SOURCE: Bancroft Fund Ltd.

March 03, 2011 10:38 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - March 3, 2011) - Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the three months ended January 31, 2011:

EARNINGS REPORT                                   Three Months Ended
                                                      January 31
                                                 2011              2010

Net Income                                       $375,000          $809,000
    Per Share                                       $0.07             $0.15
Shares Outstanding                              5,315,510         5,280,533
Total Net Assets                             $105,482,000       $90,025,000
Net Asset Value Per Share                          $19.84            $17.05
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FUND STATISTICS

Market price                                       $17.41
Net asset value (NAV)                              $19.84
Premium/(Discount)                                 (12.25)%
Total Net Assets                             $105,482,000
12-Month income
   distribution                                    $0.666
Yield on market price                                3.83%
Ratio of expenses                                    1.20%
Ratio of net income                                  1.39%
Portfolio turnover                                  12.01%
Shares outstanding                              5,315,510
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TOP TEN HOLDINGS
    by underlying common stock                   % of Net
                                                   Assets

EMC                                                   2.9
Nuance Communications                                 2.4
Vale S.A.                                             2.4
Ford Motor                                            2.2
Equinix                                               2.1
SunPower                                              2.1
Intel                                                 2.0
Wells Fargo                                           2.0
Chesapeake Energy                                     1.9
Old Republic International                            1.7
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MAJOR INDUSTRY                                   % of Net
 EXPOSURE                                          Assets

Energy                                               13.9
Telecommunications                                   10.6
Pharmaceuticals                                       8.1
Financial Services                                    7.9
Healthcare                                            7.7
Metals and Mining                                     6.2
Banking/Savings and Loan                              6.0
Computer Software                                     5.9
Automotive                                            4.8
Semiconductors                                        4.3
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QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is unavailable)

                                           % of Portfolio
                  AAA                             0
                   AA                             2
                   A                             15
                  BBB                            12
                   BB                            21
                   B                             21
               CCC & below                        9
                Not Rated                        20

* Excludes equity securities and cash
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ASSET ALLOCATION                                 % of Net
                                                   Assets

Convertible Bonds & Notes                            68.2
Corporate Bonds & Notes                               0.4
Convertible Preferred Stocks                         14.4
Mandatory Convertible
  Securities                                         13.2
Common Stocks                                         0.4
Cash & Equivalents                                    3.4
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Data is unaudited and as of January 31, 2011. 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, 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