Morristown, NJ--(Marketwire - June 01, 2009) - Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the six months ended April 30, 2009:

 

EARNINGS REPORT          Three Months Ended            Six Months Ended
                              April 30                    April 30

                         2009          2008           2009         2008
                     -----------   ------------   -----------  ------------

Net Income              $946,000       $994,000    $1,887,000    $2,271,000
    Per Share              $0.18          $0.19         $0.36         $0.44
Shares Outstanding     5,235,599      5,189,875     5,235,599     5,189,875
Total Net Assets     $72,888,000   $107,390,000   $72,888,000  $107,390,000
Net Asset Value Per
 Share                    $13.92         $20.69        $13.92        $20.69
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FUND STATISTICS

Market price              $11.69
Net asset value (NAV)     $13.92
Premium/(Discount)      (16.02)%
Total Net Assets     $72,888,000
12-Month income
 distribution              $0.78
Yield on market price      6.67%
Ratio of expenses
 (annualized)              1.39%
Ratio of net income
 (annualized)              5.90%
Portfolio Turnover        32.23%
Shares outstanding     5,235,599
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TOP TEN HOLDINGS
 by underlying common stock    % of Net
                                Assets
LSB Industries                    3.1
Schering-Plough                   2.8
Equinix                           2.7
Wyeth                             2.7
Blackboard                        2.6
Freeport-McMoRan Copper & Gold    2.6
Euronet Worldwide                 2.5
Intel                             2.4
Teva Pharmaceutical Industries    2.3
Chesapeake Energy                 2.2
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MAJOR INDUSTRY                 % of Net
 EXPOSURE                       Assets
Energy                           13.4
Pharmaceuticals                  11.2
Telecommunications               10.9
Healthcare                        9.1
Banking/Savings and Loan          6.1
Multi-Industry                    4.7
Minerals and Mining               4.5
Semiconductors                    4.2
Computer Hardware                 4.0
Financial Services                3.9
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QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is
 unavailable)
                       % of Portfolio
        AA                     0
        A                      8
        BBB                   18
        BB                    16
        B                     23
        CCC                    2
        Not Rated             33

* Excludes equity securities and cash
---------------------------------------

ASSET ALLOCATION               % of Net
                                Assets

Convertible Bonds & Notes        74.3
Corporate Bonds & Notes           1.0
Convertible Preferred Stocks      9.3
Mandatory Convertible Securities  7.9
Common Stocks                     2.5
Cash & Equivalents                5.0
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Data is unaudited and as of April 30, 2009. 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, 2008.

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.