SOURCE: Bancroft Fund Ltd.

October 16, 2006 14:04 ET

Bancroft Fund Ltd. Announces Monthly Portfolio Data

MORRISTOWN, NJ -- (MARKET WIRE) -- October 16, 2006 -- Bancroft Fund Ltd. (AMEX: BCV) today reported portfolio data for the month ended September 30, 2006. Data is based on market value. Holdings may change without notice.

Top Ten Holdings by underlying common stock
                                              % of Net Assets
The Walt Disney Company                             3.6
Nuveen Investments, Inc.                            2.7
The St. Paul Travelers Companies, Inc.              2.4
Chesapeake Energy Corp.                             2.1
Advanced Micro Devices, Inc.                        2.0
EchoStar Communications Corp.                       2.0
Genworth Financial, Inc.                            2.0
Schering-Plough Corp.                               2.0
U.S. Bancorp                                        2.0
MetLife, Inc.                                       1.9


Major Industry Exposure
                                              % of Net Assets
Technology                                         18.1
Financial and Insurance                            16.3
Pharmaceuticals                                    10.3
Energy                                              8.9
Banking/Savings and Loan                            7.8
Entertainment                                       5.6
Aerospace and Defense                               5.0
Chemicals                                           3.2
Health Care                                         3.1
Multi-Industry                                      3.0


Portfolio Composition
                                              % of Net Assets
Convertible Bonds and Notes                        56.2
Convertible Preferred Stocks                       19.5
Mandatory Convertible Securities                   17.2
Cash and Equivalents                                7.1
      TOTAL NET ASSETS                            100.0
Data is unaudited and as of September 30, 2006. 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, 2006.

Detailed quarterly portfolio information, as of July 31, 2006 is available on our website (http://www.bancroftfund.com). Contact us by email at info@bancroftfund.com or call us at (973) 631-1177.

Bancroft is a diversified closed-end management investment company. Bancroft's investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. It seeks to achieve this objective by investing primarily in convertible securities.

AMEX - BCV          Cusip 059695106

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