Bancroft Funds Report Earnings and Financial Update
Bancroft Funds
MORRISTOWN, NJ--August 21, 2008- Bancroft Fund Ltd. (AMEX: BCV) today reported earnings, financial highlights and certain portfolio information for the nine months ended July 31, 2008:
EARNINGS REPORT Three Months Ended Nine Months Ended
July 31 July 31
2008 2007 2008 2007
------------ ------------ ------------ ------------
Net Income $970,000 $1,309,000 $3,127,000 $3,647,000
Per Share $0.19 $0.23 $0.60 $0.64
Shares Outstanding 5,189,875 5,733,016 5,189,875 5,733,016
Total Net Assets $100,760,000 $133,301,000 $100,760,000 $133,301,000
Net Asset Value
Per Share $19.41 $23.25 $19.41 $23.25
FUND STATISTICS TOP TEN HOLDINGS
by underlying common stock % of
Net Assets
Market value $16.80 Prudential Financial, Inc. 3.9%
Net asset value (NAV) $19.41 Chesapeake Energy Corp. 3.2
Premium/(Discount) (13.45)% LSB Industries, Inc. 3.1
Total Net Assets $100,760,000 Freeport-McMoRan Copper
& Gold Inc. 2.8
12-Month income distribution $0.796 New York Community Bancorp, Inc. 2.6
Yield on market value 4.74% LSI Corp. 2.5
Ratio of expenses 1.20%* The Walt Disney Company 2.5
Ratio of net income 3.74%* Wyeth 2.5
Portfolio turnover 35.44% Oil States International, Inc. 2.4
Shares outstanding 5,189,875 Companhia Vale do Rio Doce 2.3
* Annualized
MAJOR INDUSTRY % of QUALITY ALLOCATION FROM MOODY'S
EXPOSURE Net Assets (From S&P when Moody's is unavailable)
Energy 14.4% % of Portfolio
Pharmaceuticals 11.6 Aa 8%
Insurance 7.8 A 18
Telecommunications 6.7 Baa 16
Semiconductors 6.0 Ba 3
Banking/Savings and Loan 5.8 B 20
Minerals and Mining 5.1 Caa 4
Consumer Goods 5.0 Not Rated 32
Computer Hardware 4.9
Health Care 4.2 Excludes equity securities and cash
ASSET ALLOCATION % of
Net Assets
Convertible Bonds & Notes 56.8%
Corporate Bonds & Notes 1.0
Convertible Preferred Stocks 11.1
Mandatory Convertible
Securities 24.4
Other Assets 6.7
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.