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Fund Ltd. Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
May 16, 2006
Cusip 059695106 |
For Information:
Joshua P. Lake
(973) 631-1177 |
Bancroft Fund Ltd. (AMEX - BCV)
(successor to Bancroft Convertible Fund, Inc.) today reported financial highlights and
certain portfolio information for the six months ended April 30, 2006.
The Fund declared its one hundred forty-second quarterly
dividend today:
|
|
Payable date |
|
Record date |
$0.18 per share
from ordinary income |
 |
June 29, 2006 |
|
June 15, 2006 |
|
Three
Months Ended
April 30 |
Six
Months Ended
April 30 |
| Earnings Report |
2006 |
2005 |
2006 |
2005 |
| Net Income |
$812,000 |
$680,000 |
$2,294,000 |
$1,743,000 |
| Per Share |
$0.14 |
$0.12 |
$0.41 |
$0.31 |
| Shares
Outstanding |
5,625,134 |
5,588,453 |
5,625,134 |
5,588,453 |
| Total Net Assets |
$124,898,000 |
$111,316,000 |
$124,898,000 |
$111,316,000 |
| Net Asset Value
Per Share |
$22.20 |
$19.92 |
$22.20 |
$19.92 |
| Fund
Statistics as of April 30, 2006 |
|
Top Ten Holdings by underlying common stock as of April 30, 2006 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$18.69 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$22.20 |
|
The Walt Disney Company |
3.4 |
| Premium/(Discount) |
|
(15.81)% |
|
Teva Pharmaceutical Industries
Ltd. |
|
2.6 |
| Total Net Assets |
|
$124,898,000 |
|
Nuveen Investments, Inc. |
|
2.5 |
| 12-Month income distribution |
$0.763 |
|
The St. Paul Travelers Companies, Inc. |
2.4 |
| Yield on market value |
|
4.08% |
|
Freeport-McMoRan
Copper and Gold, Inc. |
2.2 |
| Ratio of expenses, annualized |
|
1.14% |
|
Washington Mutual, Inc. |
|
2.2 |
| Ratio of net income, annualized |
|
3.77% |
|
Celanese Corp. |
|
2.1 |
| Portfolio turnover |
|
33.01% |
|
The TJX Companies,
Inc. |
2.0 |
| Shares outstanding |
|
5,625,134 |
|
U.S. Bancorp |
|
2.0 |
|
|
|
|
|
Genworth Financial, Inc. |
|
1.9 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of April
30, 2006 |
|
|
Net Assets |
|
as of April 30, 2006 |
|
| Financial and Insurance |
|
15.1 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Technology |
|
13.7 |
|
Aa |
|
13 |
| Pharmaceuticals |
|
|
9.9 |
|
A |
|
12 |
| Banking/Savings and Loan |
|
|
8.7 |
|
Baa |
|
19 |
| Energy |
|
|
8.7 |
|
Ba |
|
7 |
| Entertainment |
|
5.0 |
|
B |
|
24 |
| Aerospace and Defense |
|
|
4.5 |
|
<B |
|
1 |
| Telecommunications |
|
|
4.2 |
|
NR |
|
24 |
| Retail |
|
3.8 |
|
|
|
|
| Health Care |
|
|
3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of April 30, 2006 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds and Notes |
|
|
55.7 |
|
|
|
|
| Convertible Preferred Stocks |
|
|
22.8 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
14.7 |
|
|
|
|
| Common Stocks |
|
|
0.5 |
|
|
|
|
| Short-term Securities |
|
|
5.2 |
|
|
|
|
| Other Assets |
|
|
1.1 |
|
|
|
|
Data is unaudited and as of April 30, 2006. This selected
information should be read in conjunction with the financial statements and notes included
in the Fund's Annual Report to
Stockholders (PDF 131 Kb) for the twelve months
ended October 31, 2005.
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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