SOURCE: Bancroft Fund Ltd.

January 08, 2007 12:49 ET

Bancroft Fund Ltd. Announces Dividend and Tax Information for the Year Ended December 31, 2006

MORRISTOWN, NJ -- (MARKET WIRE) -- January 8, 2007 -- Bancroft Fund Ltd. (AMEX: BCV) today reported dividend and tax information for the year ended December 31, 2006.

Record   Payment  Total     Ordinary   Qualified  Long-Term  Dividend
Date     Date     Paid Per  Income     Dividends  Capital    Reinvestment
2006     2006     Share     Dividends  (QDI)      Gain       Price
-------  -------  --------  ---------  ---------  ---------  ------------
Mar. 16  Mar. 30  $ 0.180   $ 0.180    $0.033627  $    —     $ 18.8923
Jun. 15  Jun. 29    0.180     0.180     0.038123       —       18.3846
Sep. 14  Sep. 28    0.180     0.180     0.027243       —       19.0082
Dec. 01  Dec. 26    0.731     0.265     0.028821    0.466      19.4400
                  --------  ---------  ---------  ---------
                    1.271     0.805     0.127814    0.466
The portion of each ordinary income dividend qualifying for the corporate dividends-received deduction, allowable to certain corporate shareholders, was 16%.

None of the dividends paid during the year represented a return of capital.

There were no year-end reallocations or reclassifications of income or gains.

The amount of interest earned on direct obligations of the U.S. Government was negligible.

Further financial details are available on the Company's website: www.bancroftfund.com.

Gary I. Levine
Executive Vice President and
Chief Financial Officer

AMEX - BCV         Cusip  059695106

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