Davis-Dinsmore Management Company
Morristown, NJ, July 19, 2006 -- Bancroft Fund Ltd. (BCV) announced today that the Board of Trustees of Bancroft Fund Ltd. has approved changes to the Fund's investment policies regarding purchases of convertible securities.
The Board has approved the following new investment policy for the Fund:
"The Fund will invest, under normal circumstances, at least 65% of the value of its assets (consisting of net assets plus the amount of any borrowings for investment purposes) in convertible securities."
However, the Board has eliminated the following investment policy for the Fund:
"The Fund will invest, under normal circumstances, at least 80% of the value of its assets (consisting of net assets plus the amount of any borrowings for investment purposes) in convertible securities."
These changes will become effective as of September 29, 2006.
The changes will not affect the Fund's investment objective of "invest[ing] primarily in convertible securities with the objectives of providing income and the potential for capital appreciation (which objectives the Fund considers to be relatively equal due to the nature of the securities in which it invests)."
As a result of the changes, the Fund will have greater flexibility in purchasing non-convertible securities, such as non-convertible debt securities, when market conditions favor those types of investments.
Bancroft Fund Ltd. is a closed-end management investment company with more than $110 million in net assets. The Fund's shares are listed on the American Stock Exchange under the symbol BCV.
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