SOURCE: Bancroft Fund Ltd.

August 26, 2011 14:04 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - Aug 26, 2011) - Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the nine months ended July 31, 2011:

EARNINGS REPORT Nine Months Ended
July 31
2011 2010
Net Income $2,046,000 $2,797,000
Per Share $0.38 $0.53
Shares Outstanding 5,315,510 5,280,533
Total Net Assets $104,026,000 $93,556,000
Net Asset Value Per Share $19.57 $17.72
FUND STATISTICS
Market price $16.83
Net asset value (NAV) $19.57
Premium/(Discount) (14.00 )%
Total Net Assets $104,026,000
12-Month income distribution $0.621
Yield on market price 3.69 %
Ratio of expenses (annualized) 1.12 %
Ratio of net income (annualized) 2.60 %
Portfolio turnover 33.47 %
Shares outstanding 5,315,510
TOP TEN HOLDINGS % of Net
by underlying common stock Assets
EMC 3.1
Chesapeake Energy 2.5
Intel 2.4
Nuance Communications 2.4
Equinix 2.3
Vale S.A. 2.2
Wells Fargo 2.0
SunPower 1.8
General Motors 1.8
SBA Communications 1.7
MAJOR INDUSTRY % of Net
EXPOSURE Assets
Energy 13.6
Telecommunications 9.7
Financial Services 9.2
Pharmaceuticals 9.6
Semiconductors 6.7
Computer Software 6.3
Metals and Mining 6.2
Healthcare 6.1
Banking/Savings and Loan 6.0
Computer Hardware 3.8
QUALITY ALLOCATION * % of Portfolio
AAA 1
AA 5
A 23
BBB 13
BB 19
B 12
CCC & below 3
Not Rated 24
* Excludes common stock and cash
ASSET ALLOCATION % of Net
Assets
Convertible Bonds & Notes 69.3
Corporate Bonds & Notes 0.2
Convertible Preferred Stocks 15.0
Mandatory Convertible Securities 13.5
Cash & Equivalents 2.0

Data is unaudited and as of July 31, 2011. 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, 2011.

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