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| NAV &
Market Price | Monthly Portfolio Summary Bancroft
Fund Ltd. Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
August 14, 2007
Cusip 059695106 |
For Information:
Gary I. Levine
(973) 631-1177 |
Bancroft Fund Ltd. (AMEX - BCV) today
reported financial highlights and certain portfolio information for the nine months ended
July 31, 2007.
The Fund declared its one hundred forty-seventh quarterly
dividend today:
$0.21 per share
from ordinary income |
 |
Payable date
September 27, 2007 |
|
Record date
September 13, 2007 |
|
Three
Months Ended
July 31 |
Nine
Months Ended
July 31 |
| Earnings Report |
2007 |
2006 |
2007 |
2006 |
| Net Income |
$1,309,000 |
$1,125,000 |
$3,647,000 |
$3,419,000 |
| Per Share |
$0.23 |
$0.20 |
$0.64 |
$0.61 |
| Shares
Outstanding |
5,733,016 |
5,625,134 |
5,733,016 |
5,625,134 |
| Total Net Assets |
$133,301,000 |
$122,180,000 |
$133,301,000 |
$122,180,000 |
| Net Asset Value
Per Share |
$23.25 |
$21.72 |
$23.25 |
$21.72 |
| Fund
Statistics as of July 31, 2007 |
|
Top Ten Holdings by underlying common stock as of July 31, 2007 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$20.95 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$23.25 |
|
LSI Corp. |
2.7 |
| Premium/(Discount) |
|
(9.89)% |
|
U.S. Bancorp |
|
2.6 |
| Total Net Assets |
|
$133,301,000 |
|
LSB Industries, Inc. |
|
2.3 |
| 12-Month income distribution |
$0.865 |
|
Prudential Financial, Inc. |
2.3 |
| Yield on market value |
|
4.13% |
|
The
Walt Disney Company |
2.2 |
| Ratio of expenses |
|
1.06%* |
|
Bristow Group Inc. |
|
2.1 |
| Ratio of net income |
|
3.71%* |
|
Chesapeake Energy Corp. |
|
2.1 |
| Portfolio turnover |
|
65.21% |
|
Freeport-McMoRan
Copper & Gold Inc. |
2.1 |
| Shares outstanding |
|
5,733,016 |
|
Nabors Industries Ltd. |
|
2.1 |
| *
Annualized |
|
|
|
|
New York Community Bancorp, Inc. |
|
2.0 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of July
31, 2007 |
|
|
Net Assets |
|
as of July 31, 2007 |
|
| Energy |
|
10.3 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Insurance |
|
8.8 |
|
Aa |
|
13 |
| Pharmaceuticals |
|
|
8.4 |
|
A |
|
19 |
| Banking/Savings and Loan |
|
|
7.7 |
|
Baa |
|
15 |
| Semiconductors |
|
|
6.9 |
|
Ba |
|
9 |
| Computer Hardware |
|
5.1 |
|
B |
|
17 |
| Health Care |
|
|
4.8 |
|
NR |
|
27 |
| Minerals and Mining |
|
|
4.5 |
|
|
|
|
| Multi-Industry |
|
4.4 |
|
|
|
|
| Telecommunications |
|
|
3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of July 31, 2007 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds and Notes |
|
|
62.3 |
|
|
|
|
| Corporate Bonds and Notes |
|
|
1.1 |
|
|
|
|
| Convertible Preferred Stocks |
|
|
10.8 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
20.2 |
|
|
|
|
| Short-term Securities |
|
|
5.0 |
|
|
|
|
| Other Assets |
|
|
0.6 |
|
|
|
|
Data is unaudited and as of July 31, 2007. This selected
information should be read in conjunction with the financial statements and notes included
in the Company's Semi-Annual Report
to Shareholders (PDF 95 Kb) for the six months
ended April 30, 2007.
Detailed portfolio information is available on our website (http://www.bancroftfund.com). Visit us there or
contact us by e-mail at info@bancroftfund.com
or call us at (973) 631-1177.
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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