Davis-Dinsmore Management Company
Morristown, NJ, August 15, 2006 -- Bancroft Fund Ltd. (BCV) today reported financial highlights and certain portfolio information for the nine months ended July 31, 2006.
The Fund declared its one hundred forty-third quarterly dividend today:
$0.18 per share from ordinary income
Payable Date: September 28, 2006
Record Date: September 14, 2006
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Earnings Report Three Months Ended Nine Months Ended
July 31 July 31
2006 2005 2006 2005
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Net Income $1,125,000 $1,283,000 $3,419,000 $3,026,000
Per Share $0.20 $0.23 $0.61 $0.54
Shares Outstanding 5,625,134 5,588,453 5,625,134 5,588,453
Total Net Assets $122,180,000 $118,833,000 $122,180,000 $118,833,000
Net Asset Value
Per Share $21.72 $21.26 $21.72 $21.26
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Fund Statistics as of July 31, 2006 Top Ten Holdings by underlying
common stock as of July 31, 2006
Market price $18.32 % of
Net asset value (NAV) $21.72 Net Assets
Premium/(Discount) (15.65)% The Walt Disney Company 3.6
Total Net Assets $122,180,000 Nuveen Investments, Inc. 2.5
12-Month income The St. Paul Travelers
distribution $0.773 Companies, Inc. 2.4
Yield on market value 4.22% Chesapeake Energy Corp. 2.2
Ratio of expenses 1.17%* EchoStar Communications Corp. 2.1
Ratio of net income 3.75%* U.S. Bancorp 2.1
Portfolio turnover 49.22% Celanese Corp. 2.0
Shares outstanding 5,625,134 Genworth Financial, Inc. 2.0
* Annualized The TJX Companies, Inc. 2.0
Schering-Plough Corp. 1.9
Major Industry Exposure Portfolio Ratings from Moody's
as of July 31, 2006 as of July 31, 2006
% of (From S&P when Moody's is
Net Assets unavailable)
Technology 17.0 % of
Financial and Insurance 15.6 Portfolio
Pharmaceuticals 10.3 Aa 12
Energy 9.0 A 14
Banking/Savings and Loan 7.9 Baa 22
Entertainment 5.7 Ba 7
Aerospace and Defense 4.6 B 20
Retail 4.0 < B 1
Health Care 3.6 NR 24
Chemicals 3.2
Asset Allocation as of July 31, 2006
% of
Net Assets
Convertible Bonds and Notes 59.3
Convertible Preferred Stocks 20.1
Mandatory Convertible
Securities 16.2
Short-term Securities 3.7
Other Assets 0.7
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Data is unaudited and as of July 31, 2006. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Stockholders for the six months ended April 30, 2006.
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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