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Holdings Bancroft Convertible Fund, Inc.
Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
November 18, 2002
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 twelve
months ended October 31, 2002.
The Fund declared its one hundred twenty-eighth quarterly dividend
today:
|
|
Payable date |
|
Record date |
23.1 cents ($0.231) per share
from ordinary income |
 |
December 27, 2002 |
|
November 29, 2002 |
No net capital gains were realized during the
fiscal year ended October 31, 2002.
Shareholders who are not members of the Company's Automatic
Dividend Investment Plan will be given the option to receive the dividend either in cash
or in shares of common stock of the Company. Because of this option, the dividend is
taxable to all shareholders whether or not they choose to receive cash.
Shareholders Meeting Date: The directors
also set February 10, 2003 as the date of the annual shareholders meeting with a record
date of December 20, 2002.
| Earnings Report |
Three Months Ended
October 31 |
Twelve Months Ended
October 31 |
|
2002 |
2001 |
2002 |
2001 |
| Net Income |
$982,000 |
$520,000 |
$3,706,000 |
$4,957,000 |
| Per Share |
$0.21 |
$0.11 |
$0.79 |
$1.07 |
| Fund
Statistics as of October 31, 2002 |
|
Top Ten Holdings by underlying common stock as of October 31, 2002 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$17.54 |
|
|
|
Net Assets |
| Net asset value (NAV) |
|
$18.55 |
|
Washington
Mutual, Inc. |
2.7 |
| Premium/(Discount) |
|
(5.44)% |
|
Telecom Corp. of New Zealand |
|
2.3 |
| Total Net Assets |
|
$86,904,000 |
|
Costco Wholesale Corp. |
|
2.1 |
| 12-Month income distribution |
$0.94 |
|
Reinsurance
Group of America |
2.1 |
| Yield on market value |
|
5.36% |
|
Johnson
& Johnson |
2.0 |
| Shares outstanding |
|
4,684,470 |
|
Affiliated Computer Services |
|
1.9 |
|
|
|
|
|
Anixter International, Inc. |
|
1.9 |
| Major Industry Exposure |
|
% of |
|
Capital
One Financial Corp. |
1.9 |
| as of October 31, 2002 |
|
|
Net Assets |
|
Cephalon,
Inc.. |
1.9 |
| Financial & Insurance |
|
10.5 |
|
Northrop
Grumman Corp. |
1.9 |
| Retail |
|
9.8 |
|
|
|
|
| Aerospace
& Defense |
|
|
8.5 |
|
|
|
|
| Health
Care |
|
|
7.8 |
|
Portfolio Ratings from Moody's |
|
|
| Pharmaceuticals |
|
|
7.2 |
|
as of October 31, 2002 |
|
|
| Technology |
|
7.0 |
|
(From S&P when Moody's
is unavailable) |
|
% of
Portfolio |
| Banking/Savings
& Loan |
|
|
6.5 |
|
Aaa |
|
3 |
| Telecommunications |
|
|
6.0 |
|
Aa |
|
8 |
| Energy |
|
4.9 |
|
A |
|
14 |
| Advertising |
|
|
4.3 |
|
Baa |
|
36 |
|
|
|
|
|
Ba |
|
12 |
| Asset
Allocation |
|
|
% of |
|
B |
|
11 |
| as of
October 31, 2002 |
|
|
Net Assets |
|
<B |
|
1 |
| Convertible
Bonds & Notes |
|
|
71.7 |
|
NR |
|
15 |
| Convertible
Preferred Stock |
|
|
11.2 |
|
|
|
|
| Mandatory
Conv. Securities |
|
|
12.8 |
|
|
|
|
| Short-term
Instruments |
|
|
6.1 |
|
|
|
|
| Other
Assets |
|
|
(1.8) |
|
|
|
|
|
|
|
|
|
|
|
|
Data is unaudited and as of October 31, 2002. This selected
information should be read in conjunction with the financial statements and notes included
in the
Company's Semi-Annual Report to Stockholders for the six months ended April 30, 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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