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Fund Ltd. Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
November 20, 2006
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 twelve months
ended October 31, 2006.
The Fund declared its one hundred forty-fourth quarterly
distribution today:
$0.731
per share |
|
Payable date |
|
Record date |
 |
December 26, 2006 |
|
December 1, 2006 |
The distribution consists of: $0.265 from
ordinary income
$0.466 from long-term capital gains
Shareholders who are not members of the Fund's Automatic
Dividend Investment Plan will be given the option to receive the distribution either in
cash or in beneficial shares of the Fund. As provided in the Plan, the number of
shares that holders will be entitled to receive will be determined on December 18, 2006,
either on the basis of the closing market price of the Fund's shares, or its net asset
value, whichever is lower on that date. Because of this option, the distribution is
taxable to all shareholders whether or not they choose to receive cash.
Shareholders Meeting Date: The Fund's
trustees also set February 12, 2007 as the date of the annual shareholders meeting with a
record date of December 20, 2006.
|
Twelve
Months Ended
October 31 |
| Earnings Report |
2006 |
2005 |
| Net Income |
$4,511,000 |
$3,569,000 |
| Per Share |
$0.80 |
$0.64 |
| Shares
Outstanding |
5,625,134 |
5,588,453 |
| Total Net Assets |
$126,847,000 |
$117,622,000 |
| Net Asset Value
Per Share |
$22.55 |
$21.05 |
| Fund
Statistics as of October 31, 2006 |
|
Top Ten Holdings by underlying common stock as of October 31, 2006 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$19.30 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$22.55 |
|
The Walt Disney Company |
3.6 |
| Premium/(Discount) |
|
(14.41)% |
|
The St. Paul Travelers
Companies, Inc. |
2.7 |
| Total Net Assets |
|
$126,847,000 |
|
Nuveen Investments, Inc. |
|
2.6 |
| 12-Month income distribution |
$0.783 |
|
Chesapeake Energy Corp. |
2.2 |
| Yield on market value |
|
4.06% |
|
Celanese
Corp. |
2.0 |
| Ratio of expenses |
|
1.13% |
|
EchoStar Communications Corp. |
|
2.0 |
| Ratio of net income |
|
3.68% |
|
Schering-Plough Corp. |
|
2.0 |
| Portfolio turnover |
|
58.33% |
|
U.S. Bancorp |
|
2.0 |
| Shares outstanding |
|
5,625,134 |
|
Genworth Financial, Inc. |
|
1.9 |
|
|
|
|
|
MetLife, Inc. |
|
1.9 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of
October 31, 2006 |
|
|
Net Assets |
|
as of October 31, 2006 |
|
| Technology |
|
18.8 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Financial and Insurance |
|
16.9 |
|
Aa |
|
14 |
| Pharmaceuticals |
|
|
10.1 |
|
A |
|
14 |
| Energy |
|
|
8.8 |
|
Baa |
|
20 |
| Banking/Savings and Loan |
|
|
7.8 |
|
Ba |
|
8 |
| Entertainment |
|
5.6 |
|
B |
|
20 |
| Aerospace and Defense |
|
|
5.0 |
|
Caa |
|
1 |
| Chemicals |
|
|
3.2 |
|
NR |
|
23 |
| Multi-Industry |
|
3.1 |
|
|
|
|
| Health Care |
|
|
3.0 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of October 31, 2006 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds & Notes |
|
|
57.4 |
|
|
|
|
| Convertible Preferred Stock |
|
|
20.2 |
|
|
|
|
| Mandatory Convertible Securities |
|
|
17.2 |
|
|
|
|
| Short-term Securities |
|
|
5.1 |
|
|
|
|
| Other Assets |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Data is unaudited and as of October 31, 2006. This selected
information should be read in conjunction with the financial statements and notes included
in the Fund'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.
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