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Convertible Fund, Inc. Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
February 14, 2005
Cusip 059695106 |
For Information:
Joshua P. Lake
(973) 631-1177 |
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:
|
|
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 and Insurance |
|
11.1 |
|
Aa |
|
8 |
| Pharmaceuticals |
|
|
10.0 |
|
A |
|
9 |
| Banking/Savings and 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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