SOURCE: Bancroft Fund Ltd.

March 02, 2012 14:14 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - Mar 2, 2012) - Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the three months ended January 31, 2012:

EARNINGS REPORT Three Months Ended
January 31
2012 2011
Net Income $905,000 $375,000
Per Share $0.17 $0.07
Shares Outstanding 5,341,852 5,315,510
Total Net Assets $100,825,000 $105,482,000
Net Asset Value Per Share $18.87 $19.84
FUND STATISTICS
Market price $16.46
Net asset value (NAV) $18.87
Premium/(Discount) (12.77 )%
Total Net Assets $100,825,000
12-Month income distribution $0.5475
Yield on market price 3.33 %
Ratio of expenses (annualized) 1.13 %
Ratio of net income (annualized) 3.61 %
Portfolio turnover 12.78 %
Shares outstanding 5,341,852
TOP TEN HOLDINGS
by underlying common stock % of Net
Assets
EMC 3.1 %
Intel 2.8 %
Equinix 2.6 %
Nuance Communications 2.3 %
Wells Fargo 2.2 %
Chesapeake Energy 2.0 %
SBA Communications 2.0 %
Gilead Sciences 1.8 %
General Motors 1.6 %
SunPower 1.5 %
MAJOR INDUSTRY % of Net
EXPOSURE Assets
Energy 10.2 %
Pharmaceuticals 9.6 %
Financial Services 9.3 %
Telecommunications 9.0 %
Semiconductors 8.6 %
Banking/Savings and Loan 6.1 %
Computer Software 5.9 %
Metals and Mining 5.4 %
Computer Hardware 4.4 %
Healthcare 2.8 %
QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
unavailable)
% of Portfolio
AAA 1
AA 5
A 22
BBB 13
BB 18
B 11
CCC & below 2
Not Rated 28
* Excludes equity securities and cash
ASSET ALLOCATION % of Net
Assets
Convertible Bonds & Notes 68.5
Corporate Bonds & Notes 0.2
Convertible Preferred Stocks 13.0
Mandatory Convertible Securities 11.1
Common Stocks 0.0
Cash & Equivalents 7.2

Data is unaudited and as of January 31, 2012. 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, 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

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