Bancroft Fund Ltd. Announces Earnings and Financial Update

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