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| NAV &
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Fund Ltd. Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
February 12, 2007
Cusip 059695106 |
For Information:
Joshua P. Lake
(973) 631-1177 |
Bancroft Fund Ltd. (AMEX - BCV) today
reported financial highlights and certain portfolio information for the three months ended
January 31, 2007.
The Fund declared its one hundred forty-fifth quarterly
dividend today. The twenty-one cents ($0.21) per share dividend is
payable from net investment income, and represents an increase of $0.03 over the previous
year's first quarter dividend:
|
|
Payable date |
|
Record date |
$0.21 per share
from ordinary income
|
 |
March 29, 2007 |
|
March 15, 2007 |
|
Three
Months Ended
January 31 |
| Earnings Report |
2007 |
2006 |
| Net Income |
$1,292,000 |
$1,482,000 |
| Per Share |
$0.23 |
$0.26 |
| Shares
Outstanding |
5,733,016 |
5,625,134 |
| Total Net Assets |
$130,130,000 |
$124,115,000 |
| Net Asset Value
Per Share |
$22.70 |
$22.06 |
Annual Shareholders Meeting Results
The following actions were taken at the Annual Shareholders meeting on Monday February
12th: (1) three trustees were elected and (2) the selection of Tait, Weller & Baker
LLP as independent auditors for the 2007 ifscal year was ratified.
| Fund
Statistics as of January 31, 2007 |
|
Top Ten Holdings by underlying common stock as of January 31, 2007 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$19.80 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$22.70 |
|
The Walt Disney Company |
3.8 |
| Premium/(Discount) |
|
(12.78)% |
|
Nuveen Investments, Inc. |
|
2.6 |
| Total Net Assets |
|
$130,130,000 |
|
The St. Paul Travelers Companies,
Inc. |
|
2.6 |
| 12-Month income distribution |
$0.805 |
|
Celanese Corp. |
2.3 |
| Yield on market value |
|
4.07% |
|
LSB
Industries, Inc. |
2.3 |
| Ratio of expenses, annualized |
|
1.08%* |
|
Prudential Financial, Inc. |
|
2.3 |
| Ratio of net income, annualized |
|
4.05%* |
|
Bristol-Myers Squibb Co. |
|
2.0 |
| Portfolio turnover |
|
16.22% |
|
Chesapeake Energy Corp. |
|
2.0 |
| Shares outstanding |
|
5,733,016 |
|
EchoStar Communications Corp. |
|
2.0 |
| * Annualized |
|
|
|
|
U.S. Bancorp |
|
2.0 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of
January 31, 2007 |
|
|
Net Assets |
|
as of January 31, 2007 |
|
| Insurance |
|
12.7 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Pharmaceuticals |
|
10.5 |
|
Aa |
|
13 |
| Semiconductors |
|
|
10.5 |
|
A |
|
15 |
| Energy |
|
|
9.2 |
|
Baa |
|
20 |
| Banking/Savings and Loan |
|
|
6.7 |
|
Ba |
|
7 |
| Entertainment |
|
5.8 |
|
B |
|
19 |
| Multi-Industry |
|
|
5.2 |
|
Caa |
|
1 |
| Aerospace and Defense |
|
|
4.8 |
|
NR |
|
25 |
| Computer Hardware |
|
4.0 |
|
|
|
|
| Chemicals |
|
|
3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of January 31, 2007 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds & Notes |
|
|
61.9 |
|
|
|
|
| Convertible Preferred Stock |
|
|
17.4 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
16.3 |
|
|
|
|
| Short-term Instruments |
|
|
3.5 |
|
|
|
|
| Other Assets |
|
|
0.9 |
|
|
|
|
Data is unaudited and as of January 31, 2007. This selected
information should be read in conjunction with the financial statements and notes included
in the Company's Annual Report to Shareholders for the twelve months ended October 31,
2006.
Detailed portfolio information is available on our website (http://www.bancroftfund.com).
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.
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