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 Bancroft Convertible Fund Announces Dividend, Earnings and Financial Update
Davis-Dinsmore Management Company
Morristown, NJ, November 21, 2005 -- Bancroft Convertible Fund, Inc. (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 Payable Date Record Date
from ordinary income 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.
| Earnings Report |
Three Months Ended |
Twelve Months Ended |
|
October 31 |
October 31 |
|
2005
------------------ |
2004
------------------ |
2005
------------------ |
2004
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| 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 |
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| Per Share |
$21.05 |
$20.40 |
$21.05 |
$20.40 | Fund Statistics as of October 31, 2005
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Top Ten Holdings by underlying common stock as of October 31, 2005 |
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% of Net Assets |
| Market price |
$17.77 |
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Chesapeake Energy Corp. |
3.2 |
| Net asset value (NAV) |
$21.05 |
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The Walt Disney Company |
3.0 |
| Premium/(Discount) |
(15.58)% |
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The St. Paul Travelers Companies, Inc. |
2.5 |
| Total Net Assets |
$117,622,000 |
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Nuveen Investments, Inc. |
2.4 |
| 12-Month income distribution |
$0.698 |
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International Rectifier Corp. |
2.3 |
| Yield on market price |
3.93% |
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Semco Energy, Inc. |
2.2 |
| Ratio of expenses |
1.22% |
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Washington Mutual, Inc. |
2.2 |
| Ratio of net income |
3.60% |
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U.S. Bancorp |
2.1 |
| Portfolio turnover |
87.21% |
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Schering-Plough Corp. |
2.0 |
| Shares outstanding |
5,588,453 |
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The TJX Companies, Inc. |
2.0 |
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Portfolio Ratings from Moody's as of October 31, 2005
(From S&P when Moody's is unavailable) |
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| Major Industry Exposure as of October 31, 2005 |
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% of Net Assets |
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% of Portfolio |
| Financial and Insurance |
15.5 |
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Aa |
3.2 |
| Energy |
13.1 |
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A |
3.0 |
| Pharmaceuticals |
10.5 |
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Baa |
2.5 |
| Banking/Savings and Loan |
9.6 |
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Ba |
2.4 |
| Technology |
8.4 |
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B |
2.3 |
| Retail |
6.4 |
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NR |
2.2 |
| Telecommunications |
5.2 |
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| Entertainment |
4.3 |
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| Chemicals |
3.4 |
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| Health Care |
3.1 |
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| Asset Allocation as of October 31, 2005 |
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% of Net Assets |
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| Convertible Bonds & Notes |
52.3 |
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| Convertible Preferred Stocks |
26.0 |
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| Mandatory Convertible Securities |
16.0 |
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| Short-term Securities |
4.1 |
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| Other Assets |
1.6 |
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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 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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