SOURCE: Bancroft Fund Ltd.

May 15, 2007 11:36 ET

Bancroft Fund Ltd. Announces Dividend, Earnings and Financial Update

MORRISTOWN, NJ -- (MARKET WIRE) -- May 15, 2007 -- Bancroft Fund Ltd. (AMEX: BCV) today reported financial highlights and certain portfolio information for the six months ended April 30, 2007.

The Fund declared its one hundred forty-sixth quarterly dividend today:

21 cents ($0.21) per share      Payable Date       Record Date
from ordinary income            June 28, 2007     June 14, 2007

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Earnings Report           Three Months Ended        Six Months Ended
                               April 30                 April 30
                           2007         2006         2007        2006
                      ------------ ------------ ------------ ------------
Net Income              $1,046,000     $812,000   $2,338,000   $2,294,000
    Per Share                $0.18        $0.14        $0.41        $0.41
Shares Outstanding       5,733,016    5,625,134    5,733,016    5,625,134
Total Net Assets      $133,393,000 $124,898,000 $133,393,000 $124,898,000

Net Asset Value Per
 Share                      $23.27       $22.20       $23.27       $22.20
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Fund Statistics as of April 30, 2007      Top Ten Holdings by underlying
                                          common stock as of April 30, 2007
                                                            % of Net Assets
Market price                    $20.68    LSI Logic Corp.               3.1
Net asset value (NAV)           $23.27    The Walt Disney Company       2.8
Premium/(Discount)            (11.13)%    Celanese Corp.                2.7
Total Net Assets          $133,393,000    Nuveen Investments, Inc.      2.6
12-Month income distribution    $0.835    U.S. Bancorp                  2.6
Yield on market value            4.04%    Prudential Financial, Inc.    2.3
Ratio of expenses, annualized    1.06%    Chesapeake Energy Corp.       2.1
Ratio of net income, annualized  3.62%    MetLife, Inc.                 2.0
Portfolio turnover              42.64%    Genworth Financial, Inc.      1.9
Shares outstanding           5,733,016    NVIDIA Corp.                  1.9


Major Industry Exposure as of             Portfolio Ratings from Moody's
 April 30, 2007                           April 30, 2007
                                          (From S&P when Moody's is
                       % of Net Assets     unavailable)
Pharmaceuticals                   10.8
Insurance                         10.2                       % of Portfolio
Semiconductors                    10.2     Aa                        15
Energy                             8.8     A                         17
Banking/Savings and Loan           7.7     Baa                       20
Computer Hardware                  5.2     Ba                         6
Multi-Industry                     4.7     B                         18
Aerospace and Defense              4.4     < B                        1
Chemicals                          4.0     NR                        21
Telecommunications                 4.0     Common Stock               2

Asset Allocation as of April 30, 2007

                       % of Net Assets
Convertible Bonds & Notes         61.3
Convertible Preferred Stocks      12.5
Mandatory Convertibles            20.5
Common Stocks                      2.2
Short-term Securities              2.5
Other Assets                       1.0


Data is unaudited and as of April 30, 2007. This selected information should be read in conjunction with the financial statements and notes included in the Fund's Annual Report to Shareholders for the twelve months ended October 31, 2006.

Detailed portfolio information is available on our website (http://www.bancroftfund.com). Visit us there or 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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