SOURCE: Bancroft Fund Ltd.

November 24, 2008 15:19 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - November 24, 2008) - Bancroft Fund Ltd. (AMEX: BCV) today reported earnings, financial highlights and certain portfolio information for the twelve months ended October 31, 2008:

EARNINGS REPORT Three Months Ended   Twelve Months Ended
  October 31   October 31
                 
  2008     2007   2008   2007
                 
Net Income $ 981,000     $ 949,000   $ 4,108,000   $ 4,596,000
  Per Share $ 0.19     $ 0.17   $ 0.79   $ 0.80
Shares Outstanding 5,189,875     5,733,016   5,189,875   5,733,016
Total Net Assets $ 69,404,000     $ 139,580,000   $ 69,404,000   $ 139,580,000
Net Asset Value Per Share $ 13.37     $ 24.35   $ 13.37   $ 24.35
                 
FUND STATISTICS       TOP TEN HOLDINGS    
        by underlying common stock   % of Net Assets
Market price $ 11.30     Wyeth   4.2
Net asset value (NAV) $ 13.37     LSB Industries   3.3
Premium/(Discount) (15.48) %   Walt Disney   3.2
Total Net Assets $ 69,404,000     New York Community Bancorp   3.1
12-Month income distribution $ 0.796     Prudential Financial   2.8
Yield on market price 7.04 %   EMC   2.7
Ratio of expenses 1.22 %   Johnson & Johnson   2.5
Ratio of net income 3.77 %   Teva Pharmaceutical Industries   2.3
Portfolio Turnover 55.40 %   Chesapeake Energy   2.2
Shares outstanding 5,189,875     Nabors Industries   2.1
                 
MAJOR INDUSTRY EXPOSURE % of Net Assets     QUALITY ALLOCATION *
        (From Moody's or S&P when Moody's is unavailable)
Energy 13.5              
Pharmaceuticals 11.8         % of Portfolio    
Banking/Savings and Loan 7.8     Aa   3    
Health Care 6.1     A   19    
Telecommunications 6.0     Baa   14    
Computer Hardware 5.6     Ba   12    
Multi-Industry 5.5     B   19    
Semiconductors 4.9     Caa   2    
Insurance 4.7     Not Rated   31    
                 
ASSET ALLOCATION % of Net Assets     * Excludes equity securities and cash
                 
Convertible Bonds & Notes 62.5              
Corporate Bonds & Notes 1.2              
Convertible Preferred Stock 11.3              
Mandatory Convertible Securities 20.0              
Cash & Equivalents 5.0              
                   

Data is unaudited and as of October 31, 2008. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Shareholders for the six months ended April 30, 2008.

Detailed portfolio information is available on our website (www.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:
    Gary I. Levine
    Chief Financial Officer
    Ph. (973) 631-1177
    Fax (973) 631-9893
    www.bancroftfund.com