SOURCE: Bancroft Fund Ltd.

December 14, 2010 11:22 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - December 14, 2010) - Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the twelve months ended October 31, 2010:

EARNINGS REPORT                                 Twelve Months Ended
                                                     October 31
                                                2010             2009
                                          --------------   ----------------

Net Income                                    $3,118,000         $3,745,000
    Per Share                                      $0.59              $0.72
Shares Outstanding                             5,280,533          5,235,599
Total Net Assets                             $99,563,000        $86,734,000
Net Asset Value Per Share                         $18.85             $16.57
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FUND STATISTICS

Market price                                      $16.43
Net asset value (NAV)                             $18.85
Premium/(Discount)                                (12.84)%
Total Net Assets                             $99,563,000
12-Month income distribution                      $0.706
Yield on market price                               4.30%
Ratio of expenses                                   1.17%
Ratio of net income                                 3.34%
Portfolio turnover                                 64.55%
Shares outstanding                             5,280,533
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TOP TEN HOLDINGS
  by underlying common stock                    % of Net
                                                  Assets

EMC                                                  2.7
Vale S.A.                                            2.4
Equinix                                              2.2
Ford Motor Company                                   2.2
Nuance Communications                                2.2
Intel                                                2.1
SunPower                                             2.1
Old Republic International                           1.9
Wells Fargo                                          1.8
Chesapeake Energy                                    1.6
---------------------------------------------------------------

MAJOR INDUSTRY                                  % of Net
 EXPOSURE                                         Assets

Energy                                              15.7
Pharmaceuticals                                     10.7
Telecommunications                                   8.9
Healthcare                                           7.2
Financial Services                                   6.2
Metals and Mining                                    5.9
Computer Software                                    5.2
Semiconductors                                       4.3
Banking/Savings and Loan                             3.9
Automotive                                           3.5

QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is unavailable)

                                          % of Portfolio
                   AAA                           1
                    AA                           0
                    A                            9
                   BBB                           7
                    BB                          14
                    B                           16
                CCC & below                      1
                 Not Rated                      52

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


ASSET ALLOCATION                                % of Net
                                                  Assets

Convertible Bonds & Notes                           71.2
Corporate Bonds & Notes                              0.4
Convertible Preferred Stocks                        10.1
Mandatory Convertible Securities                    10.4
Common Stocks                                        0.7
Cash & Equivalents                                   7.2
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Data is unaudited and as of October 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