SOURCE: Bancroft Fund Ltd.

September 12, 2012 13:32 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwire - Sep 12, 2012) - Bancroft Fund Ltd. (NYSE MKT: BCV) today reported earnings, financial highlights and certain portfolio information for the nine months ended July 31, 2012:

           
EARNINGS REPORT   Nine Months Ended
    July 31
           
    2012     2011
           
Net Income   $1,690,000     $2,046,000
  Per Share   $0.32     $0.38
Shares Outstanding   5,341,852     5,315,510
Total Net Assets   $99,846,000     $104,026,000
Net Asset Value Per Share   $18.69     $19.57
 
FUND STATISTICS          
           
Market price   $16.36      
Net asset value (NAV)   $18.69      
Premium/(Discount)   (12.47 )%    
Total Net Assets   $99,846,000      
12-Month income distribution   $0.5475      
Yield on market price   3.35 %    
Ratio of expenses (annualized)   1.15 %    
Ratio of net income (annualized)   2.30 %    
Portfolio turnover   26.32 %    
Shares outstanding   5,341,852      
             
TOP TEN HOLDINGS          
  by underlying common stock   % of Net      
    Assets      
           
EMC   3.2      
Intel   2.8      
Equinix   2.6      
Gilead Sciences   2.3      
Wells Fargo   2.3      
Nuance Communications   1.9      
Chesapeake Energy   1.8      
SBA Communications   1.7      
Bank of America   1.6      
SunPower   1.6      
           
MAJOR INDUSTRY   % of Net      
  EXPOSURE   Assets      
           
Pharmaceuticals   8.9      
Semiconductors   8.9      
Telecommunications   8.5      
Energy   8.2      
Financial Services   8.1      
Computer Software   7.8      
Banking/Savings and Loan   6.5      
Metals and Mining   5.4      
Computer Hardware   4.0      
Healthcare   3.3      
           
       
ASSET ALLOCATION   % of Net      
    Assets      
           
Convertible Bonds & Notes   69.2      
Convertible Preferred Stocks   12.8      
Mandatory Convertible Securities   9.9      
Preferred Stocks   0.3      
Common stocks   0.7      
Cash & Equivalents   7.1      
           
           

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

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 MKT LLC exchange under the ticker symbol BCV.

Cusip 059695106

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