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| NAV &
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Fund Ltd. Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
May 15, 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 six months ended
April 30, 2007.
The Fund declared its one hundred forty-sixth quarterly
dividend today:
$0.21 per share
from ordinary income |
 |
Payable date
June 28, 2007 |
|
Record date
June 14, 2007 |
|
Three
Months Ended
April 30 |
Six
Months Ended
April 30 |
| Earnings Report |
2007 |
2006 |
2007 |
2006 |
| Net Income |
$1,046,000 |
$812,000 |
$2,338,000 |
$2,294,000 |
| Per Share |
$0.18 |
$0.14 |
$0.41 |
$0.41 |
| Shares
Outstanding |
5,733,016 |
5,625,134 |
5,733,016 |
5,625,134 |
| Total Net Assets |
$133,393,000 |
$124,898,000 |
$133,393,000 |
$124,898,000 |
| Net Asset Value
Per Share |
$23.27 |
$22.20 |
$23.27 |
$22.20 |
| Fund
Statistics as of April 30, 2007 |
|
Top Ten Holdings by underlying common stock as of April 30, 2007 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$20.68 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$23.27 |
|
LSI Logic Corp. |
3.1 |
| Premium/(Discount) |
|
(11.13)% |
|
The Walt Disney Company |
2.8 |
| Total Net Assets |
|
$133,393,000 |
|
Celanese Corp. |
2.7 |
| 12-Month income distribution |
$0.835 |
|
Nuveen Investments,
Inc. |
2.6 |
| Yield on market value |
|
4.04% |
|
U.S. Bancorp |
2.6 |
| Ratio of expenses, annualized |
|
1.06% |
|
Prudential
Financial, Inc. |
2.3 |
| Ratio of net income, annualized |
|
3.62% |
|
Chesapeake Energy
Corp. |
2.1 |
| Portfolio turnover |
|
42.64% |
|
Metlife, Inc. |
2.0 |
| Shares outstanding |
|
5,733,016 |
|
Genworth Financial, Inc. |
|
1.9 |
|
|
|
|
|
NVIDIA Corp. |
|
1.9 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of April
30, 2007 |
|
|
Net Assets |
|
as of April 30, 2007 |
|
| Pharmaceuticals |
|
10.8 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Insurance |
|
10.2 |
|
Aa |
|
15 |
| Semiconductors |
|
|
10.2 |
|
A |
|
17 |
| Energy |
|
|
8.8 |
|
Baa |
|
20 |
| Banking/Savings and Loan |
|
|
7.7 |
|
Ba |
|
6 |
| Computer Hardware |
|
5.2 |
|
B |
|
18 |
| Multi-Industry |
|
|
4.7 |
|
<B |
|
1 |
| Aerospace and Defense |
|
|
4.4 |
|
NR |
|
21 |
| Chemicals |
|
4.0 |
|
Common Stock |
|
2 |
| Telecommunications |
|
|
4.0 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of April 30, 2007 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds and Notes |
|
|
61.3 |
|
|
|
|
| Convertible Preferred Stocks |
|
|
12.5 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
20.5 |
|
|
|
|
| Common Stocks |
|
|
2.2 |
|
|
|
|
| Short-term Securities |
|
|
2.5 |
|
|
|
|
| Other Assets |
|
|
1.0 |
|
|
|
|
Data is unaudited and as of April 30, 2007. This selected
information should be read in conjunction with the financial statements and notes included
in the Fund's Annual Report to
Shareholders (PDF 323 Kb) for the twelve months
ended October 31, 2006.
Detailed portfolio information is available on our website (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.
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