SOURCE: Bancroft Convertible Fund, Inc.

May 31, 2005 16:10 ET

Bancroft Convertible Fund Reports on Change in Accounting Practice

MORRISTOWN, NJ -- (MARKET WIRE) -- May 31, 2005 -- Bancroft Convertible Fund, Inc. (the "Company") (AMEX: BCV) today reported that the Company, in consultation with the Company's independent public accountants, Tait, Weller & Baker, is changing its accounting practice with respect to the amortization of premiums and discounts of convertible bonds purchased by the Company. This change may require the Company to restate its net investment income for prior periods.

This change will have no effect on the Company's historical or current net change in net assets from operations or its net asset value. It also will not change the amounts or characterization of the Company's historic dividends and distributions for tax purposes.

The Company is a diversified closed-end management investment company. The Company'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.

AMEX- BCV

Cusip# 059695106

Contact Information

  • For further information please contact:
    Gary I. Levine
    Chief Financial Officer
    Ph. (973) 631-1177
    Fax (973) 631-9893
    http://www.bancroftfund.com