MORRISTOWN, NJ, Feb. 9, 2010 (Marketwire) --
MORRISTOWN, NJ -- (Marketwire) -- 02/09/10 -- Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the three months ended January 31, 2010:
EARNINGS REPORT
Three Months Ended
January 31
2010 2009
Net Income $ 809,000 $ 941,000
Per Share $ 0.15 $ 0.18
Shares Outstanding 5,280,533 5,235,599
Total Net Assets $ 90,025,000 $66,130,000
Net Asset Value Per Share $ 17.05 $ 12.63
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FUND STATISTICS
Market price $ 14.69
Net asset value (NAV) $ 17.05
Premium/(Discount) (13.84)%
Total Net Assets $ 90,025,000
12-Month income distribution $ 0.726
Yield on market price 4.94%
Ratio of expenses (annualized) 1.09%
Ratio of net income (annualized) 3.51%
Portfolio turnover 11.37%
Shares outstanding 5,280,533
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TOP TEN HOLDINGS
by underlying common stock % of Net
Assets
Equinix 2.6
Euronet Worldwide 2.3
Kinetic Concepts 2.3
Mylan 2.3
Nuance Communications 2.3
Blackboard 2.2
Vale S.A. 2.2
Intel 2.1
Wells Fargo 2.1
SAVVIS 2.0
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MAJOR INDUSTRY % of Net
EXPOSURE Assets
Energy 16.1
Telecommunications 15.4
Computer Software 8.6
Healthcare 8.0
Pharmaceuticals 7.9
Financial Services 5.7
Minerals and Mining 4.9
Foods 4.9
Banking/Savings and Loan 4.8
Computer Hardware 3.2
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QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
unavailable)
% of Portfolio
AA 0
A 7
BBB 6
BB 17
B 19
CCC 2
CC 0
Not Rated 49
* Excludes equity securities and cash
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ASSET ALLOCATION % of Net
Assets
Convertible Bonds & Notes 75.6
Corporate Bonds & Notes 1.3
Convertible Preferred Stocks 12.3
Mandatory Convertible Securities 8.9
Common stocks 0.0
Cash & Equivalents 1.9
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Data is unaudited and as of January 31, 2010. 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, 2009.
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
For further information please contact:
Gary I. Levine
Chief Financial Officer
Ph. (973) 631-1177
Fax (973) 631-9893
www.bancroftfund.com
