Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ -- (Marketwire) -- 12/13/12 -- Bancroft Fund Ltd. (NYSE MKT: BCV) today reported earnings, financial highlights and certain portfolio information for the twelve months ended October 31, 2012:




EARNINGS REPORT                                       Twelve Months Ended
                                                          October 31

                                                          2012          2011

Net Income                                          $2,587,000    $2,561,000
  Per Share                                              $0.48         $0.48
Shares Outstanding                                   5,341,852     5,315,510
Total Net Assets                                  $102,316,000   $98,208,000
Net Asset Value Per Share                               $19.15        $18.48
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FUND STATISTICS

Market price                                            $16.45
Net asset value (NAV)                                   $19.15
Premium/(Discount)                                    (14.12)%
Total Net Assets                                  $102,316,000
12-Month income distribution                           $0.5475
Yield on market price                                     3.3%
Ratio of expenses (annualized)                            1.1%
Ratio of net income (annualized)                          3.1%
Portfolio turnover                                         44%
Shares outstanding                                   5,341,852
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TOP TEN HOLDINGS
by underlying common stock                            % of Net
                                                        Assets

Gilead Sciences                                            2.7
Wells Fargo                                                2.4
EMC                                                        2.1
Nuance Communications                                      2.0
Chesapeake Energy                                          1.9
Bank of America                                            1.7
General Motors                                             1.6
SunPower                                                   1.6
Mylan                                                      1.5
SBA Communications                                         1.5
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MAJOR INDUSTRY EXPOSURE                               % of Net
                                                        Assets

Semiconductor Equipment                                    7.7
Biotechnology                                              6.9
Software                                                   6.6
Insurance                                                  5.6
Metals & Mining                                            5.0
Commercial Banks                                           4.7
Oil, Gas & Consumable Fuels                                4.7
Real Estate Investment Trusts                              3.4
Computers & Peripherals                                    3.2
Pharmaceuticals                                            3.2

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ASSET ALLOCATION                                      % of Net
                                                        Assets

Convertible Bonds & Notes                                 64.7
Convertible Preferred Stock                               13.9
Mandatory Convertible Securities                          12.7
Preferred Stock                                            0.4
Common stock                                               0.5
Cash & Equivalents                                         7.8

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Data is unaudited and as of October 31, 2012. 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, 2012.

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 MKT LLC exchange 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
info@bancroftfund.com
www.bancroftfund.com

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