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| NAV &
Market Price | Monthly Portfolio Summary Bancroft
Fund Ltd. Announces Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
November 29, 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 twelve months
ended October 31, 2007.
|
Three
Months Ended
October 31 |
Twelve
Months Ended
October 31 |
| Earnings Report |
2007 |
2006 |
2007 |
2006 |
| Net Income |
$949,000 |
$1,092,000 |
$4,596,000 |
$4,511,000 |
| Per Share |
$0.17 |
$0.19 |
$0.80 |
$0.80 |
| Shares
Outstanding |
5,733,016 |
5,625,134 |
5,733,016 |
5,625,134 |
| Total Net Assets |
$139,580,000 |
$126,847,000 |
$139,580,000 |
$126,847,000 |
| Net Asset Value
Per Share |
$24.35 |
$22.55 |
$24.35 |
$22.55 |
| Fund
Statistics as of October 31, 2007 |
|
Top Ten Holdings by underlying common stock as of October 31, 2007 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$21.35 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$24.35 |
|
Freeport-McMoRan Copper & Gold Inc. |
2.7 |
| Premium/(Discount) |
|
(12.32)% |
|
LSB Industries, Inc. |
|
2.5 |
| Total Net Assets |
|
$139,580,000 |
|
Prudential Financial, Inc. |
|
2.2 |
| 12-Month income distribution |
$0.895 |
|
The Walt Disney Company |
2.2 |
| Yield on market price |
|
4.19% |
|
Bristol-Myers
Squibb Co. |
2.1 |
| Ratio of expenses |
|
1.08% |
|
Bristow Group Inc. |
|
2.1 |
| Ratio of net income |
|
3.47% |
|
Celanese Corp. |
|
2.1 |
| Portfolio turnover |
|
79.59% |
|
Chesapeake Energy
Corp. |
2.1 |
| Shares outstanding |
|
5,733,016 |
|
Companhia Vale do Rio Doce |
|
2.1 |
|
|
|
|
|
New York Community Bancorp, Inc. |
|
2.1 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of
October 31, 2007 |
|
|
Net Assets |
|
as of October 31, 2007 |
|
| Energy |
|
14.4 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Pharmaceuticals |
|
10.3 |
|
Aa |
|
6 |
| Insurance |
|
|
7.6 |
|
A |
|
20 |
| Semiconductors |
|
|
6.5 |
|
Baa |
|
15 |
| Banking/Savings and Loan |
|
|
6.1 |
|
Ba |
|
6 |
| Minerals and Mining |
|
5.8 |
|
B |
|
19 |
| Computer Hardware |
|
|
5.3 |
|
Caa |
|
2 |
| Telecommunications |
|
|
4.6 |
|
NR |
|
31 |
| Health Care |
|
4.2 |
|
Common Stocks |
|
1 |
| Aerospace and Defense |
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of October 31, 2007 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds and Notes |
|
|
59.2 |
|
|
|
|
| Corporate Bonds and Notes |
|
|
1.1 |
|
|
|
|
| Convertible Preferred Stocks |
|
|
9.6 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
24.0 |
|
|
|
|
| Common Stocks |
|
|
0.8 |
|
|
|
|
| Short-term Securities |
|
|
3.7 |
|
|
|
|
| Other Assets |
|
|
1.6 |
|
|
|
|
Data is unaudited and as of October 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 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.
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