SOURCE: Bancroft Fund Ltd.

February 26, 2008 15:09 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - February 26, 2008) - Bancroft Fund Ltd. (AMEX: BCV) today reported financial highlights and certain portfolio information for the three months ended January 31, 2008.

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Earnings Report                            Three Months Ended
                                                January 31
                                           2008            2007
                                       ------------    ------------
Net Income                               $1,277,000      $1,292,000
    Per Share                                 $0.21           $0.23
Shares Outstanding                        6,070,029       5,733,016
Total Net Assets                       $124,639,000    $130,130,000

Net Asset Value Per Share                    $20.53          $22.70
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Fund Statistics as of                 Top Ten Holdings by underlying common
 January 31, 2008                      stock as of January 31, 2008
                                                                   % of Net
                                                                     Assets
Market price                 $18.85   Prudential Financial, Inc.        3.1
Net asset value (NAV)        $20.53   LSB Industries, Inc.              2.8
Premium/(Discount)            (8.18)% Bristol-Myers Squibb Co.          2.4
Total Net Assets       $124,639,000   New York Community Bancorp, Inc.  2.4
12-Month income                       Chesapeake Energy Corp.           2.3
 distribution               $0.7960   The Walt Disney Company           2.2
Yield on market price         4.22%   Freeport-McMoRan Copper
Ratio of expenses             1.42%*   & Gold Inc.                      2.1
Ratio of net income           3.98%*  LSI Corp.                         2.0
Portfolio Turnover           12.85%   Companhia Vale do Rio Doce        1.9
Shares outstanding        6,070,029   St. Jude Medical, Inc.            1.9
* Annualized

Major Industry Exposure as of         Portfolio Ratings from Moody's
 January 31, 2008                      as of January 31, 2008
                    % of Net Assets  (From S&P when Moody's is unavailable)
Energy                         13.8
Pharmaceuticals                 9.9                % of Portfolio
Insurance                       8.0   Aa                   3
Semiconductors                  6.2   A                   20
Telecommunications              5.7   Baa                 17
Computer Hardware               5.2   Ba                   4
Minerals and Mining             5.2   B                   21
Consumer Goods                  4.5   Caa                  5
Banking/Savings and Loan        4.1   NR                  30
Health Care                     3.4

Asset Allocation as of January 31, 2008

                     % of Net Assets
Convertible Bonds & Notes      54.5
Corporate Bonds & Notes         1.2
Convertible Preferred Stock     9.5
Mandatory Convertibles         22.1
Short-term Securities           8.9
Other Assets                    3.8

Data is unaudited and as of January 31, 2008. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Shareholders for the twelve months ended October 31, 2007.

Detailed portfolio information is available on our website (bancroftfund.com). Contact us by email at info@bancroftfund.com or call us at (973) 631-1177.

Bancroft Fund Ltd. operates as a closed-end, diversified management investment company and invests 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, over the long-term, due to the nature of the securities in which it invests. Its shares are traded on the American Stock Exchange under the ticker symbol BCV.

Contact Information

  • For further information please contact:
    Joshua P. Lake
    Treasurer
    Ph. (973) 631-1177
    Fax (973) 631-9893
    bancroftfund.com