Dinsmore Capital Management
MORRISTOWN, NJ--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, Inc. 3.3
Premium/(Discount) (15.48)% The Walt Disney Company 3.2
Total Net Assets $69,404,000 New York Community Bancorp,Inc.3.1
12-Month income distribution $0.796 Prudential Financial, Inc. 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 Corp. 2.2
Shares outstanding 5,189,875 Nadors Industries 2.1
MAJOR INDUSTRY % of QUALITY ALLOCATION FROM MOODY'S*
EXPOSURE Net Assets (From S&P when Moody's is unavailable)
Energy 13.5% % of Portfolio
Pharmaceuticals 11.8 Aa 3%
Banking/Savings and Loan 7.8 A 19
Health Care 6.1 Baa 14
Telecommunications 6.0 Ba 12
Computer Hardware 5.6 B 19
Multi-Industry 5.5 Caa 2
Semiconductors 4.9 Not Rated 31
Insurance 4.7
*Excludes equity securities and cash
ASSET ALLOCATION % of
Net Assets
Convertible Bonds & Notes 62.5%
Corporate Bonds & Notes 1.2
Convertible Preferred Stocks 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.
View more information on Bancroft Funds or other Closed-End Funds |
©1999-2010 Closed-End Fund Association, Inc. All Rights Reserved
 | | Powered by a SySys® data & content management system. Click here to learn more. |
|
|