| Home
| Contact Us | NAV & Stock Price | Monthly Portfolio Summary Bancroft
Convertible Fund Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
November 21, 2005
Cusip 059695106 |
For Information:
Gary I. 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, 2005.
The Fund declared its one hundred fortieth quarterly
dividend today:
$0.243 per share
from ordinary income |
|
Payable date |
|
Record date |
 |
December 27, 2005 |
|
December 2, 2005 |
No net capital gains were realized during the
fiscal year ended October 31, 2005.
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 13, 2006 as the date of the annual shareholders meeting with a record
date of December 21, 2005.
|
Three
Months Ended
October 31 |
Twelve
Months Ended
October 31 |
| Earnings Report |
2005 |
2004 |
2005 |
2004 |
| Net Income |
$1,164,000 |
$892,000 |
$4,190,000 |
$3,879,000 |
| Per Share |
$0.21 |
$0.16 |
$0.75 |
$0.70 |
| Shares
Outstanding |
5,588,453 |
5,557,138 |
5,588,453 |
5,557,138 |
| Total Net Assets |
$117,622,000 |
$113,373,000 |
$117,622,000 |
$113,373,000 |
| Net Asset Value
Per Share |
$21.05 |
$20.40 |
$21.05 |
$20.40 |
| Fund
Statistics as of October 31, 2005 |
|
Top Ten Holdings by underlying common stock as of October 31, 2005 |
|
|
|
|
|
|
|
|
| Market price |
|
|
$17.77 |
|
|
|
% of Net Assets |
| Net asset value
(NAV) |
|
$21.05 |
|
Chesapeake Energy Corp. |
3.2 |
| Premium/(Discount) |
|
(15.58)% |
|
The Walt Disney Company |
|
3.0 |
| Total Net Assets |
|
$117,622,000 |
|
The St. Paul Travelers Companies |
|
2.5 |
| 12-Month income distribution |
$0.698 |
|
Nuveen Investments, Inc. |
2.4 |
| Yield on market value |
|
3.93% |
|
International
Rectifier Corp. |
2.3 |
| Ratio of expenses |
|
1.22% |
|
Semco Energy, Inc. |
|
2.2 |
| Ratio of net income |
|
3.60% |
|
Washington Mutual, Inc. |
|
2.2 |
| Portfolio turnover |
|
87.21% |
|
U.S. Bancorp |
|
2.1 |
| Shares outstanding |
|
5,588,453 |
|
Schering-Plough Corp. |
|
2.0 |
|
|
|
|
|
The TJX Companies, Inc. |
|
2.0 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of
October 31, 2005 |
|
|
Net Assets |
|
as of October 31, 2005 |
|
| Financial and Insurance |
|
15.5 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Energy |
|
13.1 |
|
Aa |
|
12 |
| Pharmaceuticals |
|
|
10.5 |
|
A |
|
8 |
| Banking/Savings and Loan |
|
|
9.6 |
|
Baa |
|
24 |
| Technology |
|
|
8.4 |
|
Ba |
|
12 |
| Retail |
|
6.4 |
|
B |
|
26 |
| Telecommunications |
|
|
5.2 |
|
NR |
|
18 |
| Entertainment |
|
|
4.3 |
|
|
|
|
| Chemicals |
|
3.4 |
|
|
|
|
| Health Care |
|
|
3.1 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of October 31, 2005 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds & Notes |
|
|
52.3 |
|
|
|
|
| Convertible Preferred Stock |
|
|
26.0 |
|
|
|
|
| Mandatory Convertible Securities |
|
|
16.0 |
|
|
|
|
| Short-term Securities |
|
|
4.1 |
|
|
|
|
| Other Assets |
|
|
1.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Data is unaudited and as of October 31, 2005. This selected
information should be read in conjunction with the financial statements and notes included
in the Company's Semi-Annual Report
to Stockholders (PDF 114 Kb) for the six months
ended April 30, 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.
Financial Update (PDF 46Kb) | Press Releases | Dividend History | Home |