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Convertible Fund, Inc. Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
February 14, 2004
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, 2004.
The Fund declared its one hundred thirty-third quarterly
dividend today:
|
|
Payable date |
|
Record date |
$0.17 per share
from ordinary income
|
 |
March 30, 2004 |
|
March 16, 2004 |
|
Three
Months Ended
January 31 |
| Earnings Report |
2004 |
2003 |
| Net Income |
$1,080,000 |
$694,000 |
| Per Share |
$0.19 |
$0.15 |
| Shares
Outstanding |
5,557,138 |
4,725,858 |
| Total Net Assets |
$119,559,000 |
$88,848,000 |
| Net Asset Value
Per Share |
$21.51 |
$18.80 |
Annual Shareholders Meeting Results
The following actions were taken at the Annual Shareholders meeting on February 14th: (1)
three directors were elected, and (2) the selection of PricewaterhouseCoopers LLP as
independent auditors was ratified.
| Fund
Statistics as of January 31, 2004 |
|
Top Ten Holdings by underlying common stock as of January 31, 2004 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$19.59 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$21.51 |
|
New York Community Bancorp, Inc. |
2.7 |
| Premium/(Discount) |
|
(8.93)% |
|
Teva Pharmaceuticals Industries
Ltd. |
|
2.6 |
| Total Net Assets |
|
$119,559,000 |
|
Washington Mutual, Inc. |
|
2.3 |
| 12-Month income distribution |
$0.71 |
|
Amerada Hess Corp. |
2.2 |
| Yield on market value |
|
3.62% |
|
Travelers
Property Casualty Corp. |
2.1 |
| Ratio of expenses, annualized |
|
1.03% |
|
Capital One Financial Corp. |
|
2.0 |
| Ratio of net income, annualized |
|
3.98% |
|
Lucent Technologies, Inc. |
|
2.0 |
| Portfolio turnover |
|
16.30% |
|
Reinsurance Group of America, Inc. |
|
2.0 |
| Shares outstanding |
|
5,557,138 |
|
Affiliated Computer Services, Inc. |
|
1.9 |
|
|
|
|
|
Church & Dwight Co., Inc. |
|
1.9 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of
January 31, 2004 |
|
|
Net Assets |
|
as of January 31, 2004 |
|
| Telecommunications |
|
11.0 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Financial & Insurance |
|
10.8 |
|
Aaa |
|
0 |
| Banking/Savings & Loan |
|
|
10.3 |
|
Aa |
|
4 |
| Pharmaceuticals |
|
|
10.2 |
|
A |
|
13 |
| Retail |
|
|
9.0 |
|
Baa |
|
27 |
| Technology |
|
9.0 |
|
Ba |
|
9 |
| Energy |
|
|
8.6 |
|
B |
|
22 |
| Health Care |
|
|
5.2 |
|
<B |
|
5 |
| Entertainment |
|
3.9 |
|
NR |
|
20 |
| Aerospace & Defense |
|
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of January 31, 2004 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds & Notes |
|
|
59.1 |
|
|
|
|
| Convertible Preferred Stock |
|
|
18.8 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
17.4 |
|
|
|
|
| Short-term Instruments |
|
|
4.8 |
|
|
|
|
| Other Assets |
|
|
(0.1) |
|
|
|
|
|
|
|
|
|
|
|
|
Data is unaudited and as of January 31, 2004. 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,
2003.
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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