SOURCE: Bancroft Fund Ltd.

August 14, 2009 10:38 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - August 14, 2009) - Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the nine months ended July 31, 2009:

EARNINGS REPORT             Three Months Ended        Nine Months Ended
                                 July 31                   July 31
                            2009          2008        2009         2008
                        -----------   ------------ ----------- ------------

Net Income              $   736,000   $    970,000 $ 2,623,000 $  3,127,000
    Per Share           $      0.14   $       0.19 $      0.50 $       0.60
Shares Outstanding        5,235,599      5,189,875   5,235,599    5,189,875
Total Net Assets        $82,184,000   $100,760,000 $82,184,000 $100,760,000
Net Asset Value Per
 Share                  $     15.70   $      19.41 $     15.70 $      19.41
---------------------------------------------------------------------------

FUND STATISTICS

Market price            $     13.94
Net asset value (NAV)   $     15.70
Premium/(Discount)           (11.21)%
Total Net Assets        $82,184,000
12-Month income
 distribution           $      0.74
Yield on market price          5.31%
Ratio of expenses
 (annualized)                  1.26%
Ratio of net income
 (annualized)                  4.95%
Portfolio Turnover            57.73%
Shares outstanding        5,235,599
-------------------------------------

TOP TEN HOLDINGS
 by underlying               % of Net
 common stock                 Assets
LSB Industries                  3.3
Freeport-McMoRan Copper & Gold  2.7
Equinix                         2.6
Euronet Worldwide               2.5
Blackboard                      2.3
Millipore                       2.2
Teva Pharmaceutical Industries  2.2
Intel                           2.1
Kinetic Concepts                2.1
Oil States International        2.1
-------------------------------------

MAJOR INDUSTRY EXPOSURE      % of Net
                              Assets
Energy                         15.5
Telecommunications             13.1
Healthcare                      8.8
Pharmaceuticals                 8.7
Banking/Savings and Loan        6.8
Minerals and Mining             6.0
Foods                           5.4
Computer Software               5.0
Computer Hardware               4.5
Financial Services              4.2
-------------------------------------

QUALITY ALLOCATION *
(From Moody's or S&P when Moody's
 is unavailable)
                       % of Portfolio
            AA                0
            A                 7
            BBB              11
            BB               20
            B                20
            CCC               1
         Not Rated           40

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

ASSET ALLOCATION             % of Net
                              Assets
Convertible Bonds & Notes      75.2
Corporate Bonds & Notes         0.9
Convertible Preferred Stocks   11.3
Mandatory Convertible
 Securities                     8.5
Common Stocks                   0.4
Cash & Equivalents              3.7

Data is unaudited and as of July 31, 2009. 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, 2009.

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