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Convertible Fund, Inc. Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
February 13, 2006
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, 2006.
The Fund declared its one hundred forty-first quarterly
dividend today:
|
|
Payable date |
|
Record date |
$0.18 per share
from ordinary income
|
 |
March 30, 2006 |
|
March 16, 2006 |
|
Three
Months Ended
January 31 |
| Earnings Report |
2006 |
2005 |
| Net Income |
$1,482,000 |
$1,063,000 |
| Per Share |
$0.26 |
$0.19 |
| Shares
Outstanding |
5,625,134 |
5,588,453 |
| Total Net Assets |
$124,115,000 |
$116,098,000 |
| Net Asset Value
Per Share |
$22.06 |
$20.77 |
| Fund
Statistics as of January 31, 2006 |
|
Top Ten Holdings by underlying common stock as of January 31, 2006 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$18.62 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$22.06 |
|
The Walt Disney Company |
3.3 |
| Premium/(Discount) |
|
(15.59)% |
|
Teva Pharmaceutical Industries
Ltd. |
|
2.7 |
| Total Net Assets |
|
$124,115,000 |
|
Nuveen Investments, Inc. |
|
2.5 |
| 12-Month income distribution |
$0.753 |
|
The St. Paul Travelers Companies, Inc. |
2.5 |
| Yield on market value |
|
4.04% |
|
Freeport-McMoRan
Copper and Gold, Inc. |
2.2 |
| Ratio of expenses, annualized |
|
1.15% |
|
International Rectifier Corp. |
|
2.2 |
| Ratio of net income, annualized |
|
4.96% |
|
Washington Mutual, Inc. |
|
2.2 |
| Portfolio turnover |
|
19.67% |
|
Celanese Corp. |
|
2.1 |
| Shares outstanding |
|
5,625,134 |
|
The TJX Companies, Inc. |
|
2.1 |
|
|
|
|
|
Chesapeake Energy Corp. |
|
2.0 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of
January 31, 2006 |
|
|
Net Assets |
|
as of January 31, 2006 |
|
| Financial and Insurance |
|
17.1 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Technology |
|
11.2 |
|
Aa |
|
13 |
| Energy |
|
|
9.9 |
|
A |
|
7 |
| Pharmaceuticals |
|
|
9.7 |
|
Baa |
|
23 |
| Banking/Savings and Loan |
|
|
8.5 |
|
Ba |
|
11 |
| Aerospace and Defense |
|
5.9 |
|
B |
|
25 |
| Entertainment |
|
|
4.5 |
|
NR |
|
21 |
| Health Care |
|
|
4.3 |
|
|
|
|
| Telecommunications |
|
4.1 |
|
|
|
|
| Retail |
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of January 31, 2006 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds & Notes |
|
|
51.7 |
|
|
|
|
| Convertible Preferred Stock |
|
|
23.9 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
17.7 |
|
|
|
|
| Common Stocks |
|
|
1.0 |
|
|
|
|
| Short-term Instruments |
|
|
5.4 |
|
|
|
|
| Other Assets |
|
|
0.3 |
|
|
|
|
Data is unaudited and as of January 31, 2006. 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,
2005.
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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