MORRISTOWN, NJ, Aug. 25, 2010 (Marketwire) --
MORRISTOWN, NJ -- (Marketwire) -- 08/25/10 -- Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the nine months ended July 31, 2010:
EARNINGS REPORT Three Months Ended Nine Months Ended
July 31 July 31
2010 2009 2010 2009
------------ ------------ ------------ ------------
Net Income $723,000 $736,000 $2,797,000 $2,623,000
Per Share $0.14 $0.14 $0.39 $0.50
Shares Outstanding 5,280,533 5,235,599 5,280,533 5,235,599
Total Net Assets $93,556,000 $82,184,000 $93,556,000 $82,184,000
Net Asset Value Per
Share $17.72 $15.70 $17.72 $15.70
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FUND STATISTICS
Market price $15.36
Net asset value (NAV) $17.72
Premium/(Discount) (13.32)%
Total Net Assets $93,556,000
12-Month income
distribution $0.686
Yield on market price 4.47%
Ratio of expenses
(annualized) 1.17%
Ratio of net income
(annualized) 4.01%
Portfolio turnover 44.76%
Shares outstanding 5,280,533
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TOP TEN HOLDINGS
by underlying common
stock % of Net
Assets
EMC 2.70
Equinix 2.40
Nuance Communications 2.40
Intel 2.20
Vale S.A. 2.20
NII Holdings 2.10
SAVVIS 2.10
SunPower 2.10
Old Republic International 2.00
SBA Communications 2.00
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MAJOR INDUSTRY % of Net
EXPOSURE Assets
Telecommunications 14.10
Energy 13.90
Pharmaceuticals 9.60
Computer Software 8.80
Healthcare 8.40
Financial Services 6.40
Metals and Mining 4.80
Banking/Savings and Loan 4.10
Computer Hardware 3.50
Foods 3.10
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QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
unavailable)
% of Portfolio
AAA 1
AA 0
A 8
BBB 6
BB 15
B 18
CCC & below 1
Not Rated 51
* Excludes equity securities and cash
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ASSET ALLOCATION % of Net
Assets
Convertible Bonds & Notes 79.0
Corporate Bonds & Notes 0.4
Convertible Preferred Stocks 9.5
Mandatory Convertible
Securities 7.6
Common Stocks 0.0
Cash & Equivalents 3.5
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Data is unaudited and as of July 31, 2010. 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, 2010.
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
