Davis-Dinsmore Management Company
Morristown, NJ, August 16, 2005 Bancroft Convertible Fund, Inc. (AMEX - BCV) today reported financial highlights and certain portfolio information for the nine months ended July 31, 2005.
The Fund declared its one hundred thirty-ninth quarterly dividend today:
| Amount |
Payable date |
Record date |
$0.17 per share
from ordinary income |
September 29, 2005 |
September 15, 2005 |
| |
Three Months Ended
July 31 |
Nine Months Ended
July 31 |
| Earnings Report |
2005 |
2004 |
2005 |
2004 |
| Net Income |
$1,283,000 |
$1,140,000 |
$3,026,000 |
$2,987,000 |
| Per Share |
$0.23 |
$0.21 |
$0.54 |
$0.54 |
| Shares Outstanding |
5,588,453 |
5,557,138 |
5,588,453 |
5,557,138 |
| Total Net Assets |
$118,833,000 |
$112,412,000 |
$118,833,000 |
$112,412,000 |
| Net Asset Value Per Share |
$21.26 |
$20.23 |
$21.26 |
$20.23 |
| Fund Statistics as of July 31, 2005 |
|
Top Ten Holdings by underlying common stock as of July 31, 2005 |
| |
|
|
|
|
|
|
% of |
| Market price |
|
|
$18.25 |
|
|
|
Net Assets |
| Net asset value (NAV) |
|
$21.26 |
|
Chesapeake Energy Corp. |
3.5 |
| Premium/(Discount) |
|
(14.16)% |
|
The Walt Disney Company |
|
2.6 |
| Total Net Assets |
|
$118,833,000 |
|
The St. Paul Travelers Companies |
|
2.4 |
| 12-Month income distribution |
$0.698 |
|
International Rectifier Corp. |
2.3 |
| Yield on market value |
|
3.82% |
|
Semco Energy, Inc. |
2.3 |
| Ratio of expenses |
|
1.19%* |
|
Washington Mutual, Inc. |
|
2.3 |
| Ratio of net income |
|
3.49%* |
|
Nuveen Investments, Inc. |
|
2.2 |
| Portfolio turnover |
|
64.96% |
|
Weatherford International Ltd. |
2.2 |
| Shares outstanding |
|
5,588,453 |
|
Schering-Plough Corp. |
|
2.1 |
| * Annualized |
|
|
|
|
The Williams Companies, Inc. |
|
2.1 |
| |
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of July 31, 2005 |
|
|
Net Assets |
|
as of July 31, 2005 |
|
| Energy |
|
16.1 |
|
(From S&P when Moody's
is unavailable) |
% of
Portfolio |
| Financial and Insurance |
|
13.2 |
|
Aa |
|
7 |
| Pharmaceuticals |
|
|
11.4 |
|
A |
|
8 |
| Technology |
|
|
9.6 |
|
Baa |
|
27 |
| Banking/Savings and Loan |
|
|
9.4 |
|
Ba |
|
14 |
| Health Care |
|
6.4 |
|
B |
|
24 |
| Telecommunications |
|
|
5.4 |
|
<B |
|
1 |
| Chemicals |
|
|
3.7 |
|
NR |
|
19 |
| Entertainment |
|
3.4 |
|
|
|
|
| Retail |
|
|
3.3 |
|
|
|
|
| |
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of July 31, 2005 |
|
|
Net Assets |
|
|
|
|
| Convertible Bonds and Notes |
|
|
51.2 |
|
|
|
|
| Convertible Preferred Stocks |
|
|
26.7 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
18.1 |
|
|
|
|
| Short-term Securities |
|
|
3.4 |
|
|
|
|
| Other Assets |
|
|
0.6 |
|
| |
Data is unaudited and as of July 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 113 Kb) for the six months ended April 30, 2005.
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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