information for the three months
ended January 31, 2003.
The Fund declared its one hundred twenty-ninth quarterly dividend
today:
|
|
Payable date |
|
Record date |
18 cents ($0.18) per share
from ordinary income |
 |
March 28, 2003 |
|
March 14, 2003 |
| Earnings Report |
Three
Months Ended
January 31 |
|
2003 |
2002 |
| Net Income |
$694,000 |
$885,000 |
| Per Share |
$0.15 |
$0.19 |
| Shares Outstanding |
4,725,858 |
4,684,470 |
| Total Net Assets |
$88,848,000 |
$96,741,000 |
|
|
|
| Net Asset Value Per Share |
$18.80 |
$20.65 |
Annual Shareholders Meeting Results The following
actions were taken at the Annual Shareholders meeting on February 10th: (1) three
directors were elected, and (2) the selection of PricewaterhouseCoopers LLp as independent
accountants was ratified.
| Fund
Statistics as of January 31, 2003 |
|
Top Ten Holdings by underlying common stock as of January 31, 2003 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$18.41 |
|
|
|
Net Assets |
| Net asset value (NAV) |
|
$18.80 |
|
Washington
Mutual, Inc. |
2.6 |
| Premium/(Discount) |
|
(2.07)% |
|
Reinsurance Group of America, Inc. |
|
2.3 |
| Total Net Assets |
|
$88,848,000 |
|
Telecom Corp. of New Zealand |
|
2.3 |
| 12-Month income distribution |
$0.79 |
|
Travelers
Property Casualty Corp. |
2.2 |
| Yield on market value |
|
4.30% |
|
Anixter
International, Inc. |
1.9 |
| Ratio of expenses, annualized |
|
1.07% |
|
Costco Wholesale Corp. |
|
1.8 |
| Ratio of net income, annualized |
|
3.15% |
|
Johnson & Johnson |
|
1.8 |
| Portfolio turnover |
|
19.56% |
|
Northrop Grumman Corp. |
|
1.8 |
| Shares outstanding |
|
4,725,858 |
|
WPP Group plc |
|
1.7 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio
Ratings from Moody's |
|
| as of January 31, 2003 |
|
|
Net Assets |
|
as of
January 31, 2003 |
|
| Financial & Insurance |
|
12.3 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Retail |
|
8.5 |
|
Aaa |
|
1 |
| Pharmaceuticals |
|
|
8.3 |
|
Aa |
|
6 |
| Banking/Savings
& Loan |
|
|
7.7 |
|
A |
|
17 |
| Technology |
|
|
7.1 |
|
Baa |
|
35 |
| Energy |
|
7.0 |
|
Ba |
|
13 |
| Aerospace
& Defense |
|
|
6.6 |
|
B |
|
12 |
| Health
Care |
|
|
6.4 |
|
<B |
|
2 |
| Telecommunications |
|
4.2 |
|
NR |
|
14 |
| Entertainment |
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset
Allocation |
|
|
% of |
|
|
|
|
| as of
January 31, 2003 |
|
|
Net Assets |
|
|
|
|
| Convertible
Bonds & Notes |
|
|
58.5 |
|
|
|
|
| Mandatory
Conv. Securities |
|
|
16.9 |
|
|
|
|
| Convertible
Preferred Stock |
|
|
15.8 |
|
|
|
|
| Short-term
Instruments |
|
|
8.0 |
|
|
|
|
| Other
Assets |
|
|
0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Data is unaudited and as of January 31, 2003. 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,
2002.
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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