MORRISTOWN, NJ, May 12, 2010 (Marketwire) --
MORRISTOWN, NJ -- (Marketwire) -- 05/12/10 -- Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the six months ended April 30, 2010:
EARNINGS REPORT Three Months Ended Six Months Ended
April 30 April 30
2010 2009 2010 2009
------------ ------------ ------------ ------------
Net Income $1,265,000 $946,000 $2,074,000 $1,887,000
Per Share $0.24 $0.18 $0.39 $0.36
Shares Outstanding 5,280,533 5,235,599 5,280,533 5,235,599
Total Net Assets $97,605,000 $72,888,000 $97,605,000 $72,888,000
Net Asset Value Per
Share $18.48 $13.92 $18.48 $13.92
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FUND STATISTICS
Market price $16.15
Net asset value (NAV) $18.48
Premium/(Discount) (12.61)%
Total Net Assets $97,605,000
12-Month income
distribution $0.706
Yield on market price 4.37%
Ratio of expenses
(annualized) 1.20%
Ratio of net income
(annualized) 4.40%
Portfolio turnover 30.90%
Shares outstanding 5,280,533
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TOP TEN HOLDINGS
by underlying common
stock % of Net
Assets
EMC 2.5
Equinix 2.5
Nuance Communications 2.3
Vale S.A. 2.3
Intel 2.2
Old Republic International 2.1
Euronet Worldwide 2.0
SAVVIS 2.0
Wells Fargo 2.0
SBA Communications 1.9
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MAJOR INDUSTRY % of Net
EXPOSURE Assets
Energy 15.9
Telecommunications 13.3
Computer Software 9.6
Healthcare 7.6
Pharmaceuticals 7.5
Financial Services 6.5
Metals and Mining 5.1
Banking/Savings and Loan 4.2
Foods 3.9
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 8
BBB 6
BB 14
B 19
CCC & below 1
Not Rated 52
* Excludes equity securities and cash
------------------------------------
ASSET ALLOCATION % of Net
Assets
Convertible Bonds & Notes 76.1
Corporate Bonds & Notes 0.4
Convertible Preferred Stocks 10.5
Mandatory Convertible
Securities 8.5
Common Stocks 1.1
Cash & Equivalents 3.4
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Data is unaudited and as of April 30, 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
