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Bancroft Fund Ltd. Announces Earnings and Financial Update
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
Data is unaudited and as of July 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.