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Bancroft Fund Ltd. Announces Earnings and Financial Update
MORRISTOWN, NJ--(Marketwire - December 15, 2011) - Bancroft
Fund Ltd. (NYSE Amex: BCV)
today reported earnings, financial highlights and certain
portfolio information for the twelve
months ended October 31, 2011:
| EARNINGS REPORT | Twelve Months Ended | |||||
| October 31 | ||||||
| 2011 | 2010 | |||||
| Net Income | $2,561,000 | $3,117,791 | ||||
| Per Share | $0.48 | $0.59 | ||||
| Shares Outstanding | 5,315,510 | 5,280,533 | ||||
| Total Net Assets | $98,208,000 | $99,521,000 | ||||
| Net Asset Value Per Share | $18.48 | $18.85 | ||||
| FUND STATISTICS | ||||||
| Market price | $15.85 | |||||
| Net asset value (NAV) | $18.48 | |||||
| Premium/(Discount) | (14.21 | )% | ||||
| Total Net Assets | $98,208,000 | |||||
| 12-Month income distribution | $0.599 | |||||
| Yield on market price | 3.78 | % | ||||
| Ratio of expenses (annualized) | 1.1 | % | ||||
| Ratio of net income (annualized) | 2.5 | % | ||||
| Portfolio turnover | 43 | % | ||||
| Shares outstanding | 5,315,510 | |||||
| TOP TEN HOLDINGS | % of Net | |||||
| by underlying common stock | Assets | |||||
| EMC | 3.1 | |||||
| Intel | 2.7 | |||||
| Equinix Inc | 2.4 | |||||
| Chesapeake Energy | 2.3 | |||||
| Nuance Communications | 2.3 | |||||
| Wells Fargo | 2.2 | |||||
| Vale S.A. | 1.9 | |||||
| SBA Communications | 1.8 | |||||
| General Motors | 1.7 | |||||
| Gilead Sciences | 1.7 | |||||
| MAJOR INDUSTRY | % of Net | |||||
| EXPOSURE | Assets | |||||
| Energy | 11.9 | |||||
| Telecommunications | 10.2 | |||||
| Pharmaceuticals | 10.1 | |||||
| Financial Services | 8.6 | |||||
| Semiconductors | 8.0 | |||||
| Computer Software | 6.6 | |||||
| Banking/Savings and Loan | 6.1 | |||||
| Metals and Mining | 5.5 | |||||
| Healthcare | 5.3 | |||||
| Computer Hardware | 3.8 | |||||
| QUALITY ALLOCATION * | % of Portfolio | |||||
| AAA | 1 | |||||
| AA | 3 | |||||
| A | 18 | |||||
| BBB | 14 | |||||
| BB | 26 | |||||
| B | 11 | |||||
| CCC & below | 2 | |||||
| Not Rated | 25 | |||||
| * Excludes common stock and cash | ||||||
| ASSET ALLOCATION | % of Net | |||||
| Assets | ||||||
| Convertible Bonds & Notes | 68.7 | |||||
| Corporate Bonds & Notes | 0.2 | |||||
| Convertible Preferred Stocks | 14.3 | |||||
| Mandatory Convertible Securities | 12.9 | |||||
| Cash & Equivalents | 3.9 | |||||
Data is unaudited and as of October 31, 2011. 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, 2011.
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