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Fund Ltd. Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
August 15, 2006
Cusip 059695106 |
For Information:
Gary I. Levine
(973) 631-1177 |
Bancroft Fund Ltd. (AMEX
- BCV) today reported financial highlights and certain portfolio information for the nine
months ended July 31, 2006.
The Fund declared its one hundred forty-third quarterly
dividend today:
|
|
Payable date |
|
Record date |
$0.18 per share
from ordinary income |
 |
September 28, 2006 |
|
September 14, 2006 |
|
Three
Months Ended
July 31 |
Nine
Months Ended
July 31 |
| Earnings Report |
2006 |
2005 |
2006 |
2005 |
| Net Income |
$1,125,000 |
$1,283,000 |
$3,419,000 |
$3,026,000 |
| Per Share |
$0.20 |
$0.23 |
$0.61 |
$0.54 |
| Shares
Outstanding |
5,625,134 |
5,588,453 |
5,625,134 |
5,588,453 |
| Total Net Assets |
$122,180,000 |
$118,833,000 |
$122,180,000 |
$118,833,000 |
| Net Asset Value
Per Share |
$21.72 |
$21.26 |
$21.72 |
$21.26 |
| Fund
Statistics as of July 31, 2006 |
|
Top Ten Holdings by underlying common stock as of July 31, 2006 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$18.32 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$21.72 |
|
The Walt Disney Company |
3.6 |
| Premium/(Discount) |
|
(15.65)% |
|
Nuveen Investments, Inc. |
|
2.5 |
| Total Net Assets |
|
$122,180,000 |
|
The St. Paul Travelers Companies |
|
2.4 |
| 12-Month income distribution |
$0.773 |
|
Chesapeake Energy Corp. |
2.2 |
| Yield on market value |
|
4.22% |
|
EchoStar
Communications Corp. |
2.1 |
| Ratio of expenses |
|
1.17%* |
|
U.S. Bancorp |
|
2.1 |
| Ratio of net income |
|
3.75%* |
|
Celanese Corp. |
|
2.0 |
| Portfolio turnover |
|
49.22% |
|
Genworth Financial,
Inc. |
2.0 |
| Shares outstanding |
|
5,625,134 |
|
The TJX Companies, Inc. |
|
2.0 |
| *
Annualized |
|
|
|
|
Schering-Plough Corp. |
|
1.9 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of July
31, 2006 |
|
|
Net Assets |
|
as of July 31, 2006 |
|
| Technology |
|
17.0 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Financial and Insurance |
|
15.6 |
|
Aa |
|
12 |
| Pharmaceuticals |
|
|
10.3 |
|
A |
|
14 |
| Energy |
|
|
9.0 |
|
Baa |
|
22 |
| Banking/Savings and Loan |
|
|
7.9 |
|
Ba |
|
7 |
| Entertainment |
|
5.7 |
|
B |
|
20 |
| Aerospace and Defense |
|
|
4.6 |
|
<B |
|
1 |
| Retail |
|
|
4.0 |
|
NR |
|
24 |
| Health Care |
|
3.6 |
|
|
|
|
| Chemicals |
|
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of July 31, 2006 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds and Notes |
|
|
59.3 |
|
|
|
|
| Convertible Preferred Stocks |
|
|
20.1 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
16.2 |
|
|
|
|
| Short-term Securities |
|
|
3.7 |
|
|
|
|
| Other Assets |
|
|
0.7 |
|
|
|
|
Data is unaudited and as of July 31, 2006. 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 95 Kb) for the six months
ended April 30, 2006.
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 29Kb)
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