MORRISTOWN, NJ--(Marketwire -06/06/12)- Bancroft Fund Ltd. (BCV) today reported earnings, financial highlights and certain portfolio information for the six months ended April 30, 2012:
EARNINGS REPORT Six Months Ended
April 30
2012 2011
Net Income $1,372,920 $1,457,000
Per Share $0.26 $0.27
Shares Outstanding 5,341,852 5,315,510
Total Net Assets $102,130,000 $109,403,000
Net Asset Value Per Share $19.12 $20.58
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FUND STATISTICS Market price $16.44 Net asset value (NAV) $19.12 Premium/(Discount) (14.02)% Total Net Assets $102,130,000 12-Month income distribution $0.5475 Yield on market price 3.33% Ratio of expenses (annualized) 1.16% Ratio of net income (annualized) 3.03% Portfolio turnover 17.54% Shares outstanding 5,341,852 --------------------------------------------------------------------------
TOP TEN HOLDINGS
by underlying common stock % of Net
Assets
EMC 3.3
Equinix 3.1
Intel 2.8
Gilead Sciences 2.2
SBA Communications 2.2
Wells Fargo 2.2
Nuance Communications 2.1
Chesapeake Energy 1.7
Bank of America 1.5
General Motors 1.5
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MAJOR INDUSTRY % of Net EXPOSURE Assets Telecommunications 9.6 Energy 9.3 Financial Services 9.3 Semiconductors 9.3 Pharmaceuticals 8.4 Computer Software 7.7 Banking/Savings and Loan 6.2 Metals and Mining 5.4 Computer Hardware 4.6 Healthcare 2.7 ----------------------------------------------------------------------------
QUALITY ALLOCATION *
(From Moody's or S&P when Moody's is unavailable)
% of Portfolio
AAA 2%
AA 2%
A 18%
BBB 22%
BB 21%
B 12%
CCC & below 3%
Not Rated 20%
* Excludes equity securities and cash
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ASSET ALLOCATION % of Net
Assets
Convertible Bonds & Notes 71.7
Convertible Preferred Stocks 13.5
Mandatory Convertible Securities 10.1
Cash & Equivalents 4.7
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Data is unaudited and as of April 30, 2012. 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, 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
Gary I. Levine
Chief Financial Officer
Ph. (973) 631-1177
Fax (973) 631-9893
info@bancroftfund.com
www.bancroftfund.com
