SOURCE: Bancroft Fund Ltd.

August 25, 2010 12:43 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - August 25, 2010) - Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the nine months ended July 31, 2010:

EARNINGS REPORT            Three Months Ended         Nine Months Ended
                                July 31                    July 31

                            2010         2009         2010         2009
                        ------------ ------------ ------------ ------------

Net Income                  $723,000     $736,000   $2,797,000   $2,623,000
  Per Share                    $0.14        $0.14        $0.39        $0.50
Shares Outstanding         5,280,533    5,235,599    5,280,533    5,235,599
Total Net Assets         $93,556,000  $82,184,000  $93,556,000  $82,184,000
Net Asset Value Per
 Share                        $17.72       $15.70       $17.72       $15.70
---------------------------------------------------------------------------
FUND STATISTICS

Market price                  $15.36
Net asset value (NAV)         $17.72
Premium/(Discount)            (13.32)%
Total Net Assets         $93,556,000
12-Month income
 distribution                 $0.686
Yield on market price           4.47%
Ratio of expenses
 (annualized)                   1.17%
Ratio of net income
 (annualized)                   4.01%
Portfolio turnover             44.76%
Shares outstanding         5,280,533
------------------------------------
TOP TEN HOLDINGS
 by underlying common
 stock                      % of Net
                              Assets
EMC                             2.70
Equinix                         2.40
Nuance Communications           2.40
Intel                           2.20
Vale S.A.                       2.20
NII Holdings                    2.10
SAVVIS                          2.10
SunPower                        2.10
Old Republic International      2.00
SBA Communications              2.00
------------------------------------
MAJOR INDUSTRY              % of Net
 EXPOSURE                     Assets

Telecommunications             14.10
Energy                         13.90
Pharmaceuticals                 9.60
Computer Software               8.80
Healthcare                      8.40
Financial Services              6.40
Metals and Mining               4.80
Banking/Savings and Loan        4.10
Computer Hardware               3.50
Foods                           3.10
------------------------------------
QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
  unavailable)
                      % of Portfolio
        AAA                  1
        AA                   0
         A                   8
        BBB                  6
        BB                  15
         B                  18
     CCC & below             1
      Not Rated             51

* Excludes equity securities and cash
------------------------------------

ASSET ALLOCATION            % of Net
                              Assets

Convertible Bonds & Notes       79.0
Corporate Bonds & Notes          0.4
Convertible Preferred Stocks     9.5
Mandatory Convertible
 Securities                      7.6
Common Stocks                    0.0
Cash & Equivalents               3.5
------------------------------------


Data is unaudited and as of July 31, 2010. 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, 2010.

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 NYSE Amex under the ticker symbol BCV.

Cusip 059695106

Contact Information

  • For further information please contact:
    Gary I. Levine
    Chief Financial Officer
    Ph. (973) 631-1177
    Fax (973) 631-9893
    www.bancroftfund.com