Davis-Dinsmore Management Company
Morristown, NJ, November 20, 2006 -- Bancroft Fund Ltd. (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:
Payable Date: December 26, 2006
Record Date: December 1, 2006
Distribution Amount: $0.731 per share
The distribution consists of: $0.265 from ordinary income and $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 the 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.
Earnings Report Twelve Months Ended
October 31
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 Top Ten Holdings by underlying common
October 31, 2006 stock as of October 31, 2006
% of Net Assets
Market price $19.30 The Walt Disney Company 3.6
Net asset value (NAV) $22.55 The St. Paul Travelers
Premium/(Discount) (14.41)% Companies, Inc. 2.7
Total Net Assets $126,847,000 Nuveen Investments, Inc. 2.6
12-Month income Chesapeake Energy Corp. 2.2
distribution $0.783 Celanese Corp. 2.0
Yield on market price 4.06% EchoStar Communications
Ratio of expenses 1.13% 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 as of Portfolio Ratings from Moody's
October 31, 2006 as of October 31, 2006
% of Net Assets (From S&P when Moody's is unavailable)
Technology 18.8
Financial and Insurance 16.9 % of Portfolio
Pharmaceuticals 10.1 Aa 14
Energy 8.8 A 14
Banking/Savings and Loan 7.8 Baa 20
Entertainment 5.6 Ba 8
Aerospace and Defense 5.0 B 20
Chemicals 3.2 Caa 1
Multi-Industry 3.1 NR 23
Health Care 3.0
Asset Allocation as of October 31, 2006
% of Net Assets
Convertible Bonds & Notes 57.4
Convertible Preferred Stocks 20.2
Mandatory Convertible Securities 17.2
Short-term Securities 5.1
Other Assets 0.1
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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 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 email 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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