Davis-Dinsmore Management Company
Morristown, NJ, May 17, 2005 -- Bancroft Convertible Fund, Inc. (AMEX - BCV) today reported financial highlights and certain portfolio information for the six months ended April 30, 2005.
The Fund declared its one hundred thirty-eighth quarterly dividend today:
| Rate |
|
Payable date |
|
Record date |
|
$0.17 per share
from ordinary income |
 |
June 29, 2005 |
|
June 15, 2005 |
|
Three Months Ended
April 30 |
Six Months Ended
April 30 |
| Earnings Report |
2005 |
2004 |
2005 |
2004 |
| Net Income |
$680,000 |
$767,000 |
$1,743,000 |
$1,847,000 |
| Per Share |
$0.12 |
$0.14 |
$0.31 |
$0.33 |
| Shares Outstanding |
5,588,453 |
5,557,138 |
5,588,453 |
5,557,138 |
| Total Net Assets |
$111,316,000 |
$115,553,000 |
$111,316,000 |
$115,553,000 |
| Net Asset Value Per Share |
$19.92 |
$20.79 |
$19.92 |
$20.79 |
| Fund Statistics as of April 30, 2005 |
|
Top Ten Holdings by underlying common stock as of April 30, 2005 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$16.95 |
|
|
|
Net Assets |
| Net asset value (NAV) |
|
$19.92 |
|
Chesapeake Energy Corp. |
2.9 |
| Premium/(Discount) |
|
(14.91)% |
|
The Walt Disney Company |
|
2.8 |
| Total Net Assets |
|
$111,316,000 |
|
GlobalSantaFe Corp. |
|
2.7 |
| 12-Month income distribution |
$0.70 |
|
Nuveen Investments, Inc. |
2.7 |
| Yield on market value |
|
4.13% |
|
Weatherford International Ltd. |
2.3 |
| Ratio of expenses, annualized |
|
1.21% |
|
Devon Energy Corp. |
|
2.1 |
| Ratio of net income, annualized |
|
3.02% |
|
International Rectifier Corp. |
|
2.0 |
| Portfolio turnover |
|
37.55% |
|
The St. Paul Travelers Companies, Inc. |
2.0 |
| Shares outstanding |
|
5,588,453 |
|
The Chubb Corp. |
|
1.8 |
|
|
|
|
|
Valero Energy Corp. |
|
1.8 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of April 30, 2005 |
|
|
Net Assets |
|
as of April 30, 2005 |
|
| Energy |
|
17.6 |
|
(From S&P when Moody's
is unavailable) |
% of
Portfolio |
| Financial and Insurance |
|
12.0 |
|
Aa |
|
5 |
| Pharmaceuticals |
|
|
11.4 |
|
A |
|
10 |
| Banking/Savings and Loan |
|
|
9.3 |
|
Baa |
|
30 |
| Technology |
|
|
6.3 |
|
Ba |
|
12 |
| Health Care |
|
6.2 |
|
B |
|
21 |
| Telecommunications |
|
|
5.7 |
|
<B |
|
1 |
| Entertainment |
|
|
4.5 |
|
NR |
|
21 |
| Retail |
|
4.5 |
|
|
|
|
| Consumer Goods |
|
|
3.1 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of April 30, 2005 |
|
|
Net Assets |
|
|
|
|
| Convertible Bonds and Notes |
|
|
53.0 |
|
|
|
|
| Convertible Preferred Stocks |
|
|
21.0 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
19.0 |
|
|
|
|
| Short-term Securities |
|
|
6.4 |
|
|
|
|
| Other Assets |
|
|
0.6 |
|
|
|
|
Data is unaudited and as of April 30, 2005. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Stockholders (PDF 330 Kb) for the twelve months ended October 31, 2004.
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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