SOURCE: Bancroft Fund Ltd.

August 28, 2013 13:53 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwired - Aug 28, 2013) - Bancroft Fund Ltd. (NYSE MKT: BCV) today reported earnings, financial highlights and certain portfolio information for the nine months ended July 31, 2013:

           
           
EARNINGS REPORT   Nine Months Ended
    July 31
           
    2013     2012
           
Net income   $1,140,000     $1,690,000
  Per share   $0.21     $0.32
Shares outstanding   5,374,755     5,341,852
Total net assets   $115,609,000     $99,846,000
Net asset value per share   $21.51     $18.69
           
           
FUND STATISTICS          
           
Market price   $17.881      
Net asset value (NAV)   $21.51      
Premium/(Discount)   (16.87)%      
Total net assets   $115,609,000      
12-Month income distribution   $0.5625      
Yield on market price   3.15%      
Ratio of expenses (annualized)   1.17%      
Ratio of net income (annualized)   1.42%      
Portfolio turnover   37.70%      
Shares outstanding   5,374,755      
           
           
TOP TEN HOLDINGS          
  by underlying common stock          
    % of Net Assets      
Gilead Sciences, Inc.   4.1      
United Technologies Corp.   2.2      
Iconix Brand Group, Inc.   2.1      
EMC Corp.   2.0      
MetLife, Inc.   2.0      
SunPower Corp.   2.0      
Wells Fargo & Co.   2.0      
Priceline.com Inc.   1.8      
Bank of America Corp.   1.7      
General Motors Co.   1.7      
           
           
MAJOR INDUSTRY EXPOSURE          
    % of Net Assets      
Biotechnology   7.3      
Software   7.1      
Real Estate Investment Trusts   6.7      
Semiconductors & Semiconductor Equipment   6.4      
Metals & Mining   5.0      
Insurance   4.8      
Oil, Gas & Consumable Fuels   3.9      
Commercial Banks   3.4      
Computers & Peripherals   2.8      
Electric Utilities   2.6      
           
           
ASSET ALLOCATION          
    % of Net Assets      
Convertible Bonds & Notes   70.4      
Convertible Preferred Stock   14.1      
Mandatory Convertible Securities   11.7      
Cash & Equivalents   3.8      
           
           

Data is unaudited and as of July 31, 2013. 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, 2013. 

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 under the ticker symbol BCV. 

Cusip 059695106 

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