SOURCE: Bancroft Fund Ltd.

February 23, 2009 14:10 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - February 23, 2009) - Bancroft Fund Ltd. (AMEX: BCV) today reported earnings, financial highlights and certain portfolio information for the three months ended January 31, 2009:

EARNINGS REPORT                     Three Months Ended
                                        January 31

                                    2009          2008
                               ------------   ------------

Net Income                         $941,000     $1,277,000
    Per Share                         $0.18          $0.21
Shares Outstanding                5,235,599      6,070,029
Total Net Assets                 66,130,000   $124,639,000
Net Asset Value Per Share            $12.63         $20.53


FUND STATISTICS

Market price                         $11.65
Net asset value (NAV)                $12.63
Premium/(Discount)                    (7.76)%
Total Net Assets                $66,130,000
12-Month income distribution          $0.82
Yield on market price                  7.04%
Ratio of expenses (annualized)         1.28%
Ratio of net income (annualized)       5.55%
Portfolio Turnover                    18.96%
Shares outstanding                5,235,599


TOP TEN HOLDINGS
 by underlying common stock        % of Net
                                     Assets
Wyeth                                   4.6
EMC                                     2.9
LSB Industries                          2.9
Johnson & Johnson                       2.7
Blackboard                              2.6
Equinix                                 2.6
Walt Disney                             2.6
Schering-Plough                         2.5
Teva Pharmaceutical Industries          2.4
Intel                                   2.3


MAJOR INDUSTRY                     % of Net
 EXPOSURE                            Assets

Pharmaceuticals                        14.4
Energy                                 12.9
Health Care                            10.9
Telecommunications                      9.5
Computer Hardware                       7.0
Banking/Savings and Loan                5.4
Semiconductors                          4.6
Minerals and Mining                     3.8
Foods                                   3.5
Computer Software                       3.3


QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
 unavailable)
                            % of Portfolio
              AA                    3
               A                   16
              BBB                  12
              BB                   18
               B                   19
              CCC                   2
           Not Rated               30

* Excludes equity securities and cash


ASSET ALLOCATION                   % of Net
                                     Assets

Convertible Bonds & Notes              75.5
Corporate Bonds & Notes                 1.1
Convertible Preferred Stocks            7.5
Mandatory Convertible Securities       11.9
Common Stocks                           0.1
Cash & Equivalents                      3.9

Data is unaudited and as of January 31, 2009. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Shareholders for the twelve months ended October 31, 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.

Contact Information

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